Module 4 Flashcards
What is the marketing concept?
The market management philosophy where achieving organization goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do
What are metrics?
Numeric data collected and grouped to track performance. Often presented in spreadsheets and dashboards
-Help track the success of marketing programs
-Can point to areas that need improving
What is market research?
Systematic design, collection, analysis, and reporting of data relevant to specific marketing situation
-Conducted internally or externally
-Data helps organizations understand and evaluate performance, customers, competitors, products and services
What is Big Data?
Massive amounts of data from traditional and online sources used for ongoing analysis
Big data is broken into four dimensions (The 4 V’s)
-Volume, velocity, variety, and veracity
Can come from a variety of sources such as: Promotions, financial records, distribution partners, social media interactions, e-mail programs, customer service communications, mobile downloads, e-commerce, purchases and website metrics
This huge volume of data is constantly changing, often in real time, making it difficult for marketers to manage and use
What is analytics? Define descriptive and predictive analytics.
Analytics: process of turning metrics data into actionable insights that can help make better business decisions
Descriptive analytics: focuses on what has happened in the past. Web analytics, social analytics, and RFM analysis are all descriptive analytics
Predictive analytics: combines data from varied sources to reveal patterns that are modelled to predict what might happen in the future
What are the types of research?
Exploratory research:
-Preliminary research used to clarify the scope and nature of a marketing problem or opportunity and provide researchers with a better understanding of the issues
-Often conducted with the expectation that subsequent research will follow
Descriptive research:
-Describes basic characteristics of a population and/or clariy their usage and attitudes
-Researchers understand the marketing problem or opportunity and are seeking answers to particular questions
Casual research:
-Identify cause-and-effect relationships among variables. In general, it is conducted after exploratory and descriptive research has been completed
-The purpose of casual research is to explain a relationship between two variables, such as the influence of a price on product demand, the effect of advertising on sales, or the impact of a new package on sales
What is neuromarketing?
Because people have a hard time articulating emotions, research on physical responses on advertising is used (skin, pupil, heart rate, brain activity)
-Use electroencephalograms (EEG’s) or functional magnetic resonance imaging (fMRI)
What is “The Social Shopper” by Delvinia?
When Canadian consumers conduct pre-purchase research online:
-84.9% seek out pricing info
-65% seek out customer reviews/recommendations
-62.4% seek out product details
What is the marketing research process?
-Define the problem, issue or opportunity
-Design the research plan
-Conduct exploratory and qualitative research
-Collect quantitative research information
-Compile, analyze and interpret data
-Generate report and recommendations
What are ethical issues in market research?
Canadian Marketing Association (CMA) Code of Ethics
-Concerns include privacy, time required to complete, interruptions at inconvenient times, misuse of research findings, disclosure of study purposes
