MKT 330 Smith Chapter 4 - Review

Primary data

Information collected for the specific purpose at hand.

Secondary data

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

Big Data

Large amounts of data from multiple sources. Big data is huge amounts of data to which companies now have access in real time. The phrase is often used to indicate alarm and apprehension about the enormous—and multiplying—amounts of data that are being created on an ongoing basis.

Probability Sample

Samples that are a good representation of a group of people. Three Types of Probability Sample Simple random sample Stratified random sample Cluster (area) sample

Non-probability Sample

Samples that are not a good representation of a group of people. Three Types of Non-probability Sample Convenience sample Judgment sample Quota sample

What is big data and what opportunities and challenges does it provide for marketers?

The advent of big data has created great challenges for marketing researchers. Effective use of multiple sources of data requires having the resources and talent available to retrieve, store, integrate, analyze, and report the data. Access to big data also creates great opportunities. Proper management of big data has the potential to increase productivity for companies significantly.

Stratified random sample

The population is divided into mutually exclusive groups (such as age groups), and random samples are drawn from each group.

Cluster (area) sample

The population is divided into mutually exclusive groups (such as blocks), and the researcher draws a sample of the groups to interview.

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.

Behavioral targeting

Using online consumer tracking data to target advertisements and marketing offers to specific consumers.

Internal databases

collections of consumer and market information obtained from data sources within the company network

Descriptive Research

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.

Exploratory research

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

Big Data

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

Competitive marketing intelligence

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

Marketing research

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

Ethnographic research

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

Sample

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

Where does secondary data come from, and what checks are necessary before acting on such data?

Both internal and external secondary data sources often provide information: 1. more quickly 2. at a lower cost than primary data sources, 3. they can sometimes yield information that a company cannot collect by itself. However, needed information might not exist in secondary sources. Researchers must also evaluate secondary information to ensure that it is relevant, accurate, current, impartial.

Online marketing research

Collecting primary data online through Internet surveys, online focus groups, Web-based experiments, or tracking of consumers' online behavior.

Simple random sample

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

Online focus groups

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.

Survey research

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

Observational research

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

Experimental research

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

What is the marketing information system, and how is it used to create customer insights?

MIS- people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers to use information to generate and validate actionable customer and market insights. Customer Insights? -marketing department furnishes information on customer characteristics, sales transactions, and website visits -customer service department keeps records of customer satisfaction or service problems -accounting departments provides detailed records of sales, costs, and cash flows -operations report on production, shipments, and inventories -sales force reports reports reseller reactions and competitor activities -marketing channel partners provide data on point of sale transactions

How should marketing information be made available to managers to ensure that it encourages better marketing decisions?

Marketing information can be made available in all sorts of ways - the main issue is that: 1. any system allows for managers to get the information they need directly and quickly 2. that they can tailor it to their own needs.

Causal research

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

Focus group interviewing

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. The interviewer "focuses" the group discussion on important issues.

Are ethnographic studies carried out in your country or re- gion? If so, find and discuss an example of this type of research.

ethnographic research -form of observational research that involves sending trained observers to watch and interact with consumers in their "natural environment" Online? -(netnography) can provide useful insights into both online and offline buying motives and behaviors

Customer insights

fresh marketing information-based understandings of customers and the marketplace that become the basis for creating customer value, engagement, and relationships

Customer relationship management (CRM)

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

Explain how marketing intelligence differs from marketing research.

marketing intelligence -improve strategic decision making by understanding consumer environment, assessing and tracking competitor's actions, and provide early warnings of opportunities and threats marketing research -gives marketers insights into customer motivations, purchase behavior, and satisfaction -helps access market potential and market share

Marketing information system (MIS)

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