mktg220-4

To​ ________ for customers and​ ________, marketers must first gain​ fresh, deep insights into what customers need and want.

create​ value; build meaningful relationships with them

To analyze individual customer​ data, many companies have now acquired or developed special software and analysis techniques called​ ________.

customer relationship management​ (CRM)

The third step in the marketing research process calls for implementing the marketing research plan by​ ________.

gathering, processing, and analyzing the information

The fourth step in the marketing research process is​ ________.

interpreting and reporting the findings

A​ __________________________ consists of the people and procedures dedicated to assessing information​ needs, developing the needed​ information, and helping decision makers use the information to generate and validate actionable customer and market insights.

A marketing information system​ (MIS) consists of the people and procedures dedicated to assessing information​ needs, developing the needed​ information, and helping decision makers use the information to generate and validate actionable customer and market insights.

What is the correct sequence of the four steps of the marketing research​ process?

Define the problem and research​ objectives, develop the research​ plan, implement the research​ plan, interpret and report the findings

There are several types of objectives market researchers might use in a marketing research project. Which of the following are the primary types of​ objectives?

Exploratory​ research, descriptive​ research, and causal research

The second critical phase in developing a marketing information system​ (MIS) is developing information. The information is developed from​ ________, __________, and​ ____________.

The first phase of designing a MIS system is to assess​ needs; the second phase is developing information. The information is developed from internal​ databases, marketing intelligence​ activities, and marketing research.

Companies apply​ ________ to dig out meaningful patterns in big data to gain customer insights and gauge marketing performance.

Marketing analytics refers to a specific type of analytics used to gain customer insights and gauge marketing performance.

Marketing information is of no value until it is used for what​ purpose?

To make better marketing decisions

Customer insights come from good marketing​ information, which contributes to creating value and meaningful customer relationships. Companies use these customer insights to develop​ ________.

a competitive advantage

oday's marketers see information not only as a tool for input for better​ decision-making, but also as​ ___________________________.

an important strategic asset and marketing tool

The marketing information system​ (MIS) first​ ________.

assesses

Huge and complex data sets generated by​ today's sophisticated information​ generation, collection,​ storage, and analysis technologies are referred to as​ _______.

big data

Companies need meaningful customer insights so they can​ _____________________________.

build superior value for customers

A marketing information system​ (MIS) helps users analyze and use information to​ ________, ______________, and​ _______________.

develop customer​ insights, make marketing​ decisions, and manage customer relationships

The first step in the marketing research process involves defining the problem and setting research objectives​ , which might be​ _________, ___________, or​ ____________ research.

exploratory, descriptive, or causal

Marketers are viewing information not only as an input for making better​ decisions, but also as​ a(n) ______________.

important strategic asset and marketing tool

What are the three general sources from which marketers can obtain​ information?

internal data​, marketing​ intelligence, and marketing research.

The most common mistake firms make is to view​ CRM, marketing​ analytics, and AI as​ _______.

technology processes only

Which of the following correctly identifies the three research approaches for gathering primary​ data?

observation, surveys, and experiments "first hand"

Software and analytical techniques that​ integrate, analyze, and apply the mountains of individual customer data to gain a​ 360-degree view of customers enable companies to​ ________________________.

practice customer relationship management