chapter 4 Flashcards
define consumer insights
marketing information-based understandings of customers and the marketplace in order to create customer value, engagement +relationships
explain customer insights
- deep understandings of customer needs and wants
- develop competitive advantage
- difficult to obtain–> obtain info from a variety of sources
define and explain ´´big data´´
- complex data sets coming from mkt research, internal transaction data, real time data, social media monitoring and other digital sources.
forming customer insight teams
–> include all functional areas
–> collect info from many sources
–> use insights to create more value for customers.
define marketing information ecosystem (MIE)
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
characteristics of a good MIE/MIS
- balancing info users would like to have against what they need and what can be offered.
where do marketers obtain information from
- internal data
- marketing intelligence
- marketing research
define internal databases
-> collections of consumer and market info obtained from data sources within company network.
define competitive marketing intelligence
–> collection of available info about competitors and marketplace
–> gain early insights into competitors strategies and to prepare quick responses.
REAL TIME MKT: social media command centers
- IKEA listenting hub investigated that customers liked the brands 99 cent frakta bag better than balenciagas knock-off version.
define marketing research
- systematic design, collection, analysis of data specific to a mkt situation facing an organization.
describe how marketing research is transitioning
- in-person research is now being replaced by newer, more immediate, less costly gathering methods.
the marketing reserach process
- defining problem and research objectives
- developing research plan for collecting information
- implement research plan–> collect and analyze data
- interpret and report findings
describe how to define problem and research objectives
–> 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.
describe how to develop the research plan
- outlines sources using existing data
- outlines management problems adresses +objectives
- details proposed data sources, specific reserach approaches, sampling plans
- includes research costs
Types of research
- exploratory research
- descriptive research
- causal/explicative research
-predictive/experimental research
Types of marketing research
- problem identification research:
help to identify problems which are not yet happenings - problem solving research: help solve problems
Identify the four types of researche
- primary data–> collecting new info for first time, can be qualitative or quantitative (has not been conducted before)
- secondary data–> gathering of info that already exists.
- quantitatuve reseearch-> numerical data, larger sample size
- qualitative research–> unstructured inso, smaller sample size.
Advantages and Disadvantages of secondary data
adv–> lower cost, quickly obtained
dsv–> data may not be: relevant, accurate, current
gathering secondary data
- from consumer retail and brand panels
- sector reports
- commercial online databases
- trend reports
define exploratory, descriptive and casual/explicative research, predictive
- exploratory: investigate +analyze information that has not been depply studied
- descriptive–> used to describe the characteristics of a population, according to geographical area. carried out periodically.
- casual/explicative–> used to prove cause and effect relationship.
- predictive–> to know the reactions of consumers to a product or service to evaluate repsonses.
primary data research appraoches
- observational research–> observe consuemrs actions
- surveys and questionaires: asking respondent questions
- inteviews
- focus groups
- customer insight communities–> creating a panel of customers (online), that provides company with insights and feedback on an ongoing basis.
- experimental research–> subjected two or more gorups of random customers to a diff marketing stomuli to learn which stimuli is more effective
- digital text analysis–> use AI to analuze text data posted by consumers on digital platforms.
- Online tracking and targeting–>
what is observational research?
- primary data by observing people´s actions
- observing people interacing with product/service in natutal setting
–> suited for exploratory research
define Ethnographic research
- sending trained observers to watch and interact with consumers in their natural enviorment.
- know how people live
define survey research
- gather primary data by asking questions
- often quantititaive but can be qualitative if you use open-ended questions
define focus groups reserarch
- 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.
advanatges of online contact methods
- low-cost
- speed
types of contact method
- mail questionaires
- telephone interviews
- perosnal interviews
- individual or group interviews
- focus group interviews
types of online contact methods
- mobile surveys
- online focus groups
- consumer tracking
- online panels and brand communities
define sample
- fraction of a population selected for marketing research to represent the population as a whole
types of samples
- simple random sampling–> every members has equal chance to be selected
- stratified–> populations are divided into segments and random sample are made from each groups
- cluster (area) sample–> pop is divided into similar groups and they draw samples of gorups.
- convenience–> select the easist people in the sample
- judgement–> use their judgement to select popualtions
- quota sample–> finds and inteviews a precribed nu,ner of people in each category
what are in-depth interviews
- one-on one
- go in depth in a particular topic
Tools for onlien qualitative research
- zoom, google hanngouts, indeemo
Types of mechanical research instruments
- people meters
- checkout scanners
- neuro-marketing
implementing the research plan:
- collect+analyze info
- check data for accuracy
why is it important to do continous research
- help defien parameters that explain the performance of a company or brand
What is a home panel
systematic rellocation on consumption habits at home
info on consuimer and how they interact with product
What is brand awarness
- extent in which a brand is recognized by potential customers
summary of the research plan
- define project and research objectives
- develop research plan for collecting information.
- implement the research plan
- collect the info
- process the info
- analyze the info - interpret and report findings
- interpret findings
- draw conclusions
define customer relationship management
- CRM–> manage detailed information about individual customers and carefully managing and manage customer touch points to maximise customer loyalty
types of CRM touch points
- customer purchases
- sales force contacts
- service and support calls
- web and social media sites
- satisfaction surveys
- marjeting research studies
using big data, marketing analytics and artificial intelligence
- analysis tools, tech and process where marketers find out patterns in big data to gain customer insights
- some employ AI
define AI
machines think and learn in a way that looks and feels human but with more analytical capacity.
distributing and using marketing information
- involves making info available in a timely, user-friendly way
- via the intranet and extranet
other marketing information considerations
- 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
