Chapter 6 Flashcards
market intelligence is made up of…
market research and competitive intelligence
market research requires adherence to
research design
data collection
analysis and interpretation
in b2b marketing, market intelligence is…
knowing your market
market research definition
systematic collection and interpretation of specific data related to the resolution of a specific problem or to satisfy a specific objective
competitive intelligence
the collection and informed interpretation of might appear at first as a number of random, unrelated events
knowing your market, you must understand the customer’s…
- technology
- products
- markets and customers
- competitors
- channels
- buying center and buying patterns
- culture
secondary data
results of research effort developed for another reason, information complied for other purposed, such as existing sales tracking info, as well as third party research
primary data
collecting data directly from respondents in the population in question. marketer determines what data needs to be collected and sets out to obtain it
define the problem and research objectives
- what decisions will be supported?
- what information is needed to make these decisions?
- should the type of research be exploratory or conclusive?
design the research method
- what respondents will be sought?
- what sampling method should be used?
- design the research instrument
collect information
- control the quality of data collection
- enter data in database
analyze the data and draw conclusions
- apply appropriate analysis techniques
- control for non-random error
- draw appropriate conclusions, given the results and quality of the data
present findings
- apply information to decisions
- present the findings
target decision implications
a thorough understanding of segmented markets supports the target decision process
design decision implications
a thorough understanding of customer needs, reactions, and perceptions regarding features and attributes of the offer supports the design process
go/no-go decision implications
continuous information provides better decision making at critical stages or points in the development process
good segmentation research needs…
exploratory research & conclusive research
exploratory research
determining a basis for segmentation
conclusive research
dividing the sample into segments using the basis for segmentation
market research in b2b markets are different than consumer markets because they have
- concentrated markets
- diversity of interests in buying center
- technical expertise
obstacles in qualitative market research
- small
- unpredictable
- complex buying center
- complex products
how to help with buying process…
- understand organization
- confidence
- open ended questions
- take good notes
6 sources of competition
- current partners
- upstream suppliers
- new entrants
- downstream customers
- substitutes
- direct competitors
information to collect on individual competitors
- goals
- strategies
- capabilities
- assumptions
sources of competitive information
- internet
- trade press
- trade show
- competitors’ communications
