3 - Managing Marketing Information

Question 1

customer insights

Answer 1

information-based understanding of customers and the marketplace

• gained through managing marketing info

basis for creating:

• customer value
• engagement
• relationships

Question 2

why are customer insights useful?

Answer 2

to develop competitive advantage

Question 3

customer insight teams

Answer 3

• include all company areas
• collect info from wide range of sources
• use insights to create value for customers

Question 4

marketing information systems (MIS)

Answer 4

people + procedures dedicated to:

• assessing information needs
• developing the needed information
• helping decision makers use the information to generate customer and market insights

Question 5

what constitutes a good MIS?

Answer 5

balancing the information users would like to have against what they need and what is feasible to offer

Question 6

marketers obtain information from:

Answer 6

internal data

marketing intelligence

marketing research

Question 7

internal data

Answer 7

internal databases = consumer + market information obtained from internal data sources

• quicker + cheaper than other information sources

info may include:

• sales transactions
• customer characteristics or satisfaction
• reports in production or inventories

Question 8

marketing intelligence

Answer 8

systematic collection + analysis of publicly available information about customers, competitors and environment

Question 9

difference b/w marketing intelligence and market research?

Answer 9

marketing intelligence - actively scanning the general marketing environment

market research - focused studies to gain customer insights relating to specific marketing decisions

Question 10

uses of marketing research

Answer 10

gain insights into customer motivations, behaviours and satisfaction

assess market potential and market share

measure effectiveness of pricing, product, promotion and distribution

Question 11

steps in marketing process (4)

Answer 11

1. defining problem and research objectives
2. developing the plan to collect info
3. implementing the research plan (collecting data)
4. interpreting + recording findings

Question 12

defining problem and research objectives (3)

Answer 12

exploratory research - gather preliminary info to help define problem

descriptive research - describes marketing problems, situations or markets (demographic, attitudes…)

causal research - tests hypothesis about cause-effect relationship

Question 13

developing the plan to collect info

Answer 13

must develop a plan that:

• outlines existing data
• spells out research approaches, contact methods and instruments to gather data

-> can call for primary and secondary data

Question 14

primary data advantages and disadvantages

Answer 14

Advantages:

• information is specific
• relevant
• up to date

Disadvantage:

• high costs
• time consuming

Question 15

secondary data advantages and disadvantages

Answer 15

Advantages:

• low costs
• quick to obtain

Disadvantages:

• data is often more general
• might be outdated

Question 16

primary data research approaches (4)

Answer 16

observational research (gather info by observing genera people + situations)

ethnographic research (sending trained observers to watch + interact w/ customers in their ‘natural environment’)

survey research

experimental research (selecting groups of subjects, giving them different treatments and observing responses)

Question 17

primary data contact methods

Answer 17

focus group
- expensive + difficult to generalize

online
- cheap + quicker + higher response rates

Question 18

probability samples (3)

Answer 18

simple random sample (random population members)

stratified random sample (random samples are drawn from mutually exclusive groups)

cluster sample (researcher draws a sample from a mutually exclusive group)

Question 19

non-probability samples (3)

Answer 19

convenience sample

judgement sample (researcher uses their own judgement to choose members)

quota sample (sample that represents a trait of a population)

Question 20

neuro-marketing

Answer 20

measuring brain activity to learn how consumers feel and respond

Question 21

use of CRM touchpoints

Answer 21

pinpoint high-value customers

target them more effectively

cross-sell the company’s products and create offers tailored to specific customer requirements

Question 22

information distribution

Answer 22

making information available in a timely user-friendly way

intranet:
- internal network that allows for employees to share information (customer information, reports, shared work…)

extranet:
- system that allows key customers and value networking members to access account, product and other data on demand (Ex: resellers, suppliers…)