Marketing Intelligence Flashcards
A marketing effort is only as
good as its _______ research
supporting
CEOs see a lack of ___ ___ as their biggest deficit
customer insight
the most important decision-related task
gaining customer insight
most critical leadership trait
“customer obsession”
Identifying sources of problems and opportunities
Evaluation of marketing actions
How do we use market research?
Potential untapped markets, lagging sales
Changing business environment (trends, opportunities, threats for SWOT and identifying strategies)
Identifying sources of problems and opportunities
Advertising effectiveness (awareness, share of mind), sales forecasting and tracking
Experiment to improve (Example: advertisements, campaigns…)
Evaluation of marketing actions
Secondary research is typically conducted ___
First
- Most effective way to begin research
- Usually quite straightforward
- Builds a broad understanding
- Uses less time and $$ than primary research
- Narrows the scope of information you need to collect with primary research
Secondary research
- Customer interviews hard to set up, time consuming
- More to manage – many factors to consider
- Costly, e.g. focus groups pay the participants and need an experienced moderator (But online surveys/focus groups/experiments can save time)
Primary research
Secondary research includes information already ___to the firm
Internal
- accounting records
- sales-call information:
- satisfaction
- expressed needs/wants
- annual surveys: Customer knowledge, attitudes, perception towards own brand and
competitors
Secondary research information
Some are free and publicly available:
- academic papers
- free Harvard articles
- press releases
- companies’ 10K financial reports
- trade reports
- Census data
External Resources
- Nielsen, e.g.:
- market size, market share
- average pricing on retail shelves
- extent of distribution in stores…
- Industry Associations
paid-for research
Survey research:
– Directly asking people for their opinions/knowledge/preferences, etc.
– In person, telephone & (mostly) online – larger number of participants
– Online Panels: e.g. Amazon M-Turk (pennies per person)
– Hopefully representative of your population of interest
Primary research approach
arises because the participants selected to receive the survey are not chosen from the complete enumeration of the population.
Sampling error
occurs when responses from certain members of the sample are not obtained. This is a serious threat when the people who do not respond are different from those who do respond (responses are not representative of the population)
Non-response error
Using the content of a text passage, Sentiment Analysis determines if the speaker’s / reviewer’s content is positive, negative, or neutral.
Sentiment Analysis
Recent advances in ___ ___ ___ and machine learning allow us to analyze large amounts of text with a high degree of accuracy
Natural Language
Processing (NLP
Measuring whether what people are saying about your company – and your biggest competition – is very important to understand.
Marketing applications for sentiment analysis
Python uses “a set of predefined rules and heuristics to determine the sentiment of a piece of text”
Vader sentiment analysis
