MKT 301, Chapter 4

The role of a company's marketing information system (MIS) is important because

it enables a company to use customer insights to improve relationships with customers.

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

touch point

Name the steps in the marketing research process:

1. Define the problem and research objectives 2. Developing the research plan for collecting information 3. Implementing the research plan 4. Interpreting and reporting findings

A power tool company wants to give its customers access to internal, non-public information about how best to use its product in creative ways. What should the company create to provide customers with this information?

A company extranet

Cupcakes by Cindy is attempting to gather information about its customers in order to improve its customer service. What is the BEST place for this company to start to develop an efficient MIS?

Assess the information needs of the company

Which kind of company would most benefit from conducting marketing research?

Both large multinationals (Disney and IBM) AND small locals truly need market research.

A company is conducting market research to determine the best areas to sell its product. It has already determined its research questions/ What is the next step of this company's research plan?

Collect the data.

Sky owns a small hot air balloon company in Albuquerque, New Mexico. He recently started a Facebook page for his company and many of his customers are asking for store-sponsored hot air balloon trips. They believe Sky's expertise would make him the perfect guide. Sky decides to host quarterly hot air balloon trips and experiences a huge increase in sales and customer satisfaction. What is the BEST conclusion that can be drawn from Sky's situation?

Customer insights can provide valuable information to a small business.

You and seven other people relay your feelings and thought 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

An international company has appointed a CPO to ensure the privacy and confidentiality of the consumer data it collects. Which of the following is the CPO MOST likely to do as a function of his job?

Inform customers of the company's privacy policy.

Many companies build extensive electronic collections of consumer and market information obtained from data sources within the company's network. This is known as

Internal database

To develop needed information, marketing information systems utilize ______.

Internal databases. marketing intelligence, and marketing research.

____ 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

What is MIS?

Marketing Information System

What is one result of "big data"?

Marketing managers care often overloaded and overwhelmed with this information.

Describe the research relationships:

Observation: best suited for exploratory research Survey: descriptive research Experiments: causal research

A researcher must always evaluate secondary information carefully; however, the researcher does not need to ensure the evaluation is _______.

Subjective

A colleague needs to collect descriptive data about his customer's attitudes. He has not done this type of research before. What research approach would you recommend to best suit this research project?

Survery

What is the purpose of the customer insights team?

To create more value for customers

Why is it important for a company to collect both primary and secondary data when conducting marketing research?

To have "full picture" of the subject of its study.

T/F about conducting marketing research in a foreign country: Reaching respondents in other parts of the world is more difficult than it is in the US

True

Competitive marketing intelligence uses _____ data sources.

publicly available

Competitive marketing intelligence is primarily responsible for ______.

the systematic collection and analysis of publicly available information.

T/F about online research: Online surveys generally have higher response rates than those conducted by mail or phone

true