Chapter10: Gathering and using Information: Marketing Research and Market Intelligence

Question 1

What is a Marketing Information System(MIS)?

Answer 1

technology that manages a vast amount of information

Usually has 4 components:

1. A system that records internal reports and data from the company
2. A System that collects market intelligence
3. Marketing analytics software to help managers make decisions
4. A system recording research information

Question 2

What is Clickstream Data?

Answer 2

Data generated about the users who visit a website and it’s various pages, how long they are on the website, and what they buy or don’t buy.

Question 3

What is Data Mining?

Answer 3

A process of gathering information from different databases using computer programs

Question 4

What is Data Warehousing?

Answer 4

A process of combining data into one location

Question 5

What is Analytics Software?

Answer 5

Software that allow managers who are not tech-savvy to gather different information from a company’s database.

Question 6

Name 5 activities that involve gathering intelligence

Answer 6

1. Scanning Newspapers/Trade Magazines, and Economic Data.
2. Subscribing to Mystery Shopping Services
3. Examining Competitor Websites (As well as your own)
4. Reading up on new business trends
5. Attending Trad Shows and Associations
6. Speaking to Competitor’s Salespeople
7. Contacting Suppliers/Industry Experts
8. Speaking with customers

Question 7

Define Sentiment Analysis

Answer 7

method of examing contents in blogs, tweets, and other social media sites to determine what people are thinking at any given time.

Question 8

Define Industrial Espionage

Answer 8

The process of gathering information that is illegal or unethical

(ex. dumpster diving)

Question 9

What the Disadvantages to Market Research?

Answer 9

Market Research cna be expensive and time consuming

The information can be inaccurate.

Question 10

Why do companies gather market intelligence and conduct marketing research?

Question 11

How does the time frame for conducting marketing intelligence differ from the time frame in which marketing research data is gathered?

Question 12

What are the steps to the Market Research Process?

Answer 12

1. Define the Problem
2. Design the Research
3. Design the Data Collection Forms
4. Specify the Sample
5. Collect the Data
6. Analyze the Data
   7.Write the Research Report and Present the findings

Question 13

What is Syndicated Research?

Answer 13

Primary data that marketing research firms collect on a regular basis and sell to other companies

Question 14

What is a Marketing Research Aggregator?

Answer 14

a marketing research company that doesn’t conduct its own research and sell it. Instead, it buys research reports from other marketing research companies and then sells the reports in their entirety or in pieces to other firms.

Question 15

What Questions would you ask to determine the credibility to Secondary Data?

Answer 15

Who gathered this information?
For what purpose?
What does the person or organization that gathered the information have to gain by doing so?
Was the information gathered and reported in a systematic manner?
Is the source of the information accepted as an authority by other experts in the field?
Does the article provide objective evidence to support the position presented?

Question 16

What are The Basic Steps of Conducting a Focus Group?

Answer 16

1. Establish the objectives of the focus group. What is its purpose?
2. Identify the people who will participate in the focus group. What makes them qualified to participate? How many of them will you need and what they will be paid?
3. Obtain contact information for the participants and send out invitations (usually e-mails are most efficient).
4. Develop a list of questions.
5. Choose a facilitator.
6. Choose a location in which to hold the focus group and the method by which it will be recorded.
7. Conduct the focus group. If the focus group is not conducted electronically, include name tags for the participants, pens and notepads, any materials the participants need to see, and refreshments. Record participants’ responses.
8. Summarize the notes from the focus group and write a report for management.

Question 17

What is a Focus Group?

Question 18

What is Ethnography?

Question 19

What are Projective techniques?

Answer 19

Techniques used to reveal information research respondent might not reveal by being asked directly.

Ex. Word Associations to a product or service

Question 20

What are the Different Types of Research Designs?

Answer 20

1. Exploratory Research
2. Descriptive Research
3. Casual Research

Question 21

What is Back Translation?

Answer 21

The process of translating a survey into a foreign language and interpreting if their are gaps in meanings or if anything is lost in translation

Question 22

What is Data Cleaning?

Answer 22

The process of removing dtat that have accidental duplicates or mistakes.

Question 23

What are the different elements to a Research Report?

Answer 23

Title Page
Table of Contents
Executive Summary
Methodology/Limitations
Findings
Recommendations

Question 24

What are some problems that occur during market researching?

Question 25

What is a Mystery Shopper?

Answer 25

Someone who is paid to shop at a firm’s establishment or one of it’s competitors to observe the level of service, cleanliness, etc.

Question 26

How would you make a market research study valid? How would it be Reliable?

Question 27

What are some general metrics on a internal report?

Answer 27

1. sales and Accounting Data
2. Inventory Levels Data
3. Back orders
4. Customer Returns
5. Customer complaints

Question 28

What are some examples of Exploratory research?

Answer 28

Depth interviews
Focus groups
Case studies, Ethnography
Projective techniques

Question 29

When would you use Exploratory Research methods?

Answer 29

When you don’t have a precisely defined goal or if you spot a new marketing opportunity

Question 30

What is Causal Research used for?

Answer 30

Examining the cause-and-effect relationships of a product or service.