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Marketing > Market research > Flashcards

Market research Flashcards

1
Q

Importance of customer insights

A

knowledge of customer needs and buying behaviours for competitive advantage to be able to efficiently satisfy their needs

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2
Q

Big data

A

huge and complex data generated by sophisticated technologies creating an information explosion

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3
Q

Marketing analytics

A

tools and technologies used in making marketing decisions that lead to marketing ROI

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4
Q

Data mining

A

AI tech that think and learn like humans but have a larger capacity

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5
Q

MKIS

A

marketing information system.
market research, intelligence and internal data bases hold info from marketing environment which are assessed by market managers and info users

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6
Q

Developing marketing info

A

internal data
competitive marketing intelligence
marketing research

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7
Q

Internal data

A

electronic collections of consumer and market info obtained within company

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8
Q

Competitive marketing intelligence

A

publicly available info about consumers and competitors

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9
Q

Marketing research

A

acquirement of info of competitors, consumers and market for specific marketing situations

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10
Q

Marketing research process

A

Define problem and research objectives
Develop plan for collecting
Implement plan
Interpret and report findings

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11
Q

Define problem and research objectives

A

Exploratory, descriptive, causal.

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12
Q

Exploratory research

A

gathering preliminary info to define problem and suggest hypothesis. Qualitative research

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13
Q

Descriptive research

A

describes marketing problems or situations. Quantitative research

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14
Q

Causal research

A

tests hypotheses about cause-and-effect relationships. Quantitative

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15
Q

Reliability and validity

A

identical results from repeated trials
research measures what it’s supposed to

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16
Q

Developing research plan

A

Objectives translated to plan
Sources of existing data
Specific research approaches
Contact methods
Sampling plans
Instruments

17
Q

Primary data

A

acquired directly from respondents for specific problems. observing or surveying people of interest. Observational, survey or experimental

18
Q

Observational research

A

gathering primary data by observing people.
Ethnographic, netnographic. Mail/email, sample uni, in person

19
Q

Survey research

A

gathering descriptive info. Telephone/online, sample size, questionnaires

20
Q

Experimental research

A

gathers causal info. Personal, sample procedure, mechanical

21
Q

Secondary data

A

pre existing data acquired internally and externally from the company

22
Q

Evaluation of secondary data

A

relevancy, accuracy, currency, impartiality

23
Q

Sampling

A

process of selecting a number of units chosen to represent a population.

24
Q

Probability sampling

A

each unit has equal known chance of being selected. True representation of population.
Random, stratified (common groups), cluster (natural groups)

25
Q

Non-probability sampling

A

no way to calculate chance of selection, cannot represent population.
Quota, judgment, convenience

26
Q

Sampling plan

A

Unit (who)
Size (more=accurate)
Procedure (which type)

27
Q

Contact methods

A

mail questionnaires
telephone interview
personal interview
online marketing research
individual/group/focus group

28
Q

Implementing the plan

A

Actual data collection, processing and analysing using research instruments

29
Q

Research instruments

A

Questionnaires - closed/open and specific wording of q’s
Mechanical - machines track human behaviour, used in addition

30
Q

Interpreting and reporting findings

A

analysing with researchers and marketers to see if results make sense. Summaries and recommendations

31
Q

Analysing and using info

A

CRM to manage detailed info and customer touch points. Integrate and centralise info with deep insights

32
Q

CRM

A

customer relationship management integrates everything to do with customers. develop data warehouse for accessible data

33
Q

RFM

A

Scoring method of customers
Recency, frequency, monetary

34
Q

Research in small business/no-for-profit

A

marketing insights can be obtained from secondary data, organisations can help with this. Also observation and survey

35
Q

International marketing research

A

extra considerations: diverse markets, cultural differences, difficulty in finding data

36
Q

Public policy and ethics

A

consumer privacy concerns. Only info required should be obtained and used. Company’s responsibility

Marketing (6 decks)

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