Summary
Summary h7 marketing
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All chapters belong together for a summary of the entire marketing subject taught by professor Nathalie Dens in the 1st year of the HI (B), tew and sew bachelor's degrees
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Marketing Nathalie DensMarketing Research
Definitions
Market research:
systematic gathering and interpretation of information about individuals or organizations to gain
insight or support decision making (ex. demand, market share/volumes, segmentation, customer
characteristics)
Marketing research:
work undertaken to understand how to make specific marketing strategy decisions (ex. for pricing,
sales forecasting, proposition testing, promotion research)
o Systematic
identify and define marketing opportunities and problems
=> generate, refine and evaluate marketing actions
=> monitor marketing performance
=> improve understanding of marketing as a process
Marketing analytics:
systematic collection, management, analysis of data using mathematical and statistical analytical
procedures to obtain insights into marketing performance, maximize effectiveness of instruments of
marketing control and optimize return on investment
Customer insights:
knowledge about customer that is valuable for the firm
o Insights: new understanding that is actionable and unique
o Information: prepared data that has been processed, aggregated and organized
(data visualizations, reports, dashboards, …)
o Data: raw, unprocessed facts
(databases, spreadsheets, …)
1
, Marketing Nathalie Dens
Customer insights
- Market information system
= formalized set of procedures for generating, analysing, sorting, distributing information to
decision-makers on an ongoing basis
o Basic idea
should be used to support decision-making
-
C
ompetitive intelligence
= information that provides insights in current and future behaviour of competitors
o Internal sources
Executives, engineers, procurement, salesforce
o External sources
Public information
yearly rapports, publications, advertisement, websites, press releases
Observation of competitors (marketing/sales strategies), patent applications,
suppliers, distributors, customers, (former) employees and applicants of
competition, …
Big data:
systematic gathering and interpretation of high-volume, high-velocity (real-time) or high-variety
information using cost-effective innovative forms of information processing to enable enhanced
insight, decision-making, process automation
Marketing research process
2
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