Chapter 4

Question 1

Marketing Information

Answer 1

customer motives and needs are difficult to determine, marketing info provides some sort of knowledge on the matter. It provides marketing insights.

Question 2

Customer Insights

Answer 2

understandings of consumer and marketplace, provided by market information, allows marketers to build strong customer relationships

Question 3

Big Data

Answer 3

complex data sets generated by modern information technologies. big data = right data. rain example.

Question 4

Marketing Information System (MIS)

Answer 4

people and procedures dedicated to assessing info needs, developing needed info and helping decision makers use info in order to generate customer and market insights.

Question 5

Good MIS Balance

Answer 5

Info users would like to have vs what info users need. avoid having too much data.

Question 6

How is Marketing Info Developed?

Answer 6

In 3 ways: Internal Data, Marketing Research and Marketing Intelligence

Question 7

Marketing Environment

Answer 7

The marketing environment consists of target markets, marketing channels, competitors, publics and macro-environment forces

Question 8

Internal Databases

Answer 8

Collections of consumer and market info obtained from sources within the company’s network. May be incomplete or provide wrong info.

Question 9

Functions of Internal Databases

Answer 9

Marketing, Customer service, accounting, sales, channel, finance (slide 12, ch 4)

Question 10

Marketing Intelligence

Answer 10

Systemic monitoring, collection and analysis of publicly available info

Question 11

What are the Marketing Intelligence techniques?

Answer 11

• Observing customers
• Quizzing company employees
• Monitoring competitor moves
• Conducting online research
• Monitoring social media buzz

example: Mastercard digital intelligence

Question 12

What does marketing intelligence bring?

Answer 12

Insights on consumers, early warnings of competitor strategies + strengths and weaknesses, helps protect firm, raises ethical issues.

Question 13

Marketing Research

Answer 13

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

Approaches: use own research departments, hire outside research specialists

Question 14

Marketing Research Process

Answer 14

1. Defining problem and research objectives
2. Developing the research plan for collection info
3. Implementing plan: collection and analysis of data
4. Interpreting and reporting findings

Question 15

Exploratory research

Answer 15

to gather preliminary info, define problem; suggest hypotheses

Question 16

Descriptive research

Answer 16

to better describe marketing issues, situations or markets
e.g. potential for a product or the demographics and attitudes of consumption

Question 17

Casual research

Answer 17

test hypotheses about cause-and-effect relationships

Question 18

How do we translate research objectives into specific information needs?

Answer 18

outline sources of existing data, spell out specific research approaches, contact methods, sampling plans and instruments that researchers will use to gather new data.

Question 19

Secondary Data

Answer 19

Data that was previously collected for a different usage

Question 20

How do we find secondary data?

Answer 20

Company’s internal database, commercial online databases, purchased from 3rd party suppliers, search engines (Google)

Question 21

Gathering Primary Data

Answer 21

1) Research Approaches (observation, survey, experiment)
2) Contact Methods (mail, phone, personal)
3) Sampling Plan (sampling unit, sample size, sampling)
4) Research Instruments
Study them in notebook

Question 22

Customer Relationship Management (CRM)

Answer 22

manage detailed information about individual consumers, carefully managing customer touch points to maximize customer loyalty, consists of software and analysis tools. These tools integrate customer info from all sources, analyze data in depth, apply results.

Question 23

Marketing Analytics

Answer 23

Analysis tools, tech and processes by which marketers determine patterns in big data to gain insight and gage marketing performance. Differentiating right info from wrong and useful information from useless. e.g. Netflix keeps viewing profiles of its users and offers personalized recommendations based on what theyve watched and like/disliked. They also display the percentage by which movies and shows match your viewing tendencies and preferences. AI is also used to perform marketing analytics.

Question 24

Distributing and using marketing info

Answer 24

MIS makes info available for decision making
- routine info for decision making
- non-routine info for special situations

Question 25

Intranets, Internal CRM systems and Extranets

Answer 25

Facilitate sharing. Intranet is within the business, extranet connects the outside and the inside of the business.