Big Data

Question 1

Internal Databases

Answer 1

Collections of consumer and market information obtained from data sources within the company network. Quick access and low cost but data is old incomplete and needs analytic expertise.

Question 2

CRM (Customer Relationship Management )

Answer 2

Managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty.

Question 3

Competitive Marketing Intelligence

Answer 3

Systematic monitoring, collection, and analysis of publicly available information. Offers insights about consumers opinions, shows early warnings of competitor strategies and strengths and weaknesses, helps protect their own information but ethically problematic

Question 4

Market Research

Answer 4

Systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

Can be gathered through internal and outside research teams and syndicated(survey) research

Question 5

Primary Data

Answer 5

Observational: Trained observers watch and interact with consumers
Surveying: Asking questions about buying behaviors
Experimental:
Selecting matched groups of subjects and giving them treatments controlling related factors, and differences in group responses

Question 6

Secondary Data

Answer 6

Pre existing Information that were collected for another purpose.

Good because of lower costs obtained quickly cannot collect otherwise

Bad because potentially irrelevant inaccurate dated or biased
(e.g.: Company’s interna database, purchased form outside suppliers Commercial online databases internet search engines)

Question 7

Neuromarketing

Answer 7

Eye-tracking, EEG (A test that measures electrical activity in the brain), GSR (Measures a persons emotional response to a stimulus)

Question 8

EEG

Answer 8

A test that measures electrical activity in the brain

Question 9

GSR

Answer 9

Measures a persons emotional response to a stimulus