Chapter 4

Question 1

Customer insights

Answer 1

Become the basis for creating customer value, engagement, and relationships.

How we develop the 4P’s

Question 2

Marketing information system

Answer 2

People and procedures to asses information needs and develop the needed information to generate customer and market insights

Question 3

MIS information users

Answer 3

Marketing managers, internal and external partners, and others who need the info

Question 4

Developing marketing information

Answer 4

Information can be obtained from internal databases, competitive marketing intelligence, marketing research

Question 5

Internal databases

Answer 5

Collections of consumer and market info obtained form data sources within company network

Question 6

Competitive marketing intelligence

Answer 6

Systematic monitoring, collection, and analysis of information about consumers, competitors, and developments in the marketing environment.

Question 7

Marketing research

Answer 7

Gives insight into customer motivations, purchase behavior, and satisfaction.

Can help assess market potential and market share or measure effective of the 4P’s.

Question 8

Marketing research process

Answer 8

1. Define the problem and research objectives
2. Develop the research plan for collecting info
3. Implement the research plan - collect and analyze data
4. Interpret and record findings

Question 9

Exploratory research

Answer 9

Used to gather preliminary information and helps to define problems and suggest hypothesis

Question 10

Descriptive research

Answer 10

Describes the market potential for a product or the demographics and attitudes of consumers

Question 11

Casual research

Answer 11

Used to gets hypotheses about cause and effect relationships

Question 12

Research plan

Answer 12

Should be presented in written proposal and cover management problems addressed, research objectives, info to be obtained, how results will help decision making and the estimated research costs.

Should included primary and secondary data or both.

Question 13

Secondary data

Answer 13

Info already exists and were collected for another purpose.

Low cost and obtained quickly, but potentially irrelevant, inaccurate, dated, or biased.

Question 14

Primary data

Answer 14

Observational - observing relevant people, actions, situations

Ethnographic - sending trained observers to watch and interact with consumers in their natural environment

Survey - asking people questions about their knowledge, attitudes, preferences, and buying behavior

Experimental - uses matched group of subjects and tries to explain a cause and effect relationship

Question 15

Mail questionaire

Answer 15

Used to collect large amounts of info at a low cost per respondent

Question 16

Telephone interview

Answer 16

Gathers info more quickly, provides flexibility but is more costly and intrusive

Question 17

Personal interviews

Answer 17

Includes individual and group interviewing

Question 18

Online marketing research

Answer 18

Data is collected through internet surveys, online focus groups, web based experiments, and tracking consumers’ online behavior

Question 19

Sample

Answer 19

Segment of population selected to represent the population as a whole

Question 20

Customer relationship management (CRM)

Answer 20

Manages detail info about individual customers and manage customer touch points to maximize customer loyalty

Ex.) salesforce.com, Oracle, Microsoft, SAS

Question 21

Marketing analytics

Answer 21

Analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance.

Question 22

International marketing research

Answer 22

Can face problems such as finding good secondary info in foreign markets and language barriers.

Cost of research is high, but the cost of not doing it is higher.

Question 23

Intrusions on consumer privacy

Answer 23

Failure to address privacy issues results in less cooperative customers and increased government regulation