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Define Customer Insight.
Fresh understandings of customers and the marketplace derived from marketing information that becomes the basis for creating customer value and relationships.
Define Marketing Information System (MIS).
- People and procedures for assessing information needs, developing the needed information, and helping decision makers to use the informaion to generate and validate actionable customer and market insights.
- *Figure 4.1
What are the steps for the Marketing Information System?
First, it interacts with these information users to assess infromation needs. Next, it interacts with the marketing environment to develop needed infromation through internal company databases, marketing intelligence activities, and marketing research. Finally, MIS helps users to analyze and use the information to develop customer insights, make marketing decisions, and manage customer relationships.
Define Internal Databases.
Electronic collections of consumer and market information obtained from data sources within the company network.
Define Competitive Marketing Intelligence.
The systematic collection and analysis of public available information about consumers, competitors, and developments in the marketing environment.
Defince Marketing Research.
The systematic design, collection, ananlysis, and reporting of data relevant to a specific marketing situation facing an organization.
What are the four steps to marketing research?
- -defining the problem and research
- -delevoping the research plan for collection information
- -implementing the research plan-collecting and analyzing the data
- -imterpreting and reporting the findings
- *Figure 4.2
Define Exploratory Research.
Marketing research to gather preliminary information that will help define problems and suggest hypotheses.
Define Descriptive Research.
Marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers.
Define Causal Research.
Marketing research to test hypotheses about cause-and effect relationships.
Define Secondary Data.
Information that already exists somewhere, having been collected for another purpose.
Define Primary Data.
Information collected for the specific purpose at hand.