4: Information Management and Market Research Flashcards
What marketing management processes are influenced by the information and communication technologies?
- Analysis and planning § Databases
- Communications
- Research
- Self-service technologies
- Customer relationship management
What is a Marketing Information System?
A Marketing Information System consists of people, equipment and procedures to gather, sort, analyze, evaluate and distribute needed, timely and accurate information to marketing decision makers.
What are the two main sources for information in a Marketing Information System?
- Internal records (e.g., sales information)
- External records; a Marketing Intelligence System is a set of procedures and sources managers use to obtain everyday information about developments in the marketing environment
What are the three “Data-parts” in Information Management?
- Database marketing: build, maintain and use a database.
- Data mining: Try to draw statistical inferences based on the data you have collected. Use this statistics to predict future behaviour of customers.
- Data warehousing: Try to capture information every time the customer tries to get in contact with the company = every ‘touchpoint’ with the customer. Try to understand the needs of the customer, based on the interaction.
What is marketing research?
Marketing research is defined as the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company.
Why is marketing research relevant?
- Calculate customer lifetime value
- Predict the acceptance of new technology
- Determine the profit-maximizing price of a product
=> With this information, you can explain and predict behavior.
What is the SOR model?
- Stimulus, Organism and Response
- Shows causes that leads to certain effects
What are the three types of external marketing research firms?
- Syndicated-service research firms: Gather consumer and trade information. TNS Gallup f.eks.
- Specialty-line marketing research firms: Provide specialized research services.
- Custom marketing research firms: Hired to carry out specific projects.
What steps does the marketing research process typically include?
- Define the problem and research objectives
- Develop the research plan
- Collect the information
- Analyze the information
- Report the findings (e.g., presentation, thesis)
- Make the decision
The research plan should guarantee high-quality research, that is:
- Satisfy validity criteria
- Satisfy reliability criteria
- Satisfy objectivity criteria
What research designs do we have for the research plan?
Exploratory
Descriptive
Explicative
What Research paradigms do we have?
- POSITIVISTIC
- INTERPRETATIVE
What are the characteristics of the Positivistic research paradigm?
- Quantitative
- Goal: Explain, predict, and control.
- Strict distinction between researcher and subject (or object) of research
- Research aims to be as objective as possible
- There are cause-effect relationships; social phenomena can be explained with principles that are generalizable
What are the characteristics of the Interpretative research paradigm?
- Qualitative
- You don’t have a lot of information about the problem.
- Understand, discover, and diagnose.
- The researcher becomes part of what is being researched
- Research is subjective (influenced by values)
- Events cannot be separated, they have multiple causes, happen simultaneously
What are the characteristics of the Exploratory research design?
Goals: Get first insights, no strong assumptions or theory available.
Methods: Expert surveys, Pilot surveys, Also: secondary data analyses.
- Qualitative
What are the characteristics of the Descriptive research design?
Goals: Describe market characteristics or
functions.
Methods: Surveys, Panels, Observations, Also: secondary data analyses.
- Quantitative
What are the characteristics of the Explicative research design?
Goals: Explain the interrelationships between variables.
Methods: Hypotheses testing (most often primary data analyses), Surveys, panels, and observations, Experiments.
- Quantitative
What is the combination of using both qualitative and quantitative methods called?
Mixed-method research design
What are the do’s in a survey research?
- Ensure questions are free of bias
- Make questions simple
- Make questions specific
- Avoid jargon
- Avoid sophisticated words
- Avoid ambiguous words
What are the don’ts in a survey research?
- Avoid negatives
- Avoid hypotheticals
- Avoid words that could be misheard
- Desensitize by using response bands
- Use mutually exclusive categories
- Allow for ‘other’ in fixed response questions
What is the difference between Quasi Experiments and Experiments?
In quasi experiments, randomizations is not possible. In experiments, you can randomly assign people to different treatments.
What are the characteristics of Good Market Research?
- Use scientific methods
- Research creativity
- Use multiple methods
- Interdependence of models and data
- Value and cost of information
- Healthy skepticism
- Ethical marketing
What are Marketing metrics?
Set of measures that help firms quantify, compare, and interpret their marketing performance.
What do you do during Marketing-mix modeling?
When you analyze data from a variety of sources to understand more precisely the effects of specific marketing activities.
What are the factors in the Balanced Scoreboard?
- Vision and Strategy
- Financial
- Customer
- Internal business processes
- Learning and growth
Recap: Can You Explain …
- what market research is, and what stages there are in the market research process?
- what the most prominent research paradigms and research designs are, and how they differ from each other?
- why marketing researchers and practitioners assess marketing metrics and marketing-mix models?
;-))
