L3: Customer insights Flashcards
What is big data?
The huge and complex data sets generated by today’s sophisticated information generation, collection, storage and analysis technonologies
What are customer insights?
Fresh marketing infotmation-based understandings of customers and the marketplace that become the basis for creating customer value, engagement and relationships
What are Marketing Information Systems (MIS)?
People and procedures dedicated to assess information, needs, developing the needed information and helping the decision makers to use the information to generate and validate actionable customer and market insights
What is marketing research?
The systemetic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organization
What is competitive marketing intelligence?
The systematic monitoring, collection and analysis of publicy available information about consumers, competitors and developments in the markeing environment
What are the steps of market research process?
- Define the problem and research objectives
- Develop research plan
- Collect information
- Analyze information
- Present findings
The process is iterative; . There is feedback (between presenting findings and define problem) , if it does not work, you start over again; you go back.
What types of feedback can be received in the market research process?
- Internal
- New data suggests new problem
- more data is needed - External
- Market changes
What are the different types of data sources?
- primary data - you are the first to view the information (original collector)
- Secondary data - already existing data
What are the different types of research?
- Quantitative - statistically analysed
- Inerviews
- Focus groups
- observations - Qualitative - Subjective and opinion based
- Surveys
- Expiriments
What are customer insights?
Understand what customers want/need.
How people buy; who, why, where, when
What value does the product/service add to their lives
What is Customer;s buying behaviour?
The study of how individuals or groups, buy, use and dispose their goods, services, ideas or experiences to satisfy their needs and wants.
Their needs and wants can be influenced by experiences
Where do we get customer insights?
Customer insights can be based on different data types;
- Customer complaints
- Customer Enquiries
- Market intelligence
- Market research
- Service staff feedback
- Competitive information
- Customer analytics
- Customer segmentation
- Customer loyalty anakysis
What are the 3 different research approaches?
- Exploratory research
Gather preliminary information that will help define problems/suggest hypotheses
(what do our customers most like about product X?) - Descriptive research
to describe marketing problems, situations or markets - such as the market potential for a product
(Why do our sales dip during holidays) - Causal research
To test hypotheses about cause and effect relationships
(Does an increase in price influence brand perception?)
What are different primary data collection methods (research methods)?
Observational research
- Observing relevant people, actions and situations
Ethnographic research
- a form of observational research that involves sending trained observers to watch and interact with consumers in their natural environment
Survey research
- gathering primary data by asking people questions about their knowledge, attitudes, preferences and buying behaviour
Experimental research
- gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors and checking for differences in group responses
o Control group (no treatment)
o Experiment group (treatment)
What is a sample?
A segment of the population selected for marketing research to represent the population as a whole
