Chapter 4

Question 1

What is the basis for creating customer value?

Answer 1

customer insights which are developed from marketing information

Question 2

What develops competitive advantage?

Answer 2

marketing information

Question 3

what is the process of planning, collecting, and analyzing information in order to recommend actions to improve marketing activities?

Answer 3

marketing research

Question 4

what is the point of marketing research?

Answer 4

to add customer value, helps reduce risk, provides managers with insights (vision, knowledge, and experience)

Question 5

MIS

Answer 5

marketing information system

procedure for collecting, sorting, and analyzing, and summarizing marketing information on an ongoing basis to help manage the data

Question 6

why are metrics important?

Answer 6

metrics are used to visualized KPI’s. These tell stories that are insightful, easy to grasp, and use

Question 7

Examples of key metrics

Answer 7

revenue, market share, profit, margins, buzz, sentiment, engagement, response rates, awareness levels, brand loyalty, retention rates, brand development index

Question 8

what is market share?

Answer 8

percentage of sales volume for a product, relative to the entire sales volume of the category in which it compares ; tracked over time and compared to competitive market share levels

Question 9

What are the 4 V’s of Big Data?

Answer 9

Volume, Variety, Velocity, Veracity

Question 10

In Big Data, What is considered the amount of data?

Answer 10

volume

Question 11

In big data metrics, what is seen at the certainty of data?

Answer 11

veracity

Question 12

In big data metrics, what is considered the speed of data?

Answer 12

velocity

Question 13

In big data metric, what is the different types of data?

Answer 13

variety

Question 14

What can Big data NOT be a substitute for?

Answer 14

creative ideas and smart thinking

Question 15

funnel image: what are insights a result of?

Answer 15

in the cone of descriptive and predictive measures, insights are the combination of “thinking”, “data”, and “technology”.

Question 16

What is meant by “Descriptive” measures?

Answer 16

Describing what HAS happened.
This is within the web, social norms, RFM

RFM is referred to as recency, frequency, and monetary value.

Question 17

What is seen as Predictive measurements?

Answer 17

Predictive describes what Might happen.

Using databases, analytics, marketing metrics, and customer service databases

we are able to predict future customer behavior or customize offers to specific segments

Question 18

what is the purpose of marketing research?

Answer 18

to answer questions that cannot be answered through regular metrics and analytics

Question 19

what is exploratory market research?

Answer 19

preliminary research that clarifies the scope and nature of a marketing problem or opportunity (e.g focus groups)

Question 20

what is descriptive marketing?

Answer 20

• describes basic characteristics of a given population

- clarifies usage and attitudes

Question 21

what is causal marketing research?

Answer 21

• identifies cause and effect relationships among variables

Question 22

6 steps in marketing research

Answer 22

1. define the problem / issue
2. design the research plan
3. conduct exploratory and qualitative research
4. collect quantitative primary research
5. compile, analyze
6. generate reports and recommendations

Question 23

In this stage of the marketing research plan we find specific measurable goals that the decision maker seeks to achieve

Answer 23

Step 1 - define the problem/ issue/ opportunity

Question 24

In this stage of the marketing research approach, we are determining what information is needed, how it’s collected, and whether a sampling plan is needed

Answer 24

step 2, designing the research plan

Question 25

what is the difference between probability sampling and non-probability sampling?

Answer 25

known which individual is sampled in probability sampling vs. not known

Question 26

What is simple random sampling

Answer 26

every member of the population has a known and equal chance of selection

Question 27

stratified random sample

Answer 27

mutually exclusive groups depending on trait and randomly selected in there

Question 28

cluster (area) sample

Answer 28

groups selected and sample from groups to interview

Question 29

3 kinds of probability sample

Answer 29

simple random sample, stratified random sample, cluster sample

Question 30

3 kinds of non probability sample

Answer 30

convenience sample , judgement sample, quota sample

Question 31

what is a convenience sample

Answer 31

the research selects the easiest population members from which to obtain information

Question 32

what is judgement sample

Answer 32

the researcher uses his or her judgement to select population members who are good prospects for accurate information

Question 33

what is a quota sample

Answer 33

the researcher finds and interviews a prescribed number of people in each of several categories

Question 34

at what stage in the marketing research program is preliminary research done"?

Answer 34

step 3 - conducting exploratory and qualitative research. | In this stage we're anticipating more research and more conclusive quantitative research

Question 35

2 information sources

Answer 35

primary data and secondary data

Question 36

what is primary data

Answer 36

facts and figures newly collected for the project | watching people and asking people

Question 37

what is secondary data?

Answer 37

facts and figures already recorded prior to the project | internal and external to the firm

Question 38

What 3 sources of data for step 3 of the research market approach?

Answer 38

online research communities, online research bulletin boards, social listening

Question 39

in this step of the marketing research approach we are collecting quantitative primary research such as observational research, surveys, experiments

Answer 39

step 4, quantitative primary research

Question 40

examples, advantages, and disadvantages of observational research

Answer 40

homescan, google analytics +: reflect actual behavior and accurate, appropriate when unclear articulated opinions -: do not indicate why consumers behave as they do, do not provide data on attitudes and opinions, consent is not always given

Question 41

examples, advantages, and disadvantages of surveys/ questionaires

Answer 41

personal interviews, mail ,calls numerous questions, standardized questions, personal interviewers can often probe for more in depth answers disadvantages - results can be biased by the methodology. results can be influenced by the interviewer, often expensive

Question 42

what is an omnibus survey?

Answer 42

routine research | allows addition of small # of questions to existing survey

Question 43

advantages and disadvantages of personal interview

Answer 43

can probe for detailed responses, demonstrates visuals - time consuming, expensive, interviewers can be bias responses

Question 44

advantages and disadvantages of internet survey

Answer 44

+; no interviewer bias, can be conducted quickly, efficient for electronic data, high internet penetration, useful for national surveys -: difficult to verify respondents identity, questionable data accuracy, inability to probe respondents

Question 45

advantage and disadvantage of experiments

Answer 45

+: change of key variables, avoid costly failures, can provide a more accurate reflection and predictor of consumer behavior -: expensive, actual test markets can be visible to competition, difficult to find test sample