Lecture fundamentals of marketing - Lecture 7: Managing marketing information to gain customer insights (Part 2)

In this chapter, the following content will be discussed: Developing marketing information, qualitative measures, technological devices, types of samples, developing marketing information, collect the information, analyze the information, present the findings, framework for CRM,....

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Publishing as Prentice Hall

Managing Marketing Information to Gain Customer Insights

Part-2

LECTURE7

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Developing Marketing

Information

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Technological Devices…

§ Audiometers

homes record when the set on & to which channel is tuned

§ GPS

many billboards a person may walk by

or drive by during a day

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§ How should the respondents be chosen?

Step 2: Develop the Research

Plan…

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Types of Samples

§ Probability

Samples

§ Simple random

has an equal chance of selection.

§ Stratified random

§ The population is divided into mutually exclusive groups i.e age group & random sample drawn from each group.

§ Cluster

§ The population is divided into mutually exclusive groups i.e city blocks the researcher draws a sample of the group.

§ Nonprobability Samples

§ Convenience

accessible population members.

§ Judgment

members who are good prospects for accurate information.

§ Quota

§ The researcher find & interviews a prescribed number of people in each

of several categories.

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Developing Marketing

Information

• Marketing Research Strengths and

• Weakness of Contact Methods

Flexibility Poor Good Excellent Good Quantity of data

collected Good Fair Excellent GoodControl of

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Developing Marketing Information

§ Difficult to generalize from small group

§ Consumers not always open and honest

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§ The data collection phase of marketing research is generally the most expensive and the most prone to error.

improving thanks to computers and

telecommunications

Step 3: Collect the Information

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extract findings by tabulating the data and developing frequency distributions

Step 4: Analyze the Information

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§ As the last step, the researcher present findings relevant to major marketing

decisions facing management

Step 5: Present the findings

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What is Customer Relationship Management?

CRM is the process of carefully managing detailed information about individual customers and all customer touch points to maximize customer

loyalty

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Analyzing and Using Marketing

Information

• Customer Relationship Management

• Touch points

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Framework for CRM

value to your company

improve your knowledge about their

individual needs & to build strong

relationship

messages to each customer

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CRM Strategies

relationship

customer through “share of wallet” cross selling, & up-selling

profitable or terminating them

customers

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Customer Retention- A tale

from real life

more than retaining current customers

customers each year

rate can increase profits by 25% to 85%

the life of a retained customer

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Database Key Concepts

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Using the Database

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Don’t Build a Database When

purchase

high

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Distributing and Using Marketing

Information

Information distribution involves

entering information into databases and making it available in a time-

useable manner

employees and other stakeholders

customers and suppliers

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Other Marketing Information

Considerations

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Other Marketing Information

Considerations

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Bibliography

§ Principles of Marketing by Philip Kotler & Gary Armstrong Fifteenth Edition, Published by Prentice Hall

§ Marketing Management – A South Asian Perspective

by Philip Kotler, Kevin Lane Keller, Abraham Koshy &

Mithileshwar Jha, 13th Edition, Published by Pearson

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