chapter 4 Flashcards
business intelligence
procedural and technical infrastructure that collects, stores and analyzes the data produced by a company’s activities
why; to take in all the data generated by a business and present easy-to-digest performance measures and trends that will inform management decisions.
what is mktg research and what does it do
plan, collect, analyze data to make better marketing decisions & bring clarity to unknown aspects of the marketplace (how much will it cost…)
-focuses on four P’s
-provides information on viability of a market segment/target marke
step 1 mktg research process
identify the problem/oportunity
- “garabge in garbage out”
- without a defined problem statement, marketing research will be nothing more than a series of tasks without direction or purpose
step 2 mktg research process
design the research
- which research questions must be answered, how and when data will be gathered, and how the data will be analyzed. The research design is about creating a roadmap for the research process.
- ex: What factors explain consumer’s decision to buy?
step 3 mktg research process
collect the data
- identify type of sample that will be used
- secondary data
-primary data; quantitative research & qualitative research
step 4 of mktg research process
analyze de data
- interpret and draw conclusions from the mass of collected data.
- marketing researcher tries to organize and analyze those data by using one or more techniques.
step 5 mktg research process
present the report
-researcher must prepare the report and communicate the conclusions and recommendations to management. this is a key step in the process.
- statement of the research issue studied, the research objectives, explanation of the research design or methodology employed, including the nature of the sample and how it was selected, summary and conclusion (with recommendations)
step 6 mktg research process
provide follow up
-internal or external mktg researcher
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what is mktg analytics
using data to optimize mktg decisions - make mktg decisions based on data
how does mktg analytics and mktg research differ (2)
- Marketing research often uses simpler data analysis methods, while marketing analytics usually involves larger data sets and more complex data analysis methods
- Marketing research typically uses data to answer predefined research questions, while marketing analytics seeks to find new insights that might be missed otherwis
ex: mktd research: “Which of our customer segments is most likely to buy ski coats this winter?” marketing analytics: “winter spending among our customers in the western provinces who have families of five or more is 30 percent higher than any other current customer group.”
tecnology in mktg analytics today
- collect on a much larger scale because of technology. ex: companies can collect their own data through various types of technology or they can purchase data from outside companies.
-data being collected today is more detailed, making it easier for data analysts to find patterns of consumer behaviour
-comes from more sources (websites, social medias…)
what does research method or methodology mean
type of method that will be used to effectuate the diffrent research process, surveys, focus groups…
name examples of data used for mktg analytics
-Structured Data
-Unstructured Data
-Customer lists
-Social media posts (text, photo, or video)
-Sales transaction lists
-Emails
-Store traffic counts
-Instant messages
-Census and other demographic data
-YouTube videos
primary data
information that is collected for the first time and is used for solving the particular issue under investigation.
✅focuses on solving specific problems, source knowing results, more accurate
❌expensive, time consuming, requires specific skills set
secondary data
data previously collected for any purpose other than the one at hand.
✅inexpensive, clarifies problem, fast & easy to collect
❌collected for another purpose, questionable sources, quickly outdated
