Marketing Revision Chapter 4 5 7
Chapter 4: Marketing Research
What is Customer Insight?
Customer insight is basically a fresh understanding of customers and marketplace.
Why is Customer Insight important?
1. To create value for customers.
2. To build meaningful relationships with customers.
3. To gain competitive advantage.
How can marketers gain good customer insight?
Insight is obtained through good marketing information therefore marketers must effectively manage marketing information from a wide range of sources.
What are companies doing to gain customer insight?
Companies are creating ‘insight teams’ within the company headed by a VP (Vice president) and this team is made up of representatives from all the functional areas in the company.
What are the sources that customer insight teams use to collect customer and market information?
1. Traditional marketing research studies.
2. Through interacting with consumers.
3. Observing consumers.
4. Monitoring consumer online conversations about the company or product.
‘Companies need to be careful not to be customer controlled’ what is meant by the term ‘customer controlled’?
It means that companies must not give customers everything they request or want they should understand customers to the core and give them what they NEED.
When is marketing information system (MIS) effective?
Marketing information’s systems are effective when they provide managers the right information at the right form at the right time and help them use this information to create customer value and build strong customer relationship.
What does a Marketing Information System (MIS) consist of?
It consists of people and procedures for:
1. Assessing informational needs.
2. Developing the needed information.
3. Helping decision makers to use the information to generate and check customer and market insights, which can be used in real marketing activities.
Assessing informational needs
• Determining what information is
What is Customer Insight?
Customer insight is basically a fresh understanding of customers and marketplace.
Why is Customer Insight important?
1. To create value for customers.
2. To build meaningful relationships with customers.
3. To gain competitive advantage.
How can marketers gain good customer insight?
Insight is obtained through good marketing information therefore marketers must effectively manage marketing information from a wide range of sources.
What are companies doing to gain customer insight?
Companies are creating ‘insight teams’ within the company headed by a VP (Vice president) and this team is made up of representatives from all the functional areas in the company.
What are the sources that customer insight teams use to collect customer and market information?
1. Traditional marketing research studies.
2. Through interacting with consumers.
3. Observing consumers.
4. Monitoring consumer online conversations about the company or product.
‘Companies need to be careful not to be customer controlled’ what is meant by the term ‘customer controlled’?
It means that companies must not give customers everything they request or want they should understand customers to the core and give them what they NEED.
When is marketing information system (MIS) effective?
Marketing information’s systems are effective when they provide managers the right information at the right form at the right time and help them use this information to create customer value and build strong customer relationship.
What does a Marketing Information System (MIS) consist of?
It consists of people and procedures for:
1. Assessing informational needs.
2. Developing the needed information.
3. Helping decision makers to use the information to generate and check customer and market insights, which can be used in real marketing activities.
Assessing informational needs
• Determining what information is