Quiz April 15, 2024 Flashcards
Managing Marketing Information to
Gain Customer Insight
- “intersection between the interest of the consumer and features of the brand.”
Customer Insight
- “fresh and deep insights” into customers needs and wants.
Customer Insight
- “better information and more effective use of existing information.”
Customer Insight
- companies are “forming customer insights teams.”
Customer Insight
- “provides information
to the company’s marketing” and other “managers and
external partners such as suppliers, resellers, and marketing services agencies”.
Marketing Information System (MIS)
Marketing Information System (MIS) This consist of people and
procedures for:
• Assessing the information needs
• Developing needed information
• Helping decision makers use the information for
customer
How to develop a Marketing Information?
There are 3 areas where marketers obtain data:
- Internal Data
- Marketing Intelligence
- Marketing Research
– are “electronic collection of consumers and market
information obtained from data sources within the company network”.
Internal data can “provide strong competitive advantage from the key
information on customers” such as sales, websites visited, “demographics,
psychographics, service and satisfaction measures.”
- Internal Data
– is the “systematic collection and analysis of publicly available information” about consumers, competitors and
developments in the marketplace.
- Marketing Intelligence
– is the “systematic design, collection, and reporting
of data relevant to a specific marketing situation” facing an organization.
- Marketing Research
4 STEPS IN MARKETING RESEARCH PROCESS
Steps 1. Defining the Problem and the Research Objectives
Step 2. Developing the Research Plan
Step 3. Implementing the Research Plan
Step 4. Interpreting and Report the Findings
Steps 1. Defining the Problem and the Research Objectives
These can be explained in more depth:
- Exploratory Research
- Descriptive Research
- Causal Research
– objectives is to “gather preliminary
information that will help define the problem and suggest
hypotheses.”
• Exploratory Research
- “Used to investigate a problem which is not clearly defined.”
• Exploratory Research
- “describes things.”
- characterized by descriptions, your data gathered comes from observing po.
• Descriptive Research
– “tests hypothesis about cause and effect
relationships.”
• Causal Research
Step 2. Developing the Research Plan
We can collect data from:
- Primary Data
- Secondary Data
- consist of “information gathered for the special research
plan.”
Primary data
- collection sources includes “surveys, observation, experiments, questionnaire, personal, interview, etc.”
Primary data
- consists of “information that already exists somewhere”,
having “been collected for another purpose.”
Secondary data
- “secondhand information”, it is a “commentary made by the other researchers.”
Secondary data
4 Marketing Research Approaches
- Observational research
- Ethnographic research
- Survey research
- Experimental research
- involves “gathering primary data by observing relevant
people”, actions, and situations.
- Observational research
- involves sending “trained observers to watch and interact
with consumers in their natural environment.”
- Ethnographic research
- “study of people in their own environment through the use of methods such as participants” observation and face to face interviewing.
- Ethnographic research
- is the “most widely used method and is the best for descriptive
information knowledge”, attitudes, preferences and buying behavior.
•Flexible
• People can be unable or unwilling to answer
• Gives misleading or pleasing answer
•Privacy concerns
- Survey research
- is the “best for gathering causal information
cause-and-effect relationships.”
- Experimental research
2 Marketing Research Contact Methods
- Focus Group
- Web Based
- is “composed of 6 to 10 people” along with a trained
moderator. This is “quiet challenging because it is expensive,
difficult to generalize from small group and consumers are not
always open and honest.”
Focus Group
- “group interview where consist of 6 to 12 people who has a similar common interest or characteristics.”
Focus Group
- which “includes Online Marketing Research, Internet
surveys, Online panels, Click-streams data and Online focus
groups.”
Web Based
- they “use online web to collects or to gather data”.
Web Based
Marketing Research Sampling Plan
Sample
- this is an “act of choosing number of observation”.
Sample
- is a “segment of the population selected for marketing research to represent the population” as a
whole.
In identifying the sample, researchers should answer
the following:
• Who is to be studied?
• How many people be studied?
• How should the people be chosen?
Sample
2 types of Samples
- Probability Sample
- Non-Probability Sample
3 Probability Sample
• Simple Random Sample
• Stratified Random Sample
• Cluster (Area) Sample
– every member of the population has a known and “equal chance of selection.”
- random choosing
• Simple random sample
- the population is “divided into
mutually exclusive groups and the random samples are
drawn from each group.”
• Stratified random sample
- total population divided into homogeneous groups (strata) to complete the sampling process.
• Stratified random sample
- the population is “divided into
mutually exclusive groups and the researcher draws a
sample.”
• Cluster (area) sample
- the population divided into cluster like for example based on age, gender, and location.
• Cluster (area) sample
3 Non-Probability Sample
• Convenience Sample
• Judgement Sample
• Quota Sample
- The research “selects the
easiest population members.”
• Convenience sample
- The researcher “uses
judgement to select population members.”
• Judgement sample
- The researcher “finds and
interviews a prescribed number of people in
each several categories.”
• Quota sample
- you are going to divide the population equally then after that sa per group po ay pipili naman po kayo until you reach your qoiuta
• Quota sample
3 Marketing Research Instrument
- Questionnaires
- Close-end Questions
- Open-end Questions
- is the “most common marketing research instrument”. This as “administered in person, by phone, or
online and said to be flexible.” Researchers must be” careful
with wording and ordering of questions.”
Questionnaires
- easiest way and common instrument na ginagamit nila to gather data. It can be through calls, sending google forms like we use nowadays, however dapat Yung wordings po natin ay dapat clear tsaka po determined.
Questionnaires
- includes “all possible answers, and
subjects make choices among them”. Provide answers that
are “easier to interpret and tabulate”.
Closed-end questions
- allow “respondents to answer in their
own words.” “Useful in exploratory research.”
Open-end questions
- own perception naman po nila, kalimitan pong ginagamit to sa exploratory research.
Open-end questions
The last step for the marketing research includes the following:
• COLLECTING THE INFORMATION
• PROCESSING THE INFORMATION
• ANALYZING THE INFORMATION
• INTERPRET FINDINGS
• DRAW CONCLUSIONS
REPORT MANAGEMENT
- involves “entering information into
databases and making it available in a time-useable manner.”
Information Distribution
- provides “information to employees and other
stakeholders.” (Internal) - the information is only accesible to those people inside the company.
• Intranet
- provides “information to key customers and
suppliers.” (External) - outside such as yung customers and suppliers.
• Extranet
