Chapter 4 Flashcards
Customer insights are
Fresh and deep insights into customers’ needs and wants.
Difficult to obtain
Not obvious
Customer’s unsure of their behaviour.
Better information and more effective use of existing information
Big data
Big data refers to the huge and complex data sets generated by today’s sophisticated information generation, collection, storage, and analysis technologies.
marketing information systems
consist of people and procedures for:
assessing the information needs
developing needed information
helping decision makers use the information for customer.
What are the characteristics of good mis
Balancing what the information users would like to have against what they need and what is feasible to offer.
how do marketers obtain information
internal data
competitive marketing intelligence
marketing research
internal data base
are electronic collections of consumer and market information obtained from data sources within the company network
competitive marketing intelligence
The systematic collection and analysis of publicly available information about consumers, competitors and developments in the marketplace
marketing research
is the systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organisation
What are the steps involved in the marketing research process
defining the problem and research objectives
developing the research plan for collecting information
implementing the research plan, collecting and analyzing the data
interpreting the report findings
what are the market research objectives
Exploratory research
descriptive research
casual research
exploratory research
objective is to gather preliminary information that will help define the problem and suggest hypotheses (focus and interviews)
Descriptive research
describes things (who what when where why)
casual research
tests hypothesis about cause and effect relationships (price/demand/environment/pruchase rate)
What does a written research plan involve?
management problem
information needed
how the results will help management decisions
budget
Secondary data
consists of information that already exists somewhere, having been collected for another purpose