week 3 - Market information and consumer insights Flashcards
define consumer insights
are a fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships.
define marketing information system (MIS)
People and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers use the information to generate and validate actionable customer and market insights
define internal data
Electronic collections of consumer and market information obtained from data sources within the company network
Define competitive marketing intelligence
Systematic collection and analysis of publicly available information about consumer, competitors and developments in the marketing environment
e.g. ibis world
market research can either be
qualitative
or
quantitative
define market research
systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organisation
define qualitative research
studies involve small number of individuals primary toll is the focus group includes ideas, picture not numbers based
Define quantitative research
studies with a lot of people using statistical average techniques such as mean ratings and tools to analyse the data
samples of 100 or more are usually considered quantitative
Explain the market research process
define the problem and research objectives
develop the research plan for collecting information
implement the research plan collecting and analysing the data
interpret and report on findings (draw conclusions)
define exploratory research
market research used to gather preliminary information that will help to define problems and suggest hypotheses
define descriptive research
marketing research used to better describe marketing problems, situations or markets
- therefore identities the market potential for a product
Define casual research
marketing research used to test hypotheses about cause and effect relationships
e.g.10% increase in school fees would offset demand?
explain secondary data
Information that already exists somewhere, having been collected for another purpose
explain primary data
Information collected for the specific purpose at hand
list type of research approaches
observational research ethnographic research ethnographic research survey research experimental research
define observational approach
gathering primary data by observing relevant people actions and situations
e.g. kids trialling new toys
define ethnographic research
From of observational research that involves sending trained observes to watch and interact with consumer in their ‘natural habitat’
define nethnographic research
like ethnographic but involves monitoring online communities of interest to gain consumer insights from posts of online forums, blogs and social media
define survey research
gathering primary data by asking people questions about their knowledge, attitudes, preferences, buying behaviour etc
define experimental research
gathering primary data by selecting matched groups of subjects giving them different treatments controllig related factors and checking for differences in group responses
personal interviewing takes two forms
individual interviewing
group interviewing
define focus group interviewing
personal interviewing that involves inviting 6-10 people to gather for a few hours with a trained interviewer to talk about a product, service or organisation
define sampling plan
a segment of the population selected for marketing research to represent the population as a whole
Define customer relationship management
Managing detailed information about individual customers and carefully managing customer touch points in order to maximise customer loyalty
-e.g. enhanced by data mining technique
greater crm understanding can lead to grater customer satisfaction and service and deeper customer relationship as companies can delivered tailored services
