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Marketing fundamentals > chapter 4 > Flashcards

chapter 4 Flashcards

1
Q

define consumer insights

A

marketing information-based understandings of customers and the marketplace in order to create customer value, engagement +relationships

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2
Q

explain customer insights

A
  • deep understandings of customer needs and wants
  • develop competitive advantage
  • difficult to obtain–> obtain info from a variety of sources
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3
Q

define and explain ´´big data´´

A
  • complex data sets coming from mkt research, internal transaction data, real time data, social media monitoring and other digital sources.
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4
Q

forming customer insight teams

A

–> include all functional areas
–> collect info from many sources
–> use insights to create more value for customers.

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5
Q

define marketing information ecosystem (MIE)

A

people, processes ans assets that asses managers information needs to develop that information and help in decision making to apply this in generating value and identify market/customer insights

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6
Q

characteristics of a good MIE/MIS

A
  • balancing info users would like to have against what they need and what can be offered.
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7
Q

where do marketers obtain information from

A
  • internal data
  • marketing intelligence
  • marketing research
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8
Q

define internal databases

A

-> collections of consumer and market info obtained from data sources within company network.

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9
Q

define competitive marketing intelligence

A

–> collection of available info about competitors and marketplace
–> gain early insights into competitors strategies and to prepare quick responses.

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10
Q

REAL TIME MKT: social media command centers

A
  • IKEA listenting hub investigated that customers liked the brands 99 cent frakta bag better than balenciagas knock-off version.
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11
Q

define marketing research

A
  • systematic design, collection, analysis of data specific to a mkt situation facing an organization.
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12
Q

describe how marketing research is transitioning

A
  • in-person research is now being replaced by newer, more immediate, less costly gathering methods.
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13
Q

the marketing reserach process

A
  1. defining problem and research objectives
  2. developing research plan for collecting information
  3. implement research plan–> collect and analyze data
  4. interpret and report findings
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14
Q

describe how to define problem and research objectives

A

–> most difficult step
why? manager might know what is wrong but not the causes
if you define the problem wrong from the start–> research is wasted.

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15
Q

describe how to develop the research plan

A
  • outlines sources using existing data
  • outlines management problems adresses +objectives
  • details proposed data sources, specific reserach approaches, sampling plans
  • includes research costs
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16
Q

Types of research

A
  • exploratory research
  • descriptive research
  • causal/explicative research
    -predictive/experimental research
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17
Q

Types of marketing research

A
  • problem identification research:
    help to identify problems which are not yet happenings
  • problem solving research: help solve problems
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18
Q

Identify the four types of researche

A
  1. primary data–> collecting new info for first time, can be qualitative or quantitative (has not been conducted before)
  2. secondary data–> gathering of info that already exists.
  3. quantitatuve reseearch-> numerical data, larger sample size
  4. qualitative research–> unstructured inso, smaller sample size.
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19
Q

Advantages and Disadvantages of secondary data

A

adv–> lower cost, quickly obtained
dsv–> data may not be: relevant, accurate, current

20
Q

gathering secondary data

A
  • from consumer retail and brand panels
  • sector reports
  • commercial online databases
  • trend reports
21
Q

define exploratory, descriptive and casual/explicative research, predictive

A
  1. exploratory: investigate +analyze information that has not been depply studied
  2. descriptive–> used to describe the characteristics of a population, according to geographical area. carried out periodically.
  3. casual/explicative–> used to prove cause and effect relationship.
  4. predictive–> to know the reactions of consumers to a product or service to evaluate repsonses.
22
Q

primary data research appraoches

A
  1. observational research–> observe consuemrs actions
  2. surveys and questionaires: asking respondent questions
  3. inteviews
  4. focus groups
  5. customer insight communities–> creating a panel of customers (online), that provides company with insights and feedback on an ongoing basis.
  6. experimental research–> subjected two or more gorups of random customers to a diff marketing stomuli to learn which stimuli is more effective
  7. digital text analysis–> use AI to analuze text data posted by consumers on digital platforms.
  8. Online tracking and targeting–>
23
Q

what is observational research?

A
  • primary data by observing people´s actions
  • observing people interacing with product/service in natutal setting
    –> suited for exploratory research
24
Q

define Ethnographic research

A
  • sending trained observers to watch and interact with consumers in their natural enviorment.
  • know how people live
25
Q

define survey research

A
  • gather primary data by asking questions
  • often quantititaive but can be qualitative if you use open-ended questions
26
Q

define focus groups reserarch

A
  • small group of people that meet to talk about a product/ service.

disadvantages:
- expensive
- dominance bias–> forceful participant influences group
- diffcult to generalize from a small group.

27
Q

advanatges of online contact methods

A
  1. low-cost
  2. speed
27
Q

types of contact method

A
  • mail questionaires
  • telephone interviews
  • perosnal interviews
  • individual or group interviews
  • focus group interviews
28
Q

types of online contact methods

A
  1. mobile surveys
  2. online focus groups
  3. consumer tracking
  4. online panels and brand communities
29
Q

define sample

A
  • fraction of a population selected for marketing research to represent the population as a whole
30
Q

types of samples

A
  1. simple random sampling–> every members has equal chance to be selected
  2. stratified–> populations are divided into segments and random sample are made from each groups
  3. cluster (area) sample–> pop is divided into similar groups and they draw samples of gorups.
  4. convenience–> select the easist people in the sample
  5. judgement–> use their judgement to select popualtions
  6. quota sample–> finds and inteviews a precribed nu,ner of people in each category
31
Q

what are in-depth interviews

A
  • one-on one
  • go in depth in a particular topic
32
Q

Tools for onlien qualitative research

A
  • zoom, google hanngouts, indeemo
33
Q

Types of mechanical research instruments

A
  1. people meters
  2. checkout scanners
  3. neuro-marketing
34
Q

implementing the research plan:

A
  • collect+analyze info
  • check data for accuracy
35
Q

why is it important to do continous research

A
  • help defien parameters that explain the performance of a company or brand
36
Q

What is a home panel

A

systematic rellocation on consumption habits at home

37
Q

What is brand awarness

A
  • extent in which a brand is recognized by potential customers
38
Q

summary of the research plan

A
  1. define project and research objectives
  2. develop research plan for collecting information.
  3. implement the research plan
    - collect the info
    - process the info
    - analyze the info
  4. interpret and report findings
    - interpret findings
    - draw conclusions
39
Q

define customer relationship management

A
  • CRM–> manage detailed information about individual customers and carefully managing and manage customer touch points to maximise customer loyalty
40
Q

types of CRM touch points

A
  • customer purchases
  • sales force contacts
  • service and support calls
  • web and social media sites
  • satisfaction surveys
  • marjeting research studies
41
Q

using big data, marketing analytics and artificial intelligence

A
  • analysis tools, tech and process where marketers find out patterns in big data to gain customer insights
  • some employ AI
42
Q

define AI

A

machines think and learn in a way that looks and feels human but with more analytical capacity.

43
Q

distributing and using marketing information

A
  • involves making info available in a timely, user-friendly way
  • via the intranet and extranet
44
Q

other marketing information considerations

A
  • small buisnesses and non-profit org: sphisticated analysis si beyond their budget. but they dont need a lot of money. can do it by observation, informal surveyts etc
  • international market research–> diverse markets in different countries.
  • public policy and ethics in marketing research: intrusuons into consumer privacy, consumer data security and protection

Marketing fundamentals (7 decks)

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