Chapter 4
What are the 3 sources marketing information can be obtained from?
-Internal databases -Competitive marketing intelligence -Marketing research
Observational research
gathering primary data by observing relevant people, actions, and situations *best* suited for exploratory research
Secondary data
information that already exists somewhere, having been collected for another purpose
Code of Standards and Ethics for Survey Research
outlines researcher responsibilities to respondents, including confidentiality, privacy, and avoidance of harassment.
Customer Relationship Management (CRM)
used to manage detailed information about individual customers and carefully manage customer touch points to maximize customer loyalty
Online listening
Provides valuable insights into what consumers are saying or feeling about a brand
stratified random sample
population is divided into mutually exclusive groups and random samples are drawn from each group.
sample
segment of the population selected to represent the population as a whole
Experimental research
selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses *best* suited for gathering causal research
Ethnographic research
sending trained observers to watch and interact with consumers in their natural environment
cluster sample
the population is divided into mutually exclusive groups and the researcher draws a sample of the groups to interview
convenience sample
the researcher selects the easiest population members from which to obtain information. previous
Primary data
information collected for the specific purpose at hand
What are the 2 main instruments for collecting primary data?
1. questionnaires (open and closed ended Q) 2. mechanical instruments (monitor consumer behavior)
Companies need meaningful customer insights so they can __________________. A. produce superior value for their customers B. build larger market share C. build databases that prove useful to marketers D. gain a competitive advantage E. realize better bottom lines
A
Two major public policy and ethical issues in marketing research are ________. A. intrusions on consumer privacy and misuse of research findings B. intrusions on consumer privacy and inaccurate data analysis C. misuse of research findings and improper sampling procedures D. paying research respondents and intrusions on consumer privacy E. the use of research to create deceptive advertising
A
Survey research
Asking people questions about their knowledge, attitudes, preferences, and buying behavior *best* suited for gathering descriptive information
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? A. Descriptive research, survey research, and causal research B. Exploratory research, descriptive research, and causal research C. Exploratory research, descriptive research, and survey research D. Exploratory research, secondary research, and primary research E. Demographic research, exploratory research, and attitudinal research
B
What are the three general sources from which marketers can obtain information? A. Sales records, the internet, and internal databases B. Internal data, marketing intelligence, and marketing research C. Internal data, big data, and global data D. Marketing research, surveys, and scanners E. Competitors, the internet, and the media
B
Which of the following is NOT true regarding international marketing research? A. Obtaining primary data may be difficult. B. The cost of international research is lower. C. Cultural differences from country to country cause additional problems. D. Translating questionnaires from one language into another is not an easy task. E. Good secondary data is scarce.
B
Today's marketers see information not only as a tool for input for better decision-making, but also as __________. A. a way to provide useful customer insights B. an important strategic asset and marketing tool C. an excellent resource to gather information on competitors D. a revenue-generation tool E. a way to gather big data and perform analytics
B
Marketing information is of no value until it is used for what purpose? A. To better practice customer relationship management B. To build a better bottom line C. To make better marketing decisions D. To perform marketing research E. To obtain marketing metrics
C
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 _______. A. develop large customer datasets B. find new customers C. practice customer relationship management D. perform market research E. get to know their customers personally
C
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 consulting team B. marketing technology system C. marketing research department D. marketing analytic system E. marketing information system
E
The most common mistake firms make is to view CRM, marketing analytics, and AI as _______. A. a waste of resources B. beyond their technical expertise C. outdated technologies D. too costly E. technology processes only
E
What are the 3 primary objectives?
Exploratory, Descriptive, Causal research
Causal Research
Marketing research to test hypotheses about cause-and-effect relationships
Marketing analytics
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
Internal databases
electronic collections of consumer and marketing information obtained from data sources within the company network
Customer insights
fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships
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
Social targeting
mines individual online social connections and conversations from social networking sites
Behavioral targeting
using online consumer tracking data to target advertisements and marketing offers to specific consumers
Competitive marketing intelligence
the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment