5 marketing intelligence Flashcards
what is marketing research
process of planning, collecting and analyzing data for marketing decisions
marketing intelligecne
a broader term than research intended to capture all of the active and passive ways that we gain data and insights within an organization to drive decision making
what is the importance or marketing research and intelligence?
-improve the quality of decison making identify teh problems and soures
focus on growing the customer franchise by reseearching new customers and keeping existent ones
understand teh changes in the market place
conjoint analysis
a research tool that estimates how subjects set priorities or make trade offs among different attributes of a pdt or service
empathetic design
qualitative research that makes use of observation, particularly observations of people using a product or struggling with routine activities at home or work
experimental research
research that manipulates the environment and then. measures the effect
-seeks casual relationships
field experiment
experimental research conducted outside a lab setting
non-experimental research
qualitative or quantitative research that aims ti answer questions about market size, customer preference and trade off behavior without introducing any manipulation of an environment
perceptual mapping
a research method whose output is an image representing customer perceptions of one companys offerings relative to those of competitors
qualitative data research
research that generates information that is not amendable to numerical measurement or stat analysis
quanatitive data research
collects numeric data, generally through sample surveys that can be used for measurement and stat analysis
test market
a field experiment in which for example, researchers place a new product in one or more stores, promote purchasing and then observe customer resopnses
treatment
manipulated variable in experimental research
what are the three roles of marketing research?
descrpitive
diagnostic
predictive
descriptive
gathering and presenting factual statements (what)
-descries what is actually happening and het it from our data
diagnostic
-explains why
-data is talked about in a corelative way
-in a marketing analysis we can get enough certinity to help us make marketing deciiosns about understanding the correlation between why and what is happening
predictive
estimating what could happen
marketing research process 5 steps
formulate the problem
determine teh source of information and design a research process
choose the most appropriate data collection method
collect the data
analyze and interpret the data
make a decision (does not guarantee it will happen)
what are the type of research problems related to understanding the customer market?
-(How): understanding consumer. behavior
-demands forecasting :estimating future demand
-segmentation: who are the potential buyers of our product
what are the type of research problems related to creating the marketing mix?
-ads/emails :To identify the most impactful communication channel to optimize the effectiveness of advertising and email marketing efforts.
-product testing: To assess consumer preferences and reactions to pdt designs
what are the types of research problems related to product and brand performance
maket tracing: To assess the relative market position of a product or brand by measuring its market share. This helps in understanding the brand’s competitiveness and identifying opportunities for growth
-customer satisfaction
(NPS): assess customer loyalty and gauge the likelihood of customers becoming advocates
two types of data?
secondary and primary
what are the two types of secondary data ?
internal and external
what are the two types of primary data?in process? location? oreination?
-process: experimental and non-experimental
-location : lab or field
-orientation: quantitative or qualitative
probability samples
sample in which every element in the population has a statistically likelhood of being choosen
random sample
a type of probability sample arranged so that every element of the population has an EQUAL chance of being selected
-improves reliability
non probability samples
any sample in which little or no attempt is made to get a representative cross section of the population
convience sample
-non probability sample using respondents who are convient or readily accessable
what are the three types of errors?
measurement
sampling
random
measurement error?
difference between info desired and the infomration provided by research (porblem with reseach instrument)
sampling error?
sample does not represent target pop
random error
an error that exists from a source that is not identifiable
what are quantitative survey designs
close ended questions - make a selction from limited responses
dichotomus question - two reponses like yes or no
multiple choice
scaled response - close ended designed to measure intensity of a respondents answer
conjoint analysis
research tool that estimates how subjects set priorities or make trade offs among attributes of a product or service
-how customers understand percieve value
perceptual mapping
visual representation of how customers percieve different brands of products
-shows how closely or far related products are
do it quantitatively or qualitatively
are surveys good or bad?
bad
