Marketing Chapter 4

How can you gain good customer insights?

Marketers must effectively manage marketing information from a wide range of sources.

What is the goal to competitive marketing intelligence?

To improve strategic decision making by understanding the consumer environment, assessing and tracking competitors' actions, and providing early warning of opportunities and threats.

How should a research plan be presented?

In a written proposal

Define primary data

Information collected for the specific purpose at hand.

Define secondary data

Information that already exists somewhere, having been collected for another purpose.

What is Exploratory research?

Marketing research used to gather preliminary information that will help define problems and suggest hypothesis.

What are Marketing Information systems?

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.

What is marketing research?

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

What is ethnographic research?

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

What is a sample?

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

First step of the marketing research process is

Defining the problem and research objective

Second step of the marketing research process is

Developing the research plan for collecting information

What are internal databases?

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

What are Customer Insights?

Fresh understandings of customers and the marketplace derived from marketing information that becomes the basis for creating customer value and relationships.

Online focus groups consist of

Gathering a small group of people online with a trained moderator to chat about a product, service, or organization and gain qualitative insights about consumer attitudes and behavior.

What is observational research?

Gathering primary data by observing relevant people, actions, and situations.

Fourth step of the marketing research process is

Interpreting and reporting the findings.

What is the major advantage of survey research?

It's flexibility

Customer relationship management is

Managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty.

What is focus group interviewing?

Personal interviewing that involves inviting six to ten 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.

Online marketing research is

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

Survey research consist of

Gathering primary data by asking people questions about their knowledge, attitude, preference, and buying behavior.

What does experimental research include?

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

Third step of the marketing research process is

Implementing the research plan- collecting and analyzing the data.

What is descriptive research?

Marketing research used to better describe marketing problems, situations, or markets.

What is casual research?

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

Define competitive marketing intelligence

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