Managing Marketing Information for Customer Insights

Question 1

VALUE

Answer 1

value is in the customer insights gained from the information and how the marketers use these insights to make better decisions

Question 2

How do you create value?

Answer 2

Gain fresh deep insights into customer needs and wants. Comes from good marketing information. It is a competitive advantage.

Question 3

Are insights easy to obtain?

Answer 3

No. Often needs and motives are not obvious. You have to manage information from multiple sources to gain insights.

Question 4

Where is Data collected from?

Answer 4

The company marketing research, internal customer transaction data, social media monitoring, connected devices and digital websites.

Question 5

How do customers themselves generate marketing information?

Answer 5

Via smartphones, Tablets, online browsing, social media, texting, geolocation data

Question 6

What is BIG DATA?

Answer 6

huge, complex data sets generated by todays information generation, collection, storage, and analysis technologies

Question 7

Example of BIG DATA

Answer 7

Coca-cola monitors online discussions about its brand. The hard part is sifting through information efficiently.

Question 8

Marketing Information Systems

Answer 8

Serve the company marketing groups and managers but also provides information to external partners (suppliers, resellers, and agencies)

Question 9

Marketers can obtain information from:

Answer 9

Internal data, competitive marketing intelligence, marketing research

Question 10

What is internal data?

Answer 10

Collections of consumer and market information obtained form data sources within the company’s network

Quickly received and less expensive but can quickly be outdated

Question 11

Examples of Internal Data

Answer 11

Marketing department, accounting, customer service, operations, sales force, marketing channel partners

Question 12

What are some marketing intelligence techniques?

Answer 12

Observing customers first hand, benchmarking competitors products, conducting online research, monitoring social and mobile media in real time

Question 13

What does marketing intelligence accomplish?

Answer 13

Helps marketers gain insight into how to talk to customers and engage with their brands. Actively monitor competitors

Question 14

Example of Marketing Intelligence involving competition

Answer 14

Samsung routinely monitors real time social media activity surrounding the introduction of apples latest iPhones, iPads, and other devices to quickly share marketing responses for its own smartphone and tablets.

Question 15

What is marketing research?

Answer 15

Involves more focused studies to gain customer insights related to specific marketing decisions. Sometimes hold more formal studies for insights on specific marketing situations and decisions.

Question 16

Newer, more agile, more immediate and more cost effective digital data methods:

Answer 16

Real time social media, websites, online feedback monitoring, mobile device tracking

Question 17

What is the market research process

Answer 17

Defining the problem and research objectives, developing the research plan for collecting information, implementing the research plan collecting and analyzing data, interpreting and reporting the findings

Question 18

Manager vs Market researcher

Answer 18

Work together closely to define the problem and agree on research objectives

Question 19

What is the most difficult step in the marketing research process?

Answer 19

Defining the problem and research objectives (the 1st step)

Question 20

What are the 3 types of research objectives?

Answer 20

Exploratory research, descriptive research, causal research

Question 21

What is exploratory research?

Answer 21

Gathers preliminary information that will help define the problem and suggest hypotheses

Question 22

What is Descriptive Research?

Answer 22

Describe things, such as market potential for a product or the demographics and attitudes of consumers who buy the product

Question 23

What is causal research?

Answer 23

testing a hypothesis about cause-effect relationships

Question 24

What is to be determined after the objectives are defined?

Answer 24

The exact information needed, a plan for gathering info efficiently, presenting the plan to management

Question 25

What should be included in a proposal?

Answer 25

The management problems to address, the research objectives, the information obtained, how the results will be used to make a decision, the estimated cost.

Question 26

Primary vs Secondary Data

Answer 26

Primary = information collected a specific purpose at hand
Secondary = information that already exists somewhere, having been collected for another purpose

Question 27

Sources of primary research contact methods

Answer 27

Mail, telephone, personal, online

Question 28

Sampling Plan

Answer 28

sampling unit, sampling size, sampling procedure

Question 29

What are some research instruments?

Answer 29

Questionnaire, Mechanical Instruments

Question 30

How do companies distribute and use Marketing information?

Answer 30

Intranets or CRM systems help with the process. Allows access to internal data, intelligence, shared reports and documents.

Question 31

What are the best marketing research techniques for a small business?

Answer 31

Observation, secondary data, informal surveys, small samples

Question 32

What are the best marketing research techniques for a small business?

Answer 32

Observation, secondary data, informal surveys, small samples

Question 33

3 major public policies and ethic issues

Answer 33

Intrusions on consumer privacy, consumer data security and protection, misuse of research findings