BMGT350 - Chapter 4

behavioral targeting

using online consumer tracking data to target advertisements and marketing offers to specific consumers

Why do companies need meaningful customer insights?

To produce superior value to their customers

Customer Relationship Management (CRM)

a company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups Software and analytical techniques that integrate, analyze, and apply the mountains of individual customer data to gain a 360-degree view of customers enable companies to practice CRM

3 general sources from which marketers can obtain information

internal data marketing intelligence (competitive) marketing research

ethnographic research

sending trained observers to watch and interact with consumers in their natural environments

Marketing Research

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

Marketing Intelligence (competitive)

the systematic monitoring, collection, and analysis of publicly available information about consumers, competitors, and developments in the marketplace

Marketing Research Process

1) Defining the problem and research objectives 2) Developing the research plan for collecting information 3) Implementing the research plan - collecting and analyzing the data 4) Interpreting and reporting the findings

touch points

All the opportunities which businesses have to connect with customers and reinforce their brand value.

Today's marketers see information as a tool of what?

Better decision-making An important strategic asset and marketing tool

Real value of marketing information rests in what?

Customer insights in proivides

Primary types of objectives

Exploratory research Descriptive research Casual research

2 major public policy and ethical issues in marketing research are what?

Intrusions on consumer privacy misuse of research findings

Why is marketing information system (MIS) valuable?

It enables a company to use customer insights to improve relationships with customers

Casual Research

Marketing research to test hypotheses about cause-and-effect relationships

What is true about international marketing research

Obtaining primary data may be difficult Good secondary data is scare Cultural differences from country to country cause additional problems Translating questionnaires from one language into another is not an easy task

focus group interviewing

Personal interviewing that involves inviting 6 to 10 people to gather for a few hours with a trained interviewer to talk about a product, service, or organization. The interviewer "focuses" the group discussion on important issues.

Good advice for someone conducting marketing research in a foreign country

Reaching respondents in other parts of the world is more difficult than it is in the United States

What type of information must a researcher evaluate to make certain it is relevant, accurate, and impartial?

Secondary Information

Company extranet

This gives customers access to internal, nonpublic information on how to best use their products in creative ways

Why is it important for a company to collect both primary and secondary data when conducting marketing research?

To have a "full picture" of the subject of its study

Marketing information is of no value until it is used to do what?

To make better decisions

online marketing research

collecting primary data online through internet surveys, online focus groups, web-based experiments, or tracking consumers' online behavior

Internal Data

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

Marketing analytics

consists of the analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance

study research

gathering primary data by asking people questions about their knowledge attitudes preferences, and buying behavior

observational research

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

experimental research

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

descriptive research

marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers

Exploratory Research

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

social targeting

mines individual online social connections and conversations from social networking sites

Marketing Information System (MIS)

people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights