MAR 3023 Ch. 4

Customer Insights

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

Ethnographic Research

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

Focus Group Interviewing

A method of 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.

Sample

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

Observational Research

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

Experimental Research

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

Customer relationship management - C R M

The management of detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty.

Stratified Random Sample

The population is divided into mutually exclusive groups and random samples are drawn from each group.

Cluster Sample

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

Primary Data

Consist of information collected for the specific purpose at hand.

Marketing Research Plan - Step One

The first step is Defining the problem and research objectives.

Competitive Marketing Intelligence

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

Quota Sample

The researcher finds and interviews a prescribed number of people in each of several categories.

Convenience Sample

The researcher selects the easiest population members from which to obtain information.

Judgment Sample

The researcher uses his or her judgment to select population members who are good prospects for accurate information.

Marketing Research Plan - Step Two

The second step is developing the research plan for collecting information.

Marketing Research

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

Marketing Research Plan - Step Three

The third step in the marketing research plan is implementing the research plan.

Simple Random Sample

Every member of the population has a known and equal chance of selection.

Internal Databases

Electronic collections of customer and marketing information obtained from data sources within the company network.

Survey Research

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

M I S

Marketing information systems are 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.

Exploratory Research

Marketing research intended to gather preliminary information that will help define problems and suggest hypotheses.

Descriptive Research

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

Secondary data

Refers to information that already exists somewhere having been collected for another purpose.

Causal Research

Used to test hypotheses about cause-and-effect relationships.

Marketing Research Plan - Step Four

The fourth step is interpreting and reporting the findings.

Big Data

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