Consumer Analysis Flashcards

1
Q

Market research

A

formal studies providing valuable insights for specific marketing strategies and decisions (larger companies will have their own research departments)

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2
Q

Market research process

A

defining the problem and research objectives -> developing research plan for collecting information -> implementing the research plan / collecting and analyzing data -> interpreting and reporting findings

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3
Q

Marketing manager (CMO and staff) vs. Researchers

A

manager best understands decision for which information is needed; researcher best understands how to obtain information (defining problem and research objectives is often hardest step in research process)

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4
Q

Exploratory objective

A

marketing research to gather preliminary information that will help define problems and suggest hypotheses (qualitative)

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5
Q

Descriptive objective

A

marketing research to better describe marketing problems, situations, or markets, such as market potential for product or the demographics and attitudes of consumers (quali-quantitative)

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6
Q

Causal objective

A

marketing research to test hypotheses about cause-and-effect relationships between variables (quantitative)

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7
Q

Content (research plan)

A

plan outlines sources of existing data and spells out specific research approaches, contact methods, sampling plants, and instruments that researchers will use to gather data

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8
Q

Form (research plan)

A

research plan should be presented in written proposal; especially important when research project is large and complex or when it is carried out by outside specialist; proposal should cover management problems addressed, the research objectives, the information to be obtained, and how results will help management’s decision making; should also include estimated research costs.

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9
Q

Secondary data

A

consist of information that already exists somewhere, having been collected for another purpose (ex. internal data, external sources (Internet search engines, commercial online databases))

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10
Q

Primary data

A

consist of new information collected for specific purpose at hand

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11
Q

CRM

A

customer relationship management

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12
Q

Butterflies (Customer Equity Matrix)

A

short-term loyalty/high profitability: unstable, low frequency interaction, significant investments over short period, difficult to engage them as loyal (aim: exploit them); ex. large private equity funds for a bank

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13
Q

Strangers (Customer Equity Matrix)

A

short-term loyalty/low profitability: occasional interactions, opportunistic shopping (‘cherry picking’), avoid significant investment (‘pruning twigs’)

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14
Q

Barnacles (Customer Equity Matrix)

A

long-term loyalty/low profitability: frequent interactions, high expectations, nit picking, increase profitability or leave; ex. low profile savers for banks

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15
Q

True Friends (Customer Equity Matrix)

A

long-term loyalty/high profitability: fitting demand needs with supply proposition, frequent and worthwhile interactions, aim: concert to “net score promoters”, main focus of company investments

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16
Q

Customer Equity Matrix

A

Profitability for company vs. Temporal horizon of loyalty; strangers, barnacles, butterflies, true friends

17
Q

Marketing Value Equation

A

penetration x frequency x expenditure = customers’ value

18
Q

MOME (Penetration)

A

moment of market entry

19
Q

Upselling (expenditure)

A

encourages customers to spend more than what they’re currently spending

20
Q

Cross-selling (expenditure)

A

invites customers to buy related or complementary items