Chapter 4: managing marketing information to gain consumer insights

Question 1

market research

Answer 1

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

Question 2

Reasons for market reseach

Answer 2

1. analysis is not enough
2. the analysis has given you a hypothesis you want to test before the launch
3. the business model needs it

Question 3

Internal databases

Answer 3

Collection of consumer and market information obtained from data sources within the company’s network

Question 4

Where to get internal databases information

Answer 4

• instore and online sales transactions
• web, advertising and social media site visits
• customer satisfaction surveys
• newsletters
• accounting information
• sales information

Question 5

Marketing intelligence

Answer 5

systematic monitoring, collection and analysis of publicly available information about consumers, competitors and marketplace

Question 6

Marketing research

Answer 6

Systematic design, collection, analysis, and reporting of data relevant to a specific situation

Question 7

defining the problem and objective

Answer 7

What question we want to understand and what output of information do we want to achieve

Question 8

primary data

Answer 8

information collected for the specific purpose at hand

Question 9

External primary sources

Answer 9

collect information from the general market, consumers, distributors. Original information is collected by the researcher through different techniques

Question 10

Internal primary sources

Answer 10

The information found within the company on sales, prices, inventories, customers

Question 11

Secondary data

Answer 11

Information that already exists somewhere, having being collected for another purpose

Question 12

Internal secondary sources

Answer 12

consultation past studies, reports, internal databases

Question 13

External secondary sources

Answer 13

information gathered by other researchers with our research purposes

Question 14

Quantitative research

Answer 14

Gathering structured numerical data and using statistical analysis.

Question 15

Qualitative research

Answer 15

Dives into a particular topic to understand the subjects experiences, thoughts and opinions in detail

Question 16

Exploratory research

Answer 16

investigate and analyse specific information that has not been deeply studied

Question 17

Descriptive research

Answer 17

designed to describe the characteristics of a population, according to its geographical location. Done to detect changes in preferences, places of interest or factors that may affect or alter consumer preferences

Question 18

Casual research

Answer 18

Find the relationship between the cause and consequence of a specific phenomenon

Question 19

Observational research

Answer 19

observing people interact with your product or service

Question 20

Overt observations

Answer 20

ask customers if they will let you watch them using a product

Question 21

Covert observations

Answer 21

study users in the wild without them knowing

Question 22

ethnographic research

Answer 22

studies the individual in the real life situation and not under any market setup or lab

Question 23

focus group

Answer 23

form of discussion wherein six to ten people gather and discuss the common topic given by the moderator

Question 24

Delphi

Answer 24

based on a previous questionnaire sent to experts, the information is collected and processed and then sent to participants asking them to review their initial response

Question 25

Eye tracking

Answer 25

Determines where the attention and interest of the customer is drawn by tracking the pattern of consumers eye movement but also the invisible zones

Question 26

Interviews

Answer 26

Typically conducted one on one and go deep into a particular topic

Question 27

projective techniques

Answer 27

using incentives to meet beliefs, motivations, feelings, attitudes, ect without being aware of the purpose of the investigation

Question 28

Conjoint analysis

Answer 28

Survey-based statistical technique that helps determine how people value different attributes that make up an individual product or service

Question 29

experimental research

Answer 29

undertaken to study the effects of change in the customers behaviours due to the change in the products attributes

Question 30

consumer insights

Answer 30

getting or interpreting trends of customer preferences and behavious in order to service them in the best way possible

Question 31

Survey research

Answer 31

Collect feedback, perceptions and opinions from a sample of your target market

Question 32

Samples

Answer 32

Sampling unit: whom shall we survey Sample size: how many units in the population should be surveyed sampling procedure: how the respondents shall be chosen

Question 33

probability sample

Answer 33

- simple stratified: every member has equal chance of selection - stratified random: population divided into exclusive groups and samples are drawn from each group - cluster sample: population is divided into exclusive groups and a sample of the groups is chosen to interview

Question 34

Nonprobability sample

Answer 34

- convenience sample: select easiest population - judgement sample: use of judgement to select population members who are good prospects for accurate information - quota sample: find and interview a prescribed number of people in each category

Question 35

Collecting data instruments

Answer 35

- questionnaires - mechanical instruments - big data sources

Question 36

Flow model

Answer 36

diagram that tracks the flow of information within a system by creating a simple visual representation of how users interact with the product

Question 37

Affinity model

Answer 37

Way of sorting large amounts of data into groups to better understand the big picture

Question 38

customer journey mapping

Answer 38

diagram that shows the way typical prospect becomes a paying customer

Question 39

Website and social media

Answer 39

through google analytics or social media analytics tools, companies are able to analyse real-time the information occurring within their platforms

Question 40

how to present findings?

Answer 40

- know the audience - introduce the problem, research method and reveals - add recommendations - optimise visual data - dont be carried away by slides

Question 41

making a decision

Answer 41

- optimise brand strategy and positioning - imrpove your content marketing strategy - assess competition - understand target market - measure effectiveness of marketing - learn about substitures and new entrants in the market - improve decision making with reduced risks - check on hypothesis