Module 3

Question 1

What are ways for marketers to get customer insights?

Answer 1

• Market Research
• Data Analysis
• Competitor Analysis

Question 2

What are the three most common market research methods?

Answer 2

• Surveys
• Focus Groups
• Interviews

Question 3

What do marketers use management information systems for?

Answer 3

They analyze, plan, implement and control marketing activities using MIS in their pursuit of making better decisons.

Question 4

Define MIS analysis for marketing managers:

Answer 4

Marketing managers gather and evaluate data to gain a deep understanding of the market and identify opportunities for growth.

They can identify customer needs, preferences, and emerging trends, which serve as the foundation for effective marketing strategies.

Question 5

Define MIS planning for marketing managers:

Answer 5

Marketing managers create comprehensive marketing plans. These plans outline the objectives, target markets, positioning strategies, and marketing tactics to be implemented.

Question 6

Define MIS analysis for implementation managers:

Answer 6

Marketing managers oversee the execution of marketing strategies and campaigns. This involves coordinating with different teams, such as advertising, sales, and product development, to ensure that the marketing plan is implemented effectively.

Question 7

Define MIS analysis for control managers:

Answer 7

Marketing managers continuously monitor and evaluate the performance of marketing activities. They track key performance indicators (KPIs) to assess the success of campaigns, measure the return on investment (ROI), and gauge customer response.

Question 8

What are exmaples of tools within MIS that help marketers develop information for better decision making.

Answer 8

• Internal Records
• Marketing Intelligence
• Marketing Research
• Marketing Decision Support Analysis

Question 9

What 3 things should marketers do to better understand the customer’s viewpoint?

Answer 9

• Think like a customer
• Ask a customer
• Observe a customer

Question 10

How can marketers think like a customer to enhance marketing strategy?

Answer 10

• Customer-Centricity: putting the customer at the center of all marketing efforts.
• Anticipating Customer Needs: anticipating customers’ needs even before ther arise.
• Effective Communication: effective communication for their customers.
• Building Trust and Loyalty: trust is essential to any successful customer relationship.
• Continuous Improvement: to keep improving using customer insights.

Question 11

How can marketers ask a customer to enhance marketing strategy?

Answer 11

• Uncover Hidden Insights: great questions have the power to unlock valuable insights that may not be readily apparent.
• Personalise Marketing Efforts: customers today expect personalised experiences.
• Validate Assumptions: sometimes marketers make assumptions about their customers preferences or behaviour.
• Measure Satisfaction and Loyalty: marketers need tools to measure customer satisfaction and loyalty.
• Stay ahead of the competition: staying ahead of the competition and trends is crucial.
• Enhance Customer Engagement: building strong relationships and fostering brand loyalty with customers.
• Drive Continuous Improvement: marketer should always strive for improvement.

Question 12

How can marketers observe a customer to enhance marketing strategy?

Answer 12

• Understand Customer Behaviour: witness how customers interact with products, services, and touchpoints.
• Identifying Pain Points: helps marketers to identify pain points or areas of frustration.
• Uncovering Unmet Needs: customers may have unmet needs that they haven’t expressed.
• Spotting Emerging Trends: identifying emerging trends or shifts in customer behaviour.
• Validating Market Research: a complimentary method to validate and enrich those findings.
• Enhancing Customer Personas: contributes to the development and refinement of customer personas.
• Data-Driven Decision Making: tangible data and evidence to inform marketers decision-making process.

Question 13

What is the importance of having a process for conducting marketing research?

Answer 13

Processes ensure that tasks are completed consistently , leading to consistent outcomes.

Question 15

Why is having a process for conducting marketing research crucial?

Answer 15

• Clear Direction
• Efficient Use of Resources
• Quality Control
• Repeatability and Consistency
• Objective Decision Making
• Effective Communication

Question 16

Qualitative Research:

Answer 16

• About the why & how
• The art of understanding customer experiences, emotions, and behaviours that drive decisions.

Question 17

Focus Groups:

Answer 17

A small, diverse group of customers having a facilitated open discussion about what they seek in a their experience with your brand.

Question 18

In-Depth Interviews:

Answer 18

Conduct one-on-one interviews to extract detailed insights.

Question 19

Ethnography:

Answer 19

Spend time observing customers. Notice how they interact with the space, the products and the people.

Question 20

Analyzing Data:

Answer 20

Identify themes and patterns in the narratives you’ve collected.

Question 21

Quantitative Research:

Answer 21

• About the what & how much
• Involves measurable, numerical data

Question 22

Surveys:

Answer 22

Surveys should be concise and targeted. Ask about visit frequency, preferences, and satisfaction levels.

Question 23

Smapling:

Answer 23

Ensure your sample is representative of your broader customer base. This might involve random sampling or stratified sampling to capture various customer segments.