session 3: choosing when to start a business Flashcards
what are customer insights used for?
Understanding of customers and the marketplace
creating customer value and relationships
Develop competitive advantage
what are customer insight teams replacing?
traditional market research departments
what is the marketing information system?
dedicated to assessing information needs
developing the needed information
helping decision makers use the information to generate and validate actionable customer and market insights
what does the marketing information system balance?
the information users would like to have against what they really need and what is feasible to offer
can too much info be as har maul as too little?
yeeee
what must you consider with MIS?
return on investment
what are the three main aspects necessary to develop marketing information?
internal databases
marketing intelligence
marketing research
what are internal databases?
Information from sources within the company (customer database)
what is a pro of internal databases?
Accessed more quickly and cheaply
what is a con of internal databases?
May be incomplete
what is marketing intelligence?
Environmental analysis of publicly available information of consumers, competitors and the market
annual reports, brand discussions on blogs
true or false?
all techniques of marketing intelligence are considered ethical
false boooy
what is marketing research?
The systematic design, collection, analysis, and reporting of data
must be relevant to a specific marketing situation facing an organization
name the steps of the marketing research process
- defining the problem and research objectives
- developing the research plan for collecting info
- implementing the research plan and collecting and analyzing data
- interpreting and reporting the findings
what are the three types of objectives in the first step of the marketing research process
exploratory
descriptive
causal
exploratory objective
gathers preliminary information to help define the problem
e.g. how can we improve customer relationships
descriptive objective
describes marketing problems or situations
market potential or the demographics and attitudes of consumers
e.g. what are the characteristics of our largest customer base?
causal objective
test hypotheses of cause-and-effect relationships
e.g.: would a 10% tuition decrease be offset by the increase in the amount of student enrollment?
what does the research plan outline?
Sources of existing data
Specific research approaches
Contact methods and sampling plans
Instruments for data collection
Research objectives must be translated into specific information needs, which might include?
Detailed customer characteristics
Usage patterns
Sales forecasts
what is primary data
Information collected for a specific problem
Data that you gather with your own research such as surveys and shiiid <3
what is secondary data?
Existing already on the internet
what are the advantages of secondary data?
Available more quickly and cheaply than primary
what are the disadvantages of secondary data?
May not be relevant, current, accurate or impartial
Rarely provides all necessary information
what are the types of research approaches for primary data
observation
survey
experiment
what are is the contact method, sampling plan and research instruments for the observation approach
sampling unit
questionnaire
what are is the contact method, sampling plan and research instruments for the survey approach
telephone
sample size
mechanical instruments
what are is the contact method, sampling plan and research instruments for the experiment approach
personal or online
sampling procedure
tkttt
what is the observational approach
Gathers data by observing relevant people, actions, situations
Suited for gathering exploratory information
what is impossible to observe using the observational approach?
feelings
attitudes
motives
long-term or infrequent behaviour
what is ethnographic research
Form of observational research
trained observers watch and interact with consumers in their “natural habitat”
yields richer understanding of consumers
what is a survey
Gathers data by asking people questions about their knowledge, attitudes, preferences, and buying behaviour
Most used method for primary data
Suited for gathering descriptive information
what is the experimental approach?
Match groups of people, give them different treatments and then look for differences in responses
Best suited for explaining cause-and-effect relationships
what are mail questionnaires
and what are they used for?
used to collect large amounts of information at a low cost per respondent
what are cons of mail questionnaires?
not very flexible; all respondents answer the same questions in a fixed order.
Take longer to complete and the response rate is very low
name the pros of telephone interviewingcompared to mail questionnaires
Gathers information quickly
provides greater flexibility than mail questionnaires
what are the two types of personal interviewing
individual interviewing
Focus group interviewing
individual interviewing
talking with people in their homes or offices, on the street, or in shopping malls
Excellent flexibility
Focus group interviewing
6 to 10 people meet with a trained moderator to talk about a product, service, or organization
They are normally paid a small sum for attending
what is Online Marketing Research
collecting primary data through:
Internet surveys
online focus groups
web based experiments
tracking consumers’ online behavior
Online behavioural targeting
Using online consumer tracking data to target advertisements and marketing offers to specific consumers
e.g. placing a mobile phone in your Amazon shopping cart, not buying it but seeing an ad for that same phone the next time you visit your favourite sports website
Online social targeting
Mines an individual’s social connections and conversations from social networking sites
places ads of brands that their friends buy
what are the requirements of the sampling plan
Who to survey: sampling unit
How many to survey: sample size
what is a pro and con of a larger sample size?
large is more reliable but more expensive
what are the two main types of samples?
Probability Sample
Nonprobability Sample
what is a brief description of a probability sample
random
can measure sampling error
more expensive
what are the types of probability samples
simple random sample
stratified random sample
cluster (Area) sample
simple random sample
Every member of the population has a known and equal chance of selection
stratified random sample
The population is divided into mutually exclusive groups (such as age groups)
random samples are drawn from each group
cluster (Area) sample
The population is divided into mutually exclusive groups (such as blocks)
researcher draws a sample of the groups to interview
what is a Nonprobability Sample
nonrandom
cannot measure sampling error
what are the three types of nonpronabiltity sample
convenience sample
judgment sample
quota sample
convenience sample
researcher selects the easiest population members from whom to obtain information
judgment sample
researcher uses his or her judgment to select population members who are good prospects for accurate information
quota sample
researcher finds and interviews a prescribed number of people in each of several categories
what are the two types of questions in a questionnaire
open ended questions
close ended questions
open ended questions
allow respondents to answer in their own words
close ended questions
multiple choice, rating scale etc
what do mechanical instruments do?
Monitor consumer behaviour
what do mechanical instruments include
biometric measures (heart rate)
checkout scanners
eye tracking devices
neuro marketing (measuring brain activity to learn how consumers feel and respond).
what are the three phases of data analyzing
- collecting the data
- processing the data
- analyzing the data
what data analysis phase is the most expensive and subject to error?
collecting the data
what must you do when processing data?
Check for accuracy
Code for analysis
what must you do when analyzing the data?
Tabulate results
Compute statistical measures
describe the last step of the marketing research process
Interpret the findings
Draw conclusions
Report to management
