Chapter 4

Marketing

Importance of marketing information & customer insights?

Marketing Helps in formulating an organizations strategy according to the customers
info preferences and buying behavior
Customer Help organizations in making important informed decisions
insights
*companies can avoid potential disasters with proper market research

What’s marketing information system?

Helps in gathering, storing, analyzing and distributing marketing info to the decision makers in
an organization.

Main types of internal market information?

Market info is obtained thru stored databases & sales people.
1. Demographic “existing customers”: purchasing habit, past transaction & lifestyle
2. Customer relationship management system: collect large amount of data and organize
them

What is market intelligence?

A process which aim to create large information pool from which data can be selected and
process to arrive at meaningful conclusions.

Different dimensions of marketing research?

Can be directed towards:
Solving a particular problem
Monitor changes that take place over a period of time
Can focused towards:
Solving specific issues
Collecting data for selling to other organizations who need it

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

Type of marketing research

Ad-hoc research: Focuses on a specific marketing problem and involves the collection of data at
one point in time (ex: customer satisfaction survey)
Continuous research: conducting the same research on the same sample repeatedly to monitor
the changes that are taking place over time. (popular trends)
Main stages in MR process
1. Custom research Conducted for a single organization to provide specific answers
2. Syndicated Collected by firms on regular basis & then sold to other firms
3. Exploratory Research area to gain some insight
4. Descriptive Develop stronger conclusions about search problem
5. casual Establish cause-&-effect relationships

Difference between qualitative & quantitative research

Qualitative Quantitative
1. focus on small samples of data 1. require collection of large data
2. ex: group interviews & observation 2. ex: exploratory research tool
studies

Role of marketing info in society

1. help firm understand customer behavior and market trend
2. affect society positively as well as negatively
3. negative effect: acquiring info by bribing employees
4. depend on genuineness of the sources info
5. collection, organization and analysis of data in large amounts