Lecture fundamentals of marketing - Lecture 6: Managing marketing information to gain customer insights (Part 1)

In this chapter, the following content will be discussed: Marketing information and customer insights, assessing marketing information needs, developing marketing information, marketing research, analyzing and using marketing information, other marketing information considerations.

Managing Marketing Information to Gain Customer Insights

Part-1

LECTURE­6

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§ Marketing Information and Customer Insights

§ Assessing Marketing Information Needs

§ Developing Marketing Information

§ Marketing Research

§ Analyzing and Using Marketing Information

§ Other Marketing Information Considerations

Marketing Information and

§ Customer’s unsure of their behavior

§ Better information and more effective

use of existing information

• Customer Insights are:

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Marketing Information and

Customer Insights

§ Companies are

forming customer insights teams

§ Include all company functional areas

§ Collect information from a wide variety of sources

§ Use insights to create more value for their customers

• Customer Insights

Marketing Information and

Customer Insights

Marketing information system

(MIS) consists of people and

procedures for:

§ Assessing the information needs

§ Developing needed information

§ Helping decision makers use the

information for customer

• Marketing Information Systems (MIS)

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Marketing Information System

Assessing Marketing Information

Needs

MIS provides information to the company’s

marketing and other managers and external partners such as suppliers, resellers, and

marketing service agencies

•

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Assessing Marketing Information Needs

§ Balancing what the information users

would like to have against what they need and what is feasible to offer

• Characteristics of a Good MIS

Developing Marketing

Information

• Marketers obtain information from

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Developing Marketing

Information

§ Internal databases are electronic

collections of consumer and market information obtained from data sources within the company network

• Internal Data

Developing Marketing

Information

§ Competitive Marketing Intelligence

The systematic collection and analysis

of publicly available information about consumers, competitors and

developments in the marketplace

• Competitive Marketing Intelligence

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What is Marketing Research?

Marketing research is the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing

situation facing the company.

Types of Marketing Research

Firms

§ Syndicated service research firms

§ Firms gather consumer & trade information, which they sell for a fee e.g ACNielsen, National Council For Applied Economic

Research (NCAER)

§ Custom marketing research firms

§ They design & carry out research studies for various clients based

on specific briefs.

§ Specialty-line marketing research firms

§ These firms provides specialized research services such as developing a research brief, collecting field data, preparing data analyses & reports for other firms.

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The Marketing Research

Process

Develop The Research Plan

Define the problem, The decision alternatives & the research objectives

Collect The Information

Make The Decision Present The Findings Analyze The Information

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Step 1: Define the Problem

§ Define the problem

§ Problem should not be too broad or too narrow.

§ Specify decision alternatives

§ State research objectives

Step 2: Develop the

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Step 2: Develop the

Research Plan

Secondary data consists of information that

already exists somewhere, having been

collected for another purpose

Primary data consists of information

gathered for the special research plan

Data sources

Developing Marketing Information

Secondary Data

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Developing Marketing

Information

Observational research involves

gathering primary data by observing

relevant people, actions, and situations

Ethnographic research involves sending

trained observers to watch and interact

with consumers in their natural

environment

• Market Research

• Research Approaches

Developing Marketing

Information

Survey research is the most widely used

method and is best for descriptive information—knowledge, attitudes, preferences, and buying behavior

§ Flexible

§ People can be unable or unwilling to answer

§ Gives misleading or pleasing answers

§ Privacy concerns

• Market Research

• Research Approaches

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Developing Marketing

Information

Experimental research is best for

gathering causal effect relationships

information—cause-and-• Market Research

• Research Approaches

Developing Marketing

Information

Sample is a segment of the population

selected for marketing research to

represent the population as a whole

§ Who is to be studied?

§ How many people should be studied?

§ How should the people be chosen?

• Marketing Research

• Sampling Plan

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Step 2: Develop the

Developing Marketing

Information

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Questionnaire Do’s and Don’ts

§ Avoid words that could be misheard

§ Use response bands

§ Use mutually exclusive

categories

§ Allow for “other” in fixed response

questions

Question Types (Closed

End)-Dichotomous

In arranging this trip, did you contact American Airlines?

 Yes  No

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Question Types – Multiple

Question Types – Likert

Scale

Indicate your level of agreement with the

following statement: Small airlines generally give better service than large ones

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Question Types – Semantic

Differential

American Airlines

Large ……… …….Small Experienced……….….Inexperienced Modern……….… Old-fashioned

Question Types – Importance

 Not very important

 Not at all important

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Question Types – Rating Scale

American Airlines’ food service is _

Question Types –Intention to

Buy Scale

How likely are you to purchase tickets on

American Airlines if in-flight Internet access

were available?

 Definitely buy

 Probably buy

 Not sure

 Probably not buy

 Definitely not buy

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Question Types (Open Completely Unstructured

End)-What is your opinion of American Airlines?

Question Types –Word

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Question Types – Sentence

Completion

When I choose an airline, the most important

consideration in my decision is:

_ _ _ _ _ _ .

Question Types –Story

Completion

“I flew American a few days ago I noticed that the exterior and interior of the plane had very

bright colors This aroused in me the following

thoughts and feelings.” Now complete the story _ _ _ _ _ _

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Question Types–Picture

(Empty Balloons)

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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The End

The fragrance of flowers spreads only in the direction of the wind But the goodness of a person spreads in all directions!

- Author Unknown