Chapter 5 Flashcards
Customer insights
Understanding of customers and the marketplace derived from market info that becomes the basis for creating customer value and relationships.
MIS (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
Developing market information
Internal databases
Marketing intelligence
Marketing research
Internal databases
Information from sources within the company
Accessed more quickly and cheaply
May be incomplete
Marketing intelligence
Environmental analysis of publicly available information of consumers, competitors and the markets (annual reports, brand discussions on blogs)
Some techniques are considered unethical (spying etc.)
Marketing research
The systematic design, collection, analysis, and reporting of data relèvent to a specific marketing situation facing an organization.
Marketing research process
Defining the problem and research objective
Developing the research plan for collecting information
Implementing the research plan - collecting and analyzing data
Interpreting and reporting the findings
Types of objectives
Exploratory: Gathers preliminary information to help define the problem
Descriptive: Describes marketing problems or situations such as market potential or the demographics and attitudes of consumers.
Casual: Test hypotheses of cause-and-effect relationships.
What is primary data
Information collected for a specific problem
What is secondary data and what’re the advantages/disadvantages
It is existing data with the advantage of being more quickly and cheaply available than primary.
Disadvantages: May not be relevant, current, accurate or impartial. Rarely provides all necessary information.
Research opreaches
Observation
Survey
Experiment
Contact methods
Mail
Telephone
Personal online
Sampling plan
Sampling unit
Sample size
Sampling procedure
Research instruments
Questionnaire
Mechanical instruments
Implementing the research plan - collecting and analyzing the data
Collect - Most expensive phase, subject to error
Process - Check for accuracy, code for analysis
Analyze - Tabulate results, compute statistical measures
