Chapter 5 Flashcards
What is customer insight?
Fresh understanding of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships.
What is Marketing Information System?
People and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers use the information to generate and validate actionable customer and market insights.
What is an internal database?
Electronic collection of customer and market information obtained from data sources within the company network.
What is competitive marketing intelligence?
The systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.
What is market research?
The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
What is exploratory research?
Marketing research to gather preliminary information that will help define problems and suggest a hypothesis.
What is descriptive research?
Marketing research to better describe marketing problems, situations, or markets, such as the market potential or the demographics and attitudes of consumers.
What is causal research?
Marketing research to test the hypothesis about cause-and-effect relationships.
What are five stages in marketing research?
1) Defining the problem and research objectives.
2) Developing the research plan for collecting information.
3) Implementing the research plan - collecting and analyzing the data.
4) Interpreting and reporting the findings.
What is secondary data?
Information that already exists somewhere, having been collected for another purpose.
What is primary data?
Information collected for the specific purpose at hand.
What is observational research?
Gathering primary data by observing relevant people, actions, and situations.
What is ethnographic research?
A form of observational research that involves sending trained observers to watch and interact with consumers in their “natural environment”.
What is online marketing research?
Collecting primary data online through internet surveys, online focus groups, Web-based experiments, or tracking consumers’ online behavior.
What is online focus groups?
Gathering a small group of people online with trained moderator to chat about a product, service, or organization and gain qualitative insights about consumer attitudes and behavior.
