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1 Key points
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2 Online sources
Key and difficult points
4.3.1 The importance of marketing information
Consumer needs and motives for buying are difficult to determine; Required by companies to obtain customer and market insights; Generated in great quantities with the help of information technology and online sources.
Customer insights: Fresh understanding of customers and the market derived from marketing information. It has become the basis for creating customer value and relationship used to develop a competitive advantage.
4.3.2 Macro marketing information system (MIS)
1) The definition of Macro marketing information system (MIS)
It consists of people and procedures to: assess information needs; develop the needed information and help decision makers to use the information to generate and validate actionable customer and market insights.
Figure 4.1 - The Marketing Information System
2) Assessing information needs: to balance the information users Would like to have against What they really need and What is feasible to offer; to take cost into consideration
3) Developing needed information:
Sources | Advantages | disadvantages |
Internal databases | Fast, convenient, no cost | Limited, out-dated |
Marketing intelligence | Fast, convenient, latest, professional, wide | General, high or low cost, safety |
Marketing research | Systematic, special, latest, new | High cost in time, capital and talents |
4) Analyzing and using information: for related information users.
