Chapter 4 Managing Marketing Information Flashcards
Insight is ___
ability to see clearly into the nature of a complex person
Customer Insights
information based understanding of customers and marketplace. Helps create customer value, relationships and engagements
Insights are difficult to obtain since:
Not always obvious
customers can’t tell you their needs/wants
Good info is req to begin
Big Data
huge complex data sets generated by today’s information generation, collection and analysis tech
Source of Big Data
Internal Data
Real-time data
other digital sources
Market Research Department
teams including all functional company areas, who collect info from various sources and use insights to create more value for customers
Internal Databases
Collection of market and consumer info obtained from sources within the company
Marketing Intelligence
systematic collection and analysis of public info about consumers, competitors and markets
Marketing Research
Systematic Design, collection, analysis, and reporting of data relevant to specific marketing situation
Exploratory Research
Preliminary info that helps define the problem and suggest hypotheses
Descriptive Research
Describes who when how why
Causal Research
Tests hypothesis about cause and effect relationship
Research Plan
Written document outlining the type of problem, research objectives, information needed and usefulness of result
Primary Data
Data obtained for the specific purpose at hand
Secondary Data
existing data collected elsewhere for another purpose
