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CPSM > Domain 1: Marketing Research > Flashcards

Domain 1: Marketing Research Flashcards

0
Q

What are they 4 phases in the life expectancy of products and services?

A

Development, Growth, Maturity, Decline

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1
Q

The purpose of this is to determine what work is out there and whether the market you are in will continue to provide work.

A

Market Research

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2
Q

What is Primary Research?

A

Original research designed by you or for you

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3
Q

What is Secondary Research

A

Research conducted by third parties, such as publications, associations, etc.

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4
Q

Where should Primary research begin?

A

In House - start with your lead or proposal list

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5
Q

The best market research efforts are _____________

A

A combination of primary and secondary research

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6
Q

What is Quantitative Research?

A

Research of measurable properties and their relationships

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7
Q

What is Qualitative Research?

A

Aimed at gathering an in-depth understanding of behavior and the reasons behind it.

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8
Q

One of the major differences between qualitative and quantitive research is ____________

A

The role of the researcher

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9
Q

An excellent source of information about our clients is __________

A

The Professional Associations that they belong to

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10
Q

This metric is limiting and ineffective for measuring marketing effectiveness

A

Jobs Won

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11
Q

While a valid metric, ______ has limitations.

A

Overall ROI

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12
Q

What is a hit rate?

A

The number of jobs won to the number of jobs pursued

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13
Q

What is the formula for calculating marketing ROI?

A

Total Revenue - Total Marketing Expenses = Total ROI

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14
Q

What is the best way to assess your marketing efforts?

A

Use a variety of factors and multiple metrics to determine where dollars are being spent.

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15
Q

What are the main elements that have to be evaluated and monitored to evaluate your marketing effort?

A

Lead / Prospecting Effort, Communication / PR Effort, Firm Identity, Proposals, Presentations, Client Satisfaction

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16
Q

The real starting point (aspect) of your marketing effort is ___________

A

Identity

17
Q

The most important marketing activity / metric is what?

A

Client satisfaction

18
Q

What is marketing research?

A

Scientific discovery methods applied to marketing decision making, generally comprised of market, competitor, and client research.

19
Q

What are some examples of Primary and Secondary Research?

A

Primary: Proposal Reviews, Roundtable Meetings, Client Surveys, Lawyer, Banker

Secondary: McGraw Hill, Consulting Firms, Economists, ABC, Government Portals

20
Q

What words are used in Boolean Strings?

A

And, Or, Near

21
Q

What is a SWOT analysis?

A

Provides a method to systematically review internal (strengths, weaknesses) and external (opportunities, threats) elements that have a direct influence on company success

22
Q

What type of support does a CRM provide?

A

Coordinating front office marketing, customer service, tracking leads, analyzing client data, interaction with customers.

23
Q

Main challenge noted by Senior Marketing Professionals?

A

Quantifying and measuring the value of marketing programs

24
Q

What factors should go into determining a growth goal?

A

Net new business, one-time project replacement, average useful life of clients (potential lost clients)

25
Q

What three areas of measurement should be added into growth plan?

A

Micro measurement of ongoing marketing ROI, Macros tracking of marketing and sales results vs growth goals, overall analysis of marketing ROI (year end)

26
Q

Three examples of measurable marketing activities

A

Direct marketing, referral programs, Public relations

27
Q

Measures of measurement for Direct Marketing?

A

of leads generated, # of proposals generated from leads, ROI

28
Q

Methods of measurement of Referral Programs

A

of referrals given vs. # of referrals received, # of proposals generated as % of referrals received, ROI

29
Q

Methods of measurement of Public Relations?

A

of articles placed as % of articles pitched, # of press release pick-ups as a % of submitted, ROI

30
Q

Define marketing

A

Process of positioning firm to ask for business or be asked for help

31
Q

Define sales

A

Process of listening, defining needs, dealing with objections, asking for business, closing the sale - usually face to face

32
Q

Who is the Lead Originator of the Pipeline Report?

A

Person who bring a new lead to the firm (through any means)

33
Q

What is a Working Lead in the Pipeline Report?

A

Person who will lead the follow up activity for each opportunity

34
Q

In order to have a good chance of meeting growth goals, how much should be in the Pipeline Report?

A

The equivalent of annual growth on an ongoing basis

35
Q

Describe a Client Satisfaction / Feedback Survey

A

Used to gauge clients’ perception - often contains elements of perception and market intelligence surveys - should be a vital element of a firm’s marketing program

36
Q

Describe Perception Surveys

A

Done before developing a brand or during a change in leadership to measure the current perception of the firm

37
Q

Describe a Market Intelligence / Thought Leader Survey

A

SME interview - can be recycled frequently

38
Q

Describe a Benchmarking Survey

A

Form the basis to compare your firm t

39
Q

Describe a Benchmarking Survey

A

To compare your firm to competitors and peers, such as marketing best practices or structure

40
Q

Describe Internal Surveys

A

Respondents are within the firm - provides any type of questions

41
Q

Describe Focus Groups

A

Internal or external - in-person gatherings to gauge opinions

CPSM (6 decks)

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