LECTURE 4 - MARKET RESEARCH AND INTELLIGENCE

Question 1

Importance of market research

Answer 1

• provides critical insights to guide company decisions
• helps understand customer needs, competitive landscape, pricing and growth trends

Question 2

who needs market research?

Answer 2

• used by product and service producers, advertising agencies, research firms and nonprofits
• necessary for understanding customer needs, marketing environment, and competitor analysis
• emphasizes quality and actionable insights over sheer quantity of data

Question 3

what is the market research process?

Answer 3

1. define problem and objectives: what does the organization need to know?
2. develop research plan: decide on data sources and research methods
3. collect data: gather primary and secondary data
4. analyze data: convert data into insights
5. present findings: reporting findings in a clear and actionable way

Question 4

Types of research data

Answer 4

• primary data: newly collected data for specific research
• secondary data: existing data from internal or external sources

Question 5

big data in market research

Answer 5

• sources include databases, loT, web data, mobile data, social media, surveys, and synthetic data
• challenges: ensuring ethical use, addressing biases, and balancing detail versus trends

Question 6

role of marketing intelligence

Answer 6

• moving beyond traditional research to digital data analytics
• goals: use data to improve customer segmentation, personalization, sales forecasting and customer assistance

Question 7

AI in marketing

Answer 7

• enhances responsiveness and accuracy in gathering and analyzing data
• applications include:
  
  • customer segmentation: identifying distinct customer groups
  • personalization and A/B Testing: tailoring experiences and testing variations

Question 8

what is effective reporting?

Answer 8

• present findings in a way that’s clear and relevant to decision-makers who weren’t part of the research process
• use visual aids like dashboards, maps, diagrams, infographics and interactive elements
• the goal is to simplify complex data to enhance understanding and drive decision-making

Question 9

careers in marketing intelligence

Answer 9

• fast-growing field requiring in data creation, analysis and storytelling
• opportunities to combine marketing and business analytics for those interested in advanced business studies