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COMM 223 > session 3: choosing when to start a business > Flashcards

session 3: choosing when to start a business Flashcards

1
Q

what are customer insights used for?

A

Understanding of customers and the marketplace

creating customer value and relationships

Develop competitive advantage

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2
Q

what are customer insight teams replacing?

A

traditional market research departments

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3
Q

what is the marketing information system?

A

dedicated to assessing information needs

developing the needed information

helping decision makers use the information to generate and validate actionable customer and market insights

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4
Q

what does the marketing information system balance?

A

the information users would like to have against what they really need and what is feasible to offer

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5
Q

can too much info be as har maul as too little?

A

yeeee

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6
Q

what must you consider with MIS?

A

return on investment

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7
Q

what are the three main aspects necessary to develop marketing information?

A

internal databases

marketing intelligence

marketing research

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8
Q

what are internal databases?

A

Information from sources within the company (customer database)

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9
Q

what is a pro of internal databases?

A

Accessed more quickly and cheaply

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10
Q

what is a con of internal databases?

A

May be incomplete

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11
Q

what is marketing intelligence?

A

Environmental analysis of publicly available information of consumers, competitors and the market

annual reports, brand discussions on blogs

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12
Q

true or false?

all techniques of marketing intelligence are considered ethical

A

false boooy

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13
Q

what is marketing research?

A

The systematic design, collection, analysis, and reporting of data

must be relevant to a specific marketing situation facing an organization

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14
Q

name the steps of the marketing research process

A
  1. defining the problem and research objectives
  2. developing the research plan for collecting info
  3. implementing the research plan and collecting and analyzing data
  4. interpreting and reporting the findings
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15
Q

what are the three types of objectives in the first step of the marketing research process

A

exploratory

descriptive

causal

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16
Q

exploratory objective

A

gathers preliminary information to help define the problem

e.g. how can we improve customer relationships

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17
Q

descriptive objective

A

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?

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18
Q

causal objective

A

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?

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19
Q

what does the research plan outline?

A

Sources of existing data

Specific research approaches

Contact methods and sampling plans

Instruments for data collection

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20
Q

Research objectives must be translated into specific information needs, which might include?

A

Detailed customer characteristics

Usage patterns

Sales forecasts

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21
Q

what is primary data

A

Information collected for a specific problem

Data that you gather with your own research such as surveys and shiiid <3

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22
Q

what is secondary data?

A

Existing already on the internet

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23
Q

what are the advantages of secondary data?

A

Available more quickly and cheaply than primary

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24
Q

what are the disadvantages of secondary data?

A

May not be relevant, current, accurate or impartial

Rarely provides all necessary information

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25
Q

what are the types of research approaches for primary data

A

observation

survey

experiment

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26
Q

what are is the contact method, sampling plan and research instruments for the observation approach

A

mail

sampling unit

questionnaire

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27
Q

what are is the contact method, sampling plan and research instruments for the survey approach

A

telephone

sample size

mechanical instruments

28
Q

what are is the contact method, sampling plan and research instruments for the experiment approach

A

personal or online

sampling procedure

tkttt

29
Q

what is the observational approach

A

Gathers data by observing relevant people, actions, situations

Suited for gathering exploratory information

30
Q

what is impossible to observe using the observational approach?

A

feelings

attitudes

motives

long-term or infrequent behaviour

31
Q

what is ethnographic research

A

Form of observational research

trained observers watch and interact with consumers in their “natural habitat”

yields richer understanding of consumers

32
Q

what is a survey

A

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

33
Q

what is the experimental approach?

A

Match groups of people, give them different treatments and then look for differences in responses

Best suited for explaining cause-and-effect relationships

34
Q

what are mail questionnaires

and what are they used for?

A

used to collect large amounts of information at a low cost per respondent

35
Q

what are cons of mail questionnaires?

A

not very flexible; all respondents answer the same questions in a fixed order.

Take longer to complete and the response rate is very low

36
Q

name the pros of telephone interviewingcompared to mail questionnaires

A

Gathers information quickly

provides greater flexibility than mail questionnaires

37
Q

what are the two types of personal interviewing

A

individual interviewing

Focus group interviewing

38
Q

individual interviewing

A

talking with people in their homes or offices, on the street, or in shopping malls

Excellent flexibility

39
Q

Focus group interviewing

A

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

40
Q

what is Online Marketing Research

A

collecting primary data through:

Internet surveys

online focus groups

web based experiments

tracking consumers’ online behavior

41
Q

Online behavioural targeting

A

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

42
Q

Online social targeting

A

Mines an individual’s social connections and conversations from social networking sites

places ads of brands that their friends buy

43
Q

what are the requirements of the sampling plan

A

Who to survey: sampling unit

How many to survey: sample size

44
Q

what is a pro and con of a larger sample size?

A

large is more reliable but more expensive

45
Q

what are the two main types of samples?

A

Probability Sample

Nonprobability Sample

46
Q

what is a brief description of a probability sample

A

random

can measure sampling error

more expensive

47
Q

what are the types of probability samples

A

simple random sample

stratified random sample

cluster (Area) sample

48
Q

simple random sample

A

Every member of the population has a known and equal chance of selection

49
Q

stratified random sample

A

The population is divided into mutually exclusive groups (such as age groups)

random samples are drawn from each group

50
Q

cluster (Area) sample

A

The population is divided into mutually exclusive groups (such as blocks)

researcher draws a sample of the groups to interview

51
Q

what is a Nonprobability Sample

A

nonrandom

cannot measure sampling error

52
Q

what are the three types of nonpronabiltity sample

A

convenience sample

judgment sample

quota sample

53
Q

convenience sample

A

researcher selects the easiest population members from whom to obtain information

54
Q

judgment sample

A

researcher uses his or her judgment to select population members who are good prospects for accurate information

55
Q

quota sample

A

researcher finds and interviews a prescribed number of people in each of several categories

56
Q

what are the two types of questions in a questionnaire

A

open ended questions

close ended questions

57
Q

open ended questions

A

allow respondents to answer in their own words

58
Q

close ended questions

A

multiple choice, rating scale etc

59
Q

what do mechanical instruments do?

A

Monitor consumer behaviour

60
Q

what do mechanical instruments include

A

biometric measures (heart rate)

checkout scanners

eye tracking devices

neuro marketing (measuring brain activity to learn how consumers feel and respond).

61
Q

what are the three phases of data analyzing

A
  1. collecting the data
  2. processing the data
  3. analyzing the data
62
Q

what data analysis phase is the most expensive and subject to error?

A

collecting the data

63
Q

what must you do when processing data?

A

Check for accuracy

Code for analysis

64
Q

what must you do when analyzing the data?

A

Tabulate results

Compute statistical measures

65
Q

describe the last step of the marketing research process

A

Interpret the findings

Draw conclusions

Report to management

COMM 223 (13 decks)

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