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.

LECTURE­6 Managing Marketing Information to Gain Customer Insights Part-1 Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 11- 11 Topic Outline Đ Marketing Information and Customer Insights § Assessing Marketing Information Needs § Developing Marketing Information § Marketing Research Đ Analyzing and Using Marketing Information Copyright â 2012 Pearson Education, Inc Publishing as Prentice Hall 1- Marketing Information and Customer Insights Đ Đ Đ Customer Insights are: Fresh and deep insights into customers needs and wants Difficult to obtain § Not obvious § Customer’s unsure of their behavior Better information and more effective use of existing information Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- Marketing Information and Customer Insights Customer Insights Đ Companies are forming customer insights teams Đ Include all company functional areas § Collect information from a wide variety of sources Use insights to create more value for their customers Copyright â 2012 Pearson Education, Inc Đ Publishing as Prentice Hall 1- Marketing Information and Customer Insights • Marketing Information Systems (MIS) 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 Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- Marketing Information System Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 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 Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- Assessing Marketing Information Needs Đ Characteristics of a Good MIS Balancing what the information users would like to have against what they need and what is feasible to offer Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- Developing Marketing Information • Marketers obtain information from Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- Developing Marketing Information Đ Internal Data Internal databases are electronic collections of consumer and market information obtained from data sources within the company network Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 10 Questionnaire Do’s and Don’ts § § § § § Ensure questions are free of bias Make questions simple Make questions specific § § § § Avoid jargon Avoid sophisticated words Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall § Avoid negatives Avoid hypothetical's Avoid words that could be misheard Use response bands Use mutually exclusive 1- 26 Question Types (Closed End)Dichotomous In arranging this trip, did you contact American Airlines?  Yes  No Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 27 Question Types – Multiple Choice With whom are you traveling on this trip?  No one  Spouse  Spouse and children  Children only  Business associates/friends/relatives  An organized tour group Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 28 Question Types – Likert Scale Indicate your level of agreement with the following statement: Small airlines generally give better service than large ones  Strongly disagree  Disagree  Neither agree nor disagree  Agree  Strongly agree Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 29 Question Types – Semantic Differential American Airlines Large ……………………………… …….Small Experienced………………….….Inexperienced Modern……………………….… Old-fashioned Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 30 Question Types – Importance Scale Airline food service is _ to me  Extremely important  Very important  Somewhat important  Not very important  Not at all important Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 31 Question Types – Rating Scale American Airlines’ food service is _  Excellent  Very good  Good  Fair  Poor Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 32 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 Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 33 Question Types (Open End)Completely Unstructured What is your opinion of American Airlines? Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 34 Question Types –Word Association What is the first word that comes to your mind when you hear the following? Airline American _ Travel Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 35 Question Types – Sentence Completion When I choose an airline, the most important consideration in my decision is: _ _ _ _ _ _ Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 36 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 _ _ _ _ _ _ Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 37 Question Types–Picture (Empty Balloons) Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 38 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 Education, Inc Principles and Practices of Marketing by Jobber, D 4th edition, McGraw Hill International Principles of Advertising & IMC by Tom Duncan 2nd Edition, Published by McGraw-Hill Irwin Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 39 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 Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- 40 ... Hall 1- Marketing Information and Customer Insights Đ Đ Đ Customer Insights are: Fresh and deep insights into customers needs and wants Difficult to obtain § Not obvious § Customer s unsure of. ..• Topic Outline § Marketing Information and Customer Insights § Assessing Marketing Information Needs § Developing Marketing Information § Marketing Research Đ Analyzing and Using Marketing Information. .. Better information and more effective use of existing information Copyright © 2012 Pearson Education, Inc Publishing as Prentice Hall 1- Marketing Information and Customer Insights Customer Insights