Chapter 4: Managing Market Information

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

Online Focus Groups

gathering small groups of people online with a moderator to chat about a product, service, or organization

Primary Data

information collected for the specific purpose at hand

Secondary Data

information that already exists somewhere

Internal Databases

collections of consumer and market information obtained from data sources within a company's network

Casual Reseach

test hypotheses about cause and effect relationships

Focus Group Interviewing

personal interviewing that involves inviting small groups of people to gather for a few hours with a trained interviewer to talk about a product, service, or organization

Ethnographic Research

sending observers to watch and interact with consumers in their "natural environment"

Competitive Marketing Intelligence

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

Artificial Intelligence (AI)

technology by which machines think and learn in a way that looks and feels human but with a lot more analytical capacity

Big Data

the huge and complex data sets generated by today's sophisticated information generation, collection, storage, and analysis technologies

There are several types of objectives market researchers might use in a marketing research project. Which of the following are the primary types of objectives? a. demographic research, exploratory research, and attitudinal research b. exploratory research, descriptive research, and causal research c. descriptive research, survey research, and causal research d. exploratory research, secondary research, and primary research e. exploratory research, descriptive research, and survey research

b. exploratory research, descriptive research, and causal research

Types of Research Approaches

1. Observational 2. Ethnographic 3. Survey 4. Experimental 5. Focus Group Interviewing 6. Online Marketing 7. Online Focus Groups 8. Behavioral Targeting

Sample

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

What are the three general source from which marketers can obtain information? a. internal data, marketing intelligence, and marketing research b. internal data, big data, and global data c. competitors, the internet, and the media d. sales records, the internet, and internal databases e. marketing research, surveys, and scanners

a. internal data, marketing intelligence, and marketing research

Two major public policy and ethical issues in marketing research are ________ a. paying research respondents and intrusions on consumer privacy b. intrusions on consumer privacy and inaccurate data analytics c. intrusions on consumer privacy and misuse of research findings d. misuse of research findings and improper sampling procedures e. the use of research to create descriptive advertising

c. intrusions on consumer privacy and misuse of research findings

Online Marketing Research

collecting primary data through internet and mobile surveys, online focus groups, consumer tracking, experiments, and online panels and brand communities

Marketing Information Systems (MIS)

consists of 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

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

What is the correct sequence of the four steps of the marketing research process? a. set the research budget, collect the data, analyze the data, determine how to use the findings b. collect the data, analyze the data, develop the research plan, interpret and report the findings c. develop the research plan, define the problem and research objectives, implement the research plan, interpret and report the findings d. define the problem and research objectives, develop the research plan, implement the research plan, interpret and report the findings e. develop the research plan, set the research budget, collect the data, interpret and report the findings

d. define the problem and research objectives, develop the research plan, implement the research plan, interpret and report the findings

Which of the following is NOT true regarding international marketing research? a. cultural differences from country to country cause additional problems b. translating questionnaires from one language into another is not an easy task c. good secondary data is scarce d. the cost of international research is lower e. obtaining primary data may be difficult

d. the cost of international research is lower

Descriptive Reseach

describes things

Companies need meaningful customer insights so they can ___________ a. build larger market share b. build databases that prove useful to marketers c. realize better bottom lines d. gain a competitive advantage e. produce superior value for their customers

e. produce superior value for their customers

Customer Insights

fresh marketing information based understandings of customers and the marketplace that become the basis for creating customer value, engagement, and relationships

Exploratory Research

gather preliminary information that will help define the problem and suggest a hypothesis

Survey Research

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

Customer Relationship Management (CRM)

managing detailed information about individual consumers and carefully managing customer touch points to maximize customer loyalty

Behavioral Targeting

marketers use online data to target advertisements and offers to specific consumers

A ____________ consists of the 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. a. marketing information system b. marketing technology system c. marketing research department d. marketing analytic system e. marketing consulting team

a. marketing information system

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 ___________ a. practice customer relationship management b. perform market research c. develop large customer datasets d. find new customers e. get to know their customers personally

a. practice customer relationship management

Marketing information is of no value until it is used for what purpose? a. to build a better bottom line b. to perform marketing research c. to make better marketing decisions d. to better practice customer relationship management e. to obtain marketing metrics

c. to make better marketing decisions

Today's marketers see information not only as a tool for input for better decision making, but also as ______________ a. a way to provide useful customer insights b. an excellent resource to gather information on competitors c. a way to gather big data and perform analytics d. a revenue generation tool e. an important strategic asset and marketing tool

e. an important strategic asset and marketing tool