3 - MANAGING MARKETING INFORMATION

Question 1

• huge and complex data sets generated by today’s information generation, collection, storage, and analysis technologies
• both an opportunity and challenge

Answer 1

big data

Question 2

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

Answer 2

customer insights

Question 3

they develop actionable insights from mktg information

Answer 3

customer insights team

Question 4

(asses mktg info needs) people and procedures dedicated to assessing info needs, developing needed info, and helping decision makers to use info to generate and validate actionable customer and market insights
- decide on value of insights

Answer 4

marketing information system (MIS)

Question 5

how can marketers obtain needed info?

Answer 5

• internal data
• marketing intelligence
• marketing research

Question 6

collections of consumer and market info obtained from data sources within the company network
- customer characs and prefs
- in-store and online sales transactions and interactions
- web and social media site visits

Answer 6

internal data bases

Question 7

(internal database) what info can marketers get from customer service dept?

Answer 7

customer satisfaction or service problems

Question 8

(internal database) what info can marketers get from acctg dept?

Answer 8

sales, costs, cash flows

Question 9

(internal database) what marketers get from sales force?

Answer 9

reseller reactions, competitor activities

Question 9

(internal database) what info can marketers get from operations dept?

Answer 9

production, shipment, inventories

Question 10

systematic monitoring, collection, and analysis of publicly avail info about consumers, competitors, and developments in mktg environment

Answer 10

competitive marketing intelligence (CMI)
- activities include: observation, benchmarking, research, monitoring

Question 11

main goal of CMI?

Answer 11

to improve strategic decision making

Question 12

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

Answer 12

marketing research

Question 13

example of traditional marketing data gathering method

Answer 13

just-in-time research

Question 14

hardest step in research process

Answer 14

defining the problem and research objectives

Question 15

role of marketing managers

Answer 15

decide on which information is needed

Question 16

decide on how to obtain the information

Answer 16

researchers

Question 17

(type of res objective) gather preliminary information

Answer 17

exploratory research

Question 18

3 types of objectives

Answer 18

• exploratory research
• descriptive research
• causal research

Question 19

this is presented in a written proposal with estimated costs

Answer 19

(developing the) research plan

Question 20

(type of res objective) test hypotheses on cause-and-effect relationships

Answer 20

causal research

Question 21

(type of res objective) describe problems, situations, or markets

Answer 21

• descriptive research

Question 22

info collected for the specific purpose at hand

Answer 22

primary data

Question 23

information that already exists somewhere

Answer 23

• secondary data

Question 24

(gathering secondary data) characteristscs of secodary info

Answer 24

- relevant - fits project's needs - accurate - reliably collected and reported - current - up-to-date - impartial - objectively collected and reported

Question 25

(gathering secondary data) general databases like ProQuest and LexisNexis

Answer 25

commercial online databases

Question 26

(gathering secondary data) can be frustrating and inefficient

Answer 26

- internet search engines

Question 27

(gathering primary data; research approach) sending observers to watch and interact with consumers in natural environments; follow-me-home program

Answer 27

ethnographic research

Question 27

(gathering primary data; research approach) observing relevant people, actions, and situations - listening in on consumer conversations

Answer 27

observational research

Question 28

(gathering primary data; research approach) asking people questions about their knowledge, attitudes, prefs and buying bejavior - widely used method

Answer 28

survey research

Question 29

problems in conductive survey research

Answer 29

- can easily filter their answers as compared to observation - recall bias - can be ambiguous

Question 30

research approach in gathering primary data: - selecting matched groups of subjects, giving them diff. treatments, controlling related factors, and checking for differences in group responses - best suited for gathering causal information

Answer 30

experimental research

Question 31

contact method: more honest answers; longer to complete and low response rate

Answer 31

mail

Question 32

contact method: guided interviews that are more costly

Answer 32

personal interview, individual interviewing

Question 32

contact method: quickly gathers info; high cost

Answer 32

telephone interview

Question 33

contact method: small groups of people; qualitative marketing res tool; difficult to generalize

Answer 33

group interviewing

Question 34

contact method primary: - through internet and mobile surveys, online focus groups, consumer tracking, experiments, and online panels and brand communities - well suited to quanti res - gforms, snap surveys, qualtrics, surveymonkey, surveygizmo

Answer 34

online marketing research

Question 35

segment of population selected for mktg research to represent population as whole

Answer 35

sample

Question 36

sampling plan: who?

Answer 36

sampling unit

Question 37

sampling plan: how many?

Answer 37

sample size

Question 38

sampling plan: how? probability? nonprobability?

Answer 38

sampling procedure

Question 39

research instrument: - most common - closed or open ended questions - wording and ordering of questions

Answer 39

questionnaires

Question 40

research instrument: - use of EEG and MRI to track brain electrical activity and learn how consumers feel and respond

Answer 40

neuromarketing

Question 41

research instrument: - checkout scanners to record purchases - GPS tech to track consumer movements in and near stores

Answer 41

mechanical instruments

Question 42

this is wherein the collecting, processing, and analyzing of information is done

Answer 42

- implementing the research plan - problems: data quality and timeliness

Question 43

analysis tools, technologies, and processes by which marketers dig out meaningful patterns in bit data to gain consumer insights and gauge mktg performance

Answer 43

- marketing analytics