4. Managing Marketing Information Flashcards
Big Data
The huge and complex data sets generated by today’s sophisticated information generation, collection, storage and analysis technologies.
Customer insights
Fresh marketing information-based understandings of customers and the marketplace that become the basis for creating customer value, engagement, and relationships.
Marketing information system (MIS)
People and procedures dedicated to assessing inforamtion needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights.
Internal data/databases
Collections of consumer and market information obtained from data sources within the company network.
Competitive marketing intelligence
The systematic monitoring, collection, and analysis of publicly available information about consumers, and developments in the marketing environment.
Marketing research
The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
Descriptive research
Marketing research to better describe marketing problems, situations, or markets, such as the marketing potential for a product or the demographics and attitudes of consumers.
What is included in the Marketing Research Process
- Defining the problem and research objectives;
- Developing the research plan for collecting info;
- Implementing the research plan - collecting and analyzing the data;
- Interpreting and reporting the findings
Exploratory research
Marketing research to gather preliminary info that will help define problems and suggests hypotheses
Causal research
Marketing research to test hypotheses about cause-and-effect relationship.
Secondary data
Info that already exists somewhere, having been collected for another purpose.
Primary data
Info collected for the specific purpose at hand.
Observational research
Gathering primary data by observing relevant people, actions, and situations.
Ethnographic research
A form of observational research that involves sending trained observers to watch and interact with consumers in their “natural environment”.
Survey research
Gathering primary data by asking people questions about their knowledge, atitudes, preferences, and buying behavior.
Experimental research
Gathering primary data by selecting matched groups of subjects, giving them diff treatments, controlling related factors, and checking for differences in group responses.
Focus group interviewing
Personal interviewing that involves small groups of people to gather for a few hours with a trained interviewer to talk about a product, service, or organization. The interview “focuses” the group discussion on important issues.
Online marketing research
Collecting primary data trough internet and mobile surveys, online focus groups, consumer tracking, experiments, and online panels and brand communities.
Online focus groups
Gathering a small group of people online with a trained moderator to chat about a product, service, or organization and gain qualitative insights about consumer attitudes and behaviour.
Behavioral targeting
Using online consumer tracking data to target advertisments and marketing offers to specific consumers.
Sample
A segment of the population selcted for marketing research to represent the population as a whole.
Simple random sample
Every member of the population has a known and equal chance of selection.
Startified random sample
Divided into mutually exclusive groups and random samples are drawn from each group.
Cluster (area) sample
Divided into mutually exclusive groups and the researcher draws a sample of the groups to interview.
