MKT 300018 : Marketing insights

Assignment 1B: Personal reflection

- Le Phu Thanh - 103572379

1. AI generated definition
Marketing insight refers to a deep, thorough understanding or perception gained
through the analysis of data, consumer behavior, market trends, and other relevant
information. It involves extracting meaningful and actionable information from
various sources to make informed decisions in the field of marketing. Insights can
be derived from customer feedback, market research, social media analytics, sales
data, and other data sources.

These insights provide marketers with a clearer understanding of their target

audience, competitors, and the overall market dynamics. By uncovering patterns,
trends, and preferences, marketers can make more strategic decisions to optimize
their marketing strategies, improve product positioning, enhance customer
engagement, and ultimately drive business success.

In essence, marketing insight goes beyond raw data and involves interpreting
information in a way that leads to actionable strategies and tactics. It helps
marketers answer crucial questions about their audience, products, and the
effectiveness of their marketing efforts, contributing to more effective and targeted
campaign

2. My own definition
In my personal definition, marketing insight requires to the personal deep understanding
about the market in general. By working on through the process of researching including “
Analyzing data, consumer survey,.. After that, planning out the different directions for the
products development by receiving the results from different sources. combining the data
and build the own strategy.

Also, as a person who working for marketing department for the company that selling
products, i also learned another definition about marketing insights that i’d like to call it “
Rival analysis”. By understanding the company with the same structure, same development
process and from the analysis, i could follow up the their strategy and bring out my own to
develop the company’s product. Learning but we used their own strategy but still develop it
in our own way
Marketing insight gives the the experiences for people in personal professionally. With A
company’s ability to gain marketing insights is critical.
To understand the needs of your target audience based on their purchasing behavior and
attitudes, a deep understanding of marketing is essential. People who have previously
purchased, interacted with, or repurchased products or services can provide these insights.
Companies can interact directly with customers and learn about the content, goods or
services they want, and they can satisfy those needs with marketing insights.

3. Comparison of definitions

Consumer insights tools enhance problem solving. Providing not just data but real
insights. You can use it now and see the benefits almost immediately. You still need a
detailed insight analysis team to evaluate that information. And decide how to
implement the strategy. These insights help you make the data-driven decisions you
need to make.
A popular method that marketers often use. To gather detailed Insight from these
analytics tools. By evaluating their marketing attribution reports. Marketing
attribution is useful because of its ability to aggregate all the marketing activities that
lead to your sales. Providing insights into the most important touchpoints and their
location in your marketing funnel.

4. Reflection
Marketing is a field that involves using data, consumer insights, industry patterns
and creative decisions to bring a product, service or campaign to the forefront of its
target demographic's consciousness. Without marketing, we would have a much
harder time knowing what our options are in terms of goods and services, whether
those are necessary for survival like food and clothing or are related to luxuries and
leisure like vacation destinations or cars. ( indeed, 2022)

When companies can satisfy their audience's wants and needs, they can significantly
increase their chances of earning revenue. Using market insights enables marketers
to assign insights to specific data that they then use to model their marketing
campaigns for success. optimal work. For example, an ice cream shop that finds
data supporting that their customers are more likely to purchase fruit flavors during
the summer months can use those insights to develop a campaign. aggressively
market their fruit flavors the following summer.

Predict market changes

Another advantage of using market insights is the ability to forecast potential

changes in the market or industry. Data analytics is a great way to identify
patterns in consumer habits, such as their spending or engagement with
 content. Often, marketers can identify patterns based on external factors such
as time of year, climate, economy or the nature of competition in their market.
With this data, they can predict changes in the market and minimize losses.

5. References
1. What Is an Insight in Marketing? Plus Benefits and Tips - Indeed (n.d.-a).

What Is an Insight in Marketing? Plus Benefits and Tips | Indeed.com