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Marketing fundamentals > Chapter 4: managing marketing information to gain consumer insights > Flashcards

Chapter 4: managing marketing information to gain consumer insights Flashcards

1
Q

market research

A

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

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2
Q

Reasons for market reseach

A
  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
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3
Q

Internal databases

A

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

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4
Q

Where to get internal databases information

A
  • instore and online sales transactions
  • web, advertising and social media site visits
  • customer satisfaction surveys
  • newsletters
  • accounting information
  • sales information
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5
Q

Marketing intelligence

A

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

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6
Q

Marketing research

A

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

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7
Q

defining the problem and objective

A

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

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8
Q

primary data

A

information collected for the specific purpose at hand

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9
Q

External primary sources

A

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

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10
Q

Internal primary sources

A

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

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11
Q

Secondary data

A

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

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12
Q

Internal secondary sources

A

consultation past studies, reports, internal databases

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13
Q

External secondary sources

A

information gathered by other researchers with our research purposes

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14
Q

Quantitative research

A

Gathering structured numerical data and using statistical analysis.

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15
Q

Qualitative research

A

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

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16
Q

Exploratory research

A

investigate and analyse specific information that has not been deeply studied

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17
Q

Descriptive research

A

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

18
Q

Casual research

A

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

19
Q

Observational research

A

observing people interact with your product or service

20
Q

Overt observations

A

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

21
Q

Covert observations

A

study users in the wild without them knowing

22
Q

ethnographic research

A

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

23
Q

focus group

A

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

24
Q

Delphi

A

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

25
Q

Eye tracking

A

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

26
Q

Interviews

A

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

27
Q

projective techniques

A

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

28
Q

Conjoint analysis

A

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

29
Q

experimental research

A

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

30
Q

consumer insights

A

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

31
Q

Survey research

A

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

32
Q

Samples

A

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

33
Q

probability sample

A
  • 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
34
Q

Nonprobability sample

A
  • 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
35
Q

Collecting data instruments

A
  • questionnaires
  • mechanical instruments
  • big data sources
36
Q

Flow model

A

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

37
Q

Affinity model

A

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

38
Q

customer journey mapping

A

diagram that shows the way typical prospect becomes a paying customer

39
Q

Website and social media

A

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

40
Q

how to present findings?

A
  • know the audience
  • introduce the problem, research method and reveals
  • add recommendations
  • optimise visual data
  • dont be carried away by slides
41
Q

making a decision

A
  • 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

Marketing fundamentals (7 decks)

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