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MARKETING REVIEWER: TOPIC 1, 2,3 > Topic 5 > Flashcards

Topic 5 Flashcards

1
Q

Fresh and deep insights into customer’s needs and wants

A

Customer Insights

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2
Q

Why does customer Insights are difficult to obtain?

A
  • Not obvious
  • Customers are unsure of their behavior
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3
Q

In today’s hyper competitive world, the race for competitive advantage is really…

A

A race for customer and marketing insights.

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4
Q

How to know your customers?

A

By, Managing information
Gaining what they need and want
How will we satisfy them?

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5
Q

Use insights to create __________ for their customers.

A

More value

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6
Q

MACROENVIRONMENT

A

DENTPC

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7
Q

Consist of people and procedures

A

Marketing Information System (MIS)

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8
Q

Marketing Information System:

A
  • Assessing informational needs
  • Developing the needed informations
  • Helping decisions make use of informations to generate customer Insights.
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9
Q

Marketing Environment (TMCPM)

A

Target Markets
Marketing Channels
Competitors
Publics
Macroenvironmental forces

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10
Q

Provides information to the company’s marketing and other managers and external partners.

A

Marketing Information System

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11
Q

External Partners: 3

A
  • Suppliers
  • Resellers
  • Marketing services agencies
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12
Q

Characteristics of Good MIS: Balancing

A

Balancing what the information users would like to have against what they need and what is feasible to offer. ( tinitignan din kasi kung kaya ba I provide because of scarcity etc. )

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13
Q

Are electronic collections of consumer and market information obtained from data sources within the company network.

A

Internal Databases

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14
Q

Is the systematic collections and analysis of publicly available information about consumers, competitors, and development in the marketplace.

A

Marketing Intelligence

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15
Q

Is the systematic design, collection, analysis, and reporting data relevant to a specific marketing situation facing an organization.

A

Marketing Research

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16
Q

The steps in Marketing Research process: 4

A
  • Defining the problem and research objectives
  • Developing the research plan for collecting information
  • Implementing the research plan
  • Interpreting and reporting the findings
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17
Q

Marketing Research to gather preliminary information that will help define the problems and suggest hypothesis

A

Exploratory Research

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18
Q

To better describe marketing problems, situations, or Markets such us the market potential for a product or the demographics and attitudes

A

Descriptive Research

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19
Q

To test hypothesis about cause and effect relationship

A

Causal Research

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20
Q

Developing the research plan: 2

A
  • Outline sources of existing data
  • Spells out the specific research approaches, contact methods, sampling plans, and instruments to gather data.
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21
Q

Written Research Plan: 5

A
  • Management Problem
  • Research Objectives
  • Information Need
  • How the results will help management decisions
  • Budget
22
Q

Consist of Information that already exist somewhere, having been collected for another purposes.

A

Secondary Data

23
Q

Planning Primary Data collection: 4

A
  • Research Approaches
  • Contact methods
  • Sampling Plan
  • Research Instruments
24
Q

Involves gathering primary data by observing relevant people actions, and situations.

A

Observational research

25
Q

Sending trained observers to watch and interact with consumers in their natural environment

A

Ethnographic research

26
Q

Most widely used method and is best for descriptive informations

A

Survey Research

27
Q

Best for gathering causal information

A

Experimental Research

28
Q

Contact Methods: 4

A
  • Mails
  • Telephone
  • Personal
  • Online
29
Q

Composed of set of people that belongs in the same target market who are place together in a closed controlled environment to discuss a product or issue with a trained moderators.

A

Focus Groups

30
Q

Focus group should only have _____ people with a _____ who are skilled in analysing the entire process.

A

6-10
A trained moderator

31
Q

What are the challenges of focus groups?

A
  • Expensive
  • Difficult to generalize from small group
  • Consumer not always open and honest
32
Q

Advantages of Online Research: For millennials

A
  • Low cost
  • Speed
  • Higher response rate
  • Good for hard to reach groups
33
Q

Disadvantages of Online Research:

A
  • Restricted internet access
  • Not sure who is answering
34
Q

Is a segment of the population selected for marketing research to represent the population as a whole.

A

Sample

35
Q

Sample: 3 questions

A

Who is to be surveyed?
How many people should be surveyed?
How should the people be chosen?

36
Q

Sampling plan: 2

A

Probability and Non-Probability

37
Q

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

A

Simple Random Sample

38
Q

Population divided into mutually exclusive groups and random samples are drawn.

A

Stratified Random Sample

39
Q

The researchers DRAW a sample

A

Cluster (Area) Sample

40
Q

Select easiest population members

A

Convenience sample

41
Q

Uses his/her judgement to select population members

A

Judgement Sample

42
Q

Finds and interviews a prescribe number of people in each several categories.

A

Quota sample

43
Q

Include all possible answers, and subjects make choices among them

A

Close-ended questions

44
Q

Allow respondents to answer in their own words
- Useful in

A

Open-ended questions
Exploratory Research

45
Q

Mechanical Devices

A

People meters
Checkout scanners
Neuro- Marketing

46
Q

Implementing research plan: 6

A

Collecting the information
Processing the information
Analyzing the information
Interpret findings
Draw conclusions
Report to management

47
Q

Consist of sophisticated structure and analytical tools that Integrate customer information from all sources, analyzes it in debt, and apply the results to build STRONGER customer relationship

A

CRM

48
Q

CRM touchpoints: 7

A

Customer Purchases
Sales force contacts
Service and support calls
Website Visits
Satisfaction Surveys
Credit and payment interactions
Research Studies

49
Q

Involves entering information into databases and making it available in a time usuble manner.

A

Information Distribution

50
Q

Provides information to employees and other stakeholders. (Within the firm)

A

Intranet

51
Q

Provides information to key customers and suppliers

A

Extranet

52
Q

Other information considerations:

A
  • Marketing research in small business and non profit organization
  • International Market research
  • Public policy ethics

MARKETING REVIEWER: TOPIC 1, 2,3 (5 decks)

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