Chapter 4. Managing Market Information

Question 1

Define Marketing Information System

Answer 1

People and procedures dedicated to assessing information needs, developing needed information, and helping decision makers to use the information to generate and validate customer insights.

Question 2

How can Marketers obtain needed information?

Answer 2

1. Internal databases
2. Marketing Intelligence
3. Marketing Research

Question 3

Define Competitive Marketing Intelligence

Answer 3

The systematic monitoring, collection, and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.

Question 4

Define Marketing Research

Answer 4

The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation.

Question 5

What is Exploratory Research?

Answer 5

Marketing research to gather preliminary information that will help define issues and suggest hypotheses.

Question 6

What is Descriptive Research?

Answer 6

Better describes marketing issues, situations, or markets. Such as the market potential for a product.

Question 7

What is Causal Research?

Answer 7

Test hypotheses about cause-and-effect relationships.