Quiz #2 Flashcards
Describe the components of a marketing information system(MIS), and list its three (3) main functions.
People and procedures dedicated to assessing information needs, developing the needed information and helping decision makers to use the information to generate and validate actionable customer and market insights. 3 main functions: -Internal databases -marketing intelligence -marketing research
Marketers can obtain needed information from internal data, marketing intelligence and marketing research. Describe some common sources of each of these.
Internal data: Collections of consumer and market information obtained from data sources within the company network.
Marketing intelligence: -Send out trained observers to talk personally with customers as they use and talk about the products
-they set up sophisticated digital command centers that routinely monitor brand-related online consumer and marketplace activity.
Marketing Research: They frequently hire outside research specialists to consult with management on specific marketing problems and to conduct marketing research studies
Explain the steps involved in the marketing research process.
1) Defining the problem and research objectives
2) developing the research plan for collecting information
3) implementing the research plan-collecting and analyzing the data
4) Interpreting and reporting the findings
Differentiate between the three (3) types of marketing research objectives: exploratory research, descriptive research and casual research.
Exploratory Research: marketing research to gather preliminary information that will help define problems and suggest hypotheses.
Descriptive Research: marketing research to better describe marketing problems, situations or markets, such as the market potential for a product or the demographics and attitudes of consumers.
Casual Research: marketing research to test hypotheses about cause and effect relationships
Marketing research can be collected by mail, telephones, personal interview or online. Discuss the advantages and disadvantages of each contact method.
Mail: advantages: -excellent control of interviewer effects -good cost -good quantity of data that can be collected disadvantages: -poor flexibility -poor response rate -poor speed of data collection Telephone: advantages: -good flexibility -excellent control of sample -excellent speed of data collection disadvantages: -poor response rate -fair cost -fair control of interviewer effects Personal Interview: advantages: -good control of sample -good response rate -good speed of data collection disadvantages: -poor control of interviewer effects -poor cost Online: advantages: -good flexibility -excellent control of sample -excellent speed of data collection -good response rate disadvantages: -fair control of interviewer effects
What is neuromarketing? How is it used by marketers?
Neuromarketing: Measuring brain activity to learn how consumers feel and respond
How is it used? Marketing scientists using MRI scans and EFG devices have learned that tracking brain electrical activity and blood flow can provide companies with insights into what turns consumers on and off regarding their brands and marketing.
What is customer relationship management (CRM)? What are the functions of CRM? How do firms benefit from CRM systems?
CRM: Managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty.
Benefits- Integrate customer and market place information from all sources, analyze it, and apply the results to build stronger customer relationships.
Functions- Touch points include customer purchases, sales force, contacts, service and support calls, web & social media site visits.
What is marketing analytics? Why has it become so central to gathering data about customers and performance?
Marketing analytics: the analysis tools, technologies and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance
Central to gathering data…..? analytics help gain insights that are used to fuel recommendations to subscribers, decide what programming to offer and even develop its own exclusive content in the quest to serve customers better.
Explain the cultural factors that influence consumer behavior.
Culture, subculture and social class Culture: the set of basic values, perceptions wants and behaviors learned by a member of society from family and other important instituions. Subcultures: include nationalities, religions, racial groups and geographic regions
Explain the concepts of word-of-mouth, opinion leaders, and buzz marketing
Word-of-mouth: the impact of personal words and recommendations of trusted friends, family, associates and other consumers on buying behavior.
Opinion Leaders: A person within a reference group who, because of special skills knowledge, personality or other characteristics, exerts social influence on others.
Buzz marketing: involves enlisting or even creating opinion leaders to serve as “brand ambassadors” who spread the word about a company’s products
Describe the steps of the buyer decision process.
1) Need Recognition
2) Information Research
3) Evaluation of Alternatives
4) Purchase Decision
5) Post Purchase Behavior
1) the buyer recognizes the problem
2) consumer searches for information
3) how consumers process information to choose among alternative brands
4) the consumer ranks brands and forms purchase intentions
5) the consumer will either be satisfied or dissatisfied after the purchase
