Test 1 Flashcards
Evidence-based marketing
type of marketing where the company uses stats, research, and trends to make informed marketing decisions.
why to avoid EBM
-too much trust in one’s own experience
-hype of info
-capitalize one’s strength
what makes it hard to be evidence-based
-too much evidence
-the evidence does not apply
-misleading
5 c’s
care, clear, concise, credible, correct
Evidence has many shapes:
Descriptibe. diagnostic, predictive
descriptive
gathering & presenting statements of facts, sales trends, wants & needs.
diagnostic
what was the impact of the new promotion?
Scale of increasing risk of decisions
systemic reviews, experiments, mixed method studies, quant, qual, expert opinion.
qualitative, exploratory
-focus groups, interviews/customer visits, social listening
quantitative, confirmatory
-survey research, experimentation
Leading indicators
-where things could go
-harder to measure, easier to influence
lagging indicators
-what has already happened
-easier to measure, difficult to influence
types of secondary research-internal
numerical records, free form or text/numbers
types of secondary research-external
published data-trade press, commercial reports
advantages of secondary data
-less costly
-help clarify or refine the issue or problem
-can be the only available source of data
Disadvantages of secondary data
-might not be available
-quality varies and problems can be subtle
volume, variety, velocity
-amount of data
-type of data collected
-time data is collected
Big data strengths
its big, real, automatic
big data weaknesses
superficial, susceptibility to hype
a large amount of info that is too massive and complex for regular databases and tools to handle effectively
Big data
pros of big data
-uncover patterns and trends, can lead to better decision-making.
-quicker and more informed
cons of big data
-privacy concerns
-complex—> requires special sills and tools
how to get big data
-internal (company logs,text and numbers, external sources (social media, 3rd party).
