marketing ch 4 midterm
What is the difference between primary and secondary data? Which of the two is/are collected and analyzed in the marketing research process?
-Secondary data consist of information that already exists somewhere, having been collected for another purpose. -Primary data consist of information collected for the specific purpose at hand.
How is marketing information used in Customer Relationship Management (CRM)? What is the ultimate purpose of CRM?
CRM consists of sophisticated software and analysis tools from companies that integrate customer and marketplace information from all sources, analyze it, and apply the results to build stronger customer relationships. CRM integrates everything that a company's sales, service, and marketing teams know about individual customers, providing a 360-degree view of the customer relationship. For example, MetLife recently developed a CRM system that it calls "The MetLife Wall"
What is a sample? Is it different from a focus group? If so, how?
In traditional focus groups, researchers and marketers watch the focus group discussions from behind a one-way mirror and video-record sessions for later study. Through videoconferencing and internet technology, marketers in far-off locations can look in and listen, even participate, as a focus group progresses. A sample is a segment of the population selected for marketing research to represent the population as a whole. Ideally, the sample should be representative so that the researcher can make accurate estimates of the thoughts and behaviors of the larger population.
What does the term "marketing analytics" mean?
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
Why is random sampling important? When you see the results of a survey reported in the media, how do you know if the survey used a random sample?
Marketing researchers usually draw conclusions about large groups of consumers by studying a small sample of the total consumer population.
Identify three possible objectives of marketing research. Which research methodology is best suited for each objective? What other circumstances influence the appropriateness of the various methodologies?
The objective of EXPLORATORY RESEARCH is to gather preliminary information that will help define the problem and suggest hypotheses. The objective of DESCRIPTIVE RESEARCH is to describe things, such as the market potential for a product or the demographics and attitudes of consumers who buy the product. The objective of CAUSAL RESEARCH is to test hypotheses about cause-and-effect relationships.
Why do companies gather and analyze marketing information?
To gain customer insights, gain understanding of customer needs/wants, and we need these insights in order to make marketing decisions.
What types of information might companies collect and analyze? How is each collected?
• Internal data -existing info in company • Marketing intelligence -publicity available, regularly collected • Marketing research -collected for a specific problem or goal
