Chapter10: Gathering and using Information: Marketing Research and Market Intelligence Flashcards
What is a Marketing Information System(MIS)?
technology that manages a vast amount of information
Usually has 4 components:
- A system that records internal reports and data from the company
- A System that collects market intelligence
- Marketing analytics software to help managers make decisions
- A system recording research information
What is Clickstream Data?
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.
What is Data Mining?
A process of gathering information from different databases using computer programs
What is Data Warehousing?
A process of combining data into one location
What is Analytics Software?
Software that allow managers who are not tech-savvy to gather different information from a company’s database.
Name 5 activities that involve gathering intelligence
- Scanning Newspapers/Trade Magazines, and Economic Data.
- Subscribing to Mystery Shopping Services
- Examining Competitor Websites (As well as your own)
- Reading up on new business trends
- Attending Trad Shows and Associations
- Speaking to Competitor’s Salespeople
- Contacting Suppliers/Industry Experts
- Speaking with customers
Define Sentiment Analysis
method of examing contents in blogs, tweets, and other social media sites to determine what people are thinking at any given time.
Define Industrial Espionage
The process of gathering information that is illegal or unethical
(ex. dumpster diving)
What the Disadvantages to Market Research?
Market Research cna be expensive and time consuming
The information can be inaccurate.
Why do companies gather market intelligence and conduct marketing research?
How does the time frame for conducting marketing intelligence differ from the time frame in which marketing research data is gathered?
What are the steps to the Market Research Process?
- Define the Problem
- Design the Research
- Design the Data Collection Forms
- Specify the Sample
- Collect the Data
- Analyze the Data
7.Write the Research Report and Present the findings
What is Syndicated Research?
Primary data that marketing research firms collect on a regular basis and sell to other companies
What is a Marketing Research Aggregator?
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.
What Questions would you ask to determine the credibility to Secondary Data?
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?
What are The Basic Steps of Conducting a Focus Group?
- Establish the objectives of the focus group. What is its purpose?
- 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?
- Obtain contact information for the participants and send out invitations (usually e-mails are most efficient).
- Develop a list of questions.
- Choose a facilitator.
- Choose a location in which to hold the focus group and the method by which it will be recorded.
- 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.
- Summarize the notes from the focus group and write a report for management.
What is a Focus Group?
What is Ethnography?
What are Projective techniques?
Techniques used to reveal information research respondent might not reveal by being asked directly.
Ex. Word Associations to a product or service
What are the Different Types of Research Designs?
- Exploratory Research
- Descriptive Research
- Casual Research
What is Back Translation?
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
What is Data Cleaning?
The process of removing dtat that have accidental duplicates or mistakes.
What are the different elements to a Research Report?
Title Page
Table of Contents
Executive Summary
Methodology/Limitations
Findings
Recommendations
What are some problems that occur during market researching?
What is a Mystery Shopper?
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.
How would you make a market research study valid? How would it be Reliable?
What are some general metrics on a internal report?
- sales and Accounting Data
- Inventory Levels Data
- Back orders
- Customer Returns
- Customer complaints
What are some examples of Exploratory research?
Depth interviews
Focus groups
Case studies, Ethnography
Projective techniques
When would you use Exploratory Research methods?
When you don’t have a precisely defined goal or if you spot a new marketing opportunity
What is Causal Research used for?
Examining the cause-and-effect relationships of a product or service.
