Chapter 4 Flashcards
What kind of information does a company need to understand their customer’s needs and wants?
they need to turn sound consumer information into meaningful customer insights by which it can produce superior value for its customers.
They need info on competitors, resellers and other actors and forces in the marketplace
What is the MIS?
The marketing information system. It consists of people and procedures for assessing information needs, developing the needed information, and helping decision-makers use the information to generate and validate actionable customer and market insights.
Who does the MIS serve?
The company’s marketing and other managers, but also external partners.
What kind of information do internal databases provide?
On the company’s own operations and departments. This data can be obtained quickly and cheaply but often needs to be adapted for marketing decisions
What kind of information does marketing intelligence provide?
everyday information about developments in the external marketing environment, including listening and responding to the vast and complex digital environment.
What kind of information does market research provide?
Collecting info relevant to a specific marketing problem faced by the company.
What does the MIS develop with the information collected?
Helps analyze and use info to develop customer insights, make marketing decisions and manage customer relationships.
What are the steps of the marketing research process?
1- define the problem and set the research objectives
2- develop a research plan
3- implement the marketing research plan
4- interpret and report findings
What is exploratory research?
What is descriptive research?
What is causal research?
What are primary sources?
What are secondary surces?
How do you implement the marketing research plan?
By gathering, processing and analyzing info
What is the best cost-friendly source?
Internal and external secondary data sources (provide info more quickly)
They can yield info that a company cannot collect by itself
Researchers must also evaluate secondary information to ensure it’s relevant, accurate, current, and impartial
Why use primary data sources?
To find info not found in secondary sources
What are the primary data collection methods?
Observational
Survey
Experimental
What are the advantages and disadvantages of the different collection methods?
What are the different research contact methods?
Mail
Telephone
Personal interview
Online
What are the advantages and disadvantages of the different research contact methods?
What is customer relationship management (CRM)?
a special software and analysis techniques that integrate, analyze and apply the individual customer data to gain 360 degree view of customers and build stronger customer relationships
They apply marketing analytics to dig out meaningful patterns in big data and gain customer insights and gauge marketing performance.
What gives marketing information value?
Using it to make better marketing decisions, which is why the MIS must make the information available to managers and others who make marketing decisions/deal with customers.
What are special marketing research situations?
in small businesses, not-for-profit or international situations
What do all organizations need to be careful about?
Act responsibly concerning major public-policy and ethical issues surrounding marketing research, including issues of intrusions on consumer privacy and misuse of research findings.
