Ch. 4 managing marketing Information to Gain Customer Insights Flashcards
MIS
Marketing information system- the process of assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights.
- deciding what the info needs are
- collecting the information
- helping managers to interpret results to make decisions
Sources of information are
internal data, marketing intelligence, and marketing research.
internal databases
electronic collections of consumer and market information obtained from data sources within the company’s network.
EX: customer characteristics, sales transactions, and Web site visits
competitive marketing intelligence
The systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.
- improve strategic decision making by understanding the consumer environment, assessing and tracking competitors’ actions, and providing early warnings of opportunities and threats
- observing consumers firsthand to quizzing the company’s own employees, benchmarking competitors’ products, researching on the Internet, and monitoring social media buzz.
What do chief listening officers do?
paid to listen to the social media buzz and pass along key info to marketing decision makers
Marketing research
The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
exploratory research
preliminary information that will help define the problem and suggest hypotheses.
descriptive research is to
describe things, such as the market potential for a product or the demographics and attitudes of consumers who buy the product.
causal research is to
test hypotheses about cause-and-effect relationships
ethnographic research
A form of observational research that involves sending trained observers to watch and interact with consumers in their “natural environments.”
What is experimental research best for?
for gathering causal information/data
immersion groups—
small groups of consumers who interact directly and informally with product designers without a focus group moderator present.
What is the internet best for in terms of what kind of data you receive?
Quantitative data
Behavioral targeting
Using online consumer tracking data to target advertisements and marketing offers to specific consumers.
judgement samples
the researcher uses his or her judgment to select population members who are good prospects for accurate information.
