Marketing Information and customer insights
Customer Insights- Fresh understanding of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationship
Customer themselves usually can’t tell you exactly what they need and why they buy.
They don’t need more information, they need better information.
Customer controlled- the idea is not to give customers everything they request, Rather it’s to understand customers to the core and give them what they need- create value for customers as a means of capturing value for the firm in return.
Marketing Information system- people and procedures for assessing information needs, developing the needed information and helping decision makers to use the information to generate and validate actionable customer and market insights
The companies must design effective marketing information systems that give managers the right information, in the right form, at the right time and help them to use this information to create customer value and stronger customer rel.
Marketing Information system (5) 1. Assessing marketing information needs
-a good MIS balances the information users would like to have against what they really need and what is feasible to offer. Not all information will benefit the company because of limited resources. You have to weigh. Devoloping marketing information 2. Internal databases
- Electronic collections of consumer and market information obtained from date sources within the company network.
-Locked within your own records is a huge, largely untapped asset that no can hope to match. Companies are sitting on a gold mine of unrealized potential in their current customer base. * Usually can be accessed more quickly and cheaply than other information sources, but they also present some problems. (Incomplete, wrong form, ages quickly)
3. Competitive marketing