Chapter 4: Managing Marketing Information to Gain Customer Insights

__________ is the fresh understanding of customers and the marketplace derived from marketing information that becomes the basis for creating customer value and relationships.

Customer insight

Which step of the marketing research process is the most difficult, and the most important?

Defining the problem and research objectives, because it guides the entire research process

__________ are information that already exists somewhere, having been collected for another purpose.pri

Secondary data

Immersion groups

Small groups of consumers who interact directly and informally with product designers without a focus group moderator present

Customer relationship management (CRM)

Manage detailed information about individual customers and carefully manage customer touch points to maximize customer loyalty

Behavioral targeting

Marketers use the online data to target ads and offers specific to customers

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

Survey research

You and seven other people relay your feelings and thoughts about a potential new product to a trained moderator. In​ exchange, you receive a small payment. You are participating in​ a(n) ________.

focus group interview

Survey research

Most widely used method for primary data; approach best suited for gathering descriptive information Highly flexible, but people may not be able to answer questions

Which of the following statements about big data is​ correct?

One result of big data is that marketing managers are often overloaded and overwhelmed with information

Convenience sample

The researcher selects the easiest population numbers from which to obtain information

__________ is 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.

Descriptive research

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

Experimental research

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

Exploratory research

To develop needed​ information, marketing information systems utilize​ _________.

internal​ databases, marketing​ intelligence, and marketing research

In a __________ sample, every member of the population has a known and equal chance of selection.

simple random

In a __________ sample, the population is divided into mutually exclusive groups and random samples are drawn from each group.

stratified random

Personal interviewing

Broken down into group and individual interviewing

marketing research to test hypotheses about cause-and-effect relationships.

Causal research

In a __________ sample, the population is divided into mutually exclusive groups and the researcher draws a sample of the groups to interview.

Cluster

Customer insight teams

Headed by a senior marketing executive with representatives from all of the firms functional areas

Big data

Huge and complex data sets generated by today's sophisticated info generation, collection, storage, and analysis technologies

Online marketing research

Internet and mobile surveys, online panels, experiments and online focus groups, and brand communities

Focus group interviewing

Inviting small groups of people to meet with a trained moderator to talk about a product, service, or organization. Participants are usually paid a small sum for going. Moderator encourages easy discussion and "focuses" discussion.

​_______ 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.

Marketing analytics

__________ are information collected for the specific purpose at hand.

Primary data

Online focus groups

Primary internet based research approach. Works well for bringing people together from around the world.

What are the two popular data collection methods described in the learning module?

Quantitative and qualitative

__________ refers to a prescribed number of people in each of several categories who are identified and interviewed by the researcher.

Quota sample

Judgement sample

Researcher uses his/her judgement to select population numbers who are good prospects for accurate information

Mail questionnaire

Used to collect large amounts of information at low cost per respondent

Marketing research

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

The __________ outlines researcher responsibilities to respondents, including confidentiality, privacy, and avoidance of harassment.

Code of Standards and Ethics for Survey Research

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

Observational research

Phone interviewing

One of the best methods for gathering info quickly and better flexibility than mail

Research plan

Outlines sources of existing data and spells out the specific research approaches, contact methods, sampling plans, and instruments that researchers will use to gather new data

__________ are segments of the population selected for marketing research to represent the population as a whole.

Samples

Extensive electronic collections of consumer and market information obtained from data sources within the​ company's network.

an internal database

Any contact between a customer and a company is called​ a(n) _________.

touch point

Figure 4.2 The 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.

__________ is the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.

Competitive marketing intelligence

__________ is a form of observational research that involves sending trained observers to watch and interact with consumers in their "natural environments."

Ethnographic research

A(n) __________ is people and processes 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.

marketing information system

A(n) __________ refers to electronic collections of customer and marketing information obtained from data sources within the company network.

internal database