CHAPTER FOUR Flashcards
Why do we need market information, what two insights does market info provide? [2]
- Customer insights: a penetrating truth about consumers, their aspirations and motivations which can in turn be used to generate growth
- Market Insights: new facts about a market that has not previously been made use of, but when leveraged will generate increased profits
Define Marketing Information Systems
A marketing information system consists of people, equipment and procedures to gather, sort, analyse, evaluate, and distribute needed, timely and accurate information to marketing decision makers.
What are the 3 main source of marketing information? [3]
- Internal Databases
- Marketing intelligence
- Marketing research
Define Internal Databases
electronic collections of consumer and market information obtained from data sources within the firm network
What are sources of INTERNAL information? [5]
- Accounting & Finance Marketing
2.Marketing
3.Operations
4.Research & Development
5.Sales & Customer Services
What are sources of EXTERNAL information?
BIG DATA
Extremely large data sets that may be analysed computationally to reveal patterns, trends, and associations, especially relating to human behaviour and interactions.
Define marketing intelligence
The systematic collection and analysis of publicly available information about competitors and developments in the marketing environment
What are the three types of marketing intelligence? [3]
- Customer intelligence
- Competitor intelligence
- Marketing intelligence
Define marketing research
“The systematic and objective identification, collection, analysis, dissemination, and use of information for the purpose of improving decision making related to the identification and solution of problems and opportunities in marketing.”
Whaat is the purpose of Marketing research? [7]
- Gaining a better understanding of customer preferences
- Identifying potential customers
- Closely monitoring competition in the market
- Providing a sound basis for marketing decisions
- Identifying changes in the market
- Identifying and solving business problems
- Launching new products or services
- Establishing realistic goals
- Anticipating or forecasting market trends
What are steps in marketing research process? [7]
- Identify the problem
- Define the problem
- Establish objectives
- Design research
- Implement research
- Analyze data
- Report
STEP 1: PROBLEM IDENTIFICATION
To develop a better ________________ of the marketing problem/opportunity that you are faced with and defining the ___________ problem in terms that will inform the next steps of the research process
understanding
research
STEP 2: DEVELOPING A RESEARCH APPROACH
*Create a ___________ question(s) for the problem at hand
*Develop ___________ and/or hypotheses to answer the research question
*Identify the ___________ needed to answer the research question
*Determine a theoretical ___________ which can be used to obtain the needed information
research
objectives
information
framework
STEP 3: RESEARCH METHODOLOGY
Developing the methodology of your study consisting of:
* Research ________ and Method
* Target ___________ and Sampling Design
* Measurement and _______
* ________ Collection
* _________ Considerations
Design
Population
Scaling
Data
Ethical
What types of research design are there ? [3]
- Exploratory Research design
- Descriptive Research design
- Causal Research design
What does the marketing information system look like?
