week 3 - Market information and consumer insights

Question 1

define consumer insights

Answer 1

are a fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships.

Question 2

define marketing information system (MIS)

Answer 2

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

Question 3

define internal data

Answer 3

Electronic collections of consumer and market information obtained from data sources within the company network

Question 4

Define competitive marketing intelligence

Answer 4

Systematic collection and analysis of publicly available information about consumer, competitors and developments in the marketing environment
e.g. ibis world

Question 5

market research can either be

Answer 5

qualitative
or
quantitative

Question 6

define market research

Answer 6

systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organisation

Question 7

define qualitative research

Answer 7

studies involve small number of individuals primary toll is the focus group includes ideas, picture not numbers based

Question 8

Define quantitative research

Answer 8

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

Question 9

Explain the market research process

Answer 9

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)

Question 10

define exploratory research

Answer 10

market research used to gather preliminary information that will help to define problems and suggest hypotheses

Question 11

define descriptive research

Answer 11

marketing research used to better describe marketing problems, situations or markets

• therefore identities the market potential for a product

Question 12

Define casual research

Answer 12

marketing research used to test hypotheses about cause and effect relationships

e.g.10% increase in school fees would offset demand?

Question 13

explain secondary data

Answer 13

Information that already exists somewhere, having been collected for another purpose

Question 14

explain primary data

Answer 14

Information collected for the specific purpose at hand

Question 15

list type of research approaches

Answer 15

observational research
ethnographic research
ethnographic research 
survey research
experimental research

Question 16

define observational approach

Answer 16

gathering primary data by observing relevant people actions and situations
e.g. kids trialling new toys

Question 17

define ethnographic research

Answer 17

From of observational research that involves sending trained observes to watch and interact with consumer in their ‘natural habitat’

Question 18

define nethnographic research

Answer 18

like ethnographic but involves monitoring online communities of interest to gain consumer insights from posts of online forums, blogs and social media

Question 19

define survey research

Answer 19

gathering primary data by asking people questions about their knowledge, attitudes, preferences, buying behaviour etc

Question 20

define experimental research

Answer 20

gathering primary data by selecting matched groups of subjects giving them different treatments controllig related factors and checking for differences in group responses

Question 21

personal interviewing takes two forms

Answer 21

individual interviewing

group interviewing

Question 22

define focus group interviewing

Answer 22

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

Question 23

define sampling plan

Answer 23

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

Question 24

Define customer relationship management

Answer 24

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