Generation of customer insights – roles of marketing information and marketing intelligence

Abstract

Businesses do not exist without customers. Companies need to know and understand their customers well. Companies require knowing customer preferences and having customer insights. Customer insights cannot be generated unless companies have processes in place for collection of marketing information and marketing intelligence. Companies should collect and process data from varied sources. They should be able to handle big data and extract customer insights. Companies should manage marketing information with the help of marketing information systems. Marketing information systems help in the assessment of marketing information needs and development of information. The study focuses on competitive intelligence to have a better understanding of customers. Companies should adhere to ethical practices while collecting and analysing marketing intelligence. Proper coordination and utilisation of marketing information, marketing intelligence, and marketing information systems will help companies generate better customer insights and achieve business excellence.