Chapter 4: Managing Marketing Info to Gain Customer Insights Flashcards
Big data
the huge and complex data sets generated by today’s sophisticated info generation, collection, storage, and analysis technologies.
Customer insights
Fresh marketing info-based understandings of customers and the marketplace that become the basis for creating customer value, engagement, and relationships
Internal databases
collections of consumer and market info obtained from data sources within the company network
Competitive marketing intelligence
The systematic monitoring, collection, and analysis of publicly available information about consumers, competitors, and developments in the marketing environment
Marketing research
the systematic design, collection, analysis, and reporting of data revenant to a specific marketing situation facing an organization
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 and reporting the findings
Exploratory research
Marketing research to gather preliminary information that will help define problems and suggest hypotheses
Descriptive research
Marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers.
Causal research
Marketing research to test hypotheses about cause-and-effect relationships
Secondary data
information that already exists somewhere, having been collected for another purpose
Primary data
Information collected for the specific purpose at hand
Observational research
Gathering primary data by observing relevant people, actions, and situations
Ethnographic research
a form of observational research that involves sending trained observers to watch and interact with consumers in their “natural environments”
Survey research
Gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behaviour
Experimental research
Gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses.
