chapter 4 Flashcards
(45 cards)
define consumer insights
marketing information-based understandings of customers and the marketplace in order to create customer value, engagement +relationships
explain customer insights
- deep understandings of customer needs and wants
- develop competitive advantage
- difficult to obtain–> obtain info from a variety of sources
define and explain ´´big data´´
- complex data sets coming from mkt research, internal transaction data, real time data, social media monitoring and other digital sources.
forming customer insight teams
–> include all functional areas
–> collect info from many sources
–> use insights to create more value for customers.
define marketing information ecosystem (MIE)
people, processes ans assets that asses managers information needs to develop that information and help in decision making to apply this in generating value and identify market/customer insights
characteristics of a good MIE/MIS
- balancing info users would like to have against what they need and what can be offered.
where do marketers obtain information from
- internal data
- marketing intelligence
- marketing research
define internal databases
-> collections of consumer and market info obtained from data sources within company network.
define competitive marketing intelligence
–> collection of available info about competitors and marketplace
–> gain early insights into competitors strategies and to prepare quick responses.
REAL TIME MKT: social media command centers
- IKEA listenting hub investigated that customers liked the brands 99 cent frakta bag better than balenciagas knock-off version.
define marketing research
- systematic design, collection, analysis of data specific to a mkt situation facing an organization.
describe how marketing research is transitioning
- in-person research is now being replaced by newer, more immediate, less costly gathering methods.
the marketing reserach process
- defining problem and research objectives
- developing research plan for collecting information
- implement research plan–> collect and analyze data
- interpret and report findings
describe how to define problem and research objectives
–> most difficult step
why? manager might know what is wrong but not the causes
if you define the problem wrong from the start–> research is wasted.
describe how to develop the research plan
- outlines sources using existing data
- outlines management problems adresses +objectives
- details proposed data sources, specific reserach approaches, sampling plans
- includes research costs
Types of research
- exploratory research
- descriptive research
- causal/explicative research
-predictive/experimental research
Types of marketing research
- problem identification research:
help to identify problems which are not yet happenings - problem solving research: help solve problems
Identify the four types of researche
- primary data–> collecting new info for first time, can be qualitative or quantitative (has not been conducted before)
- secondary data–> gathering of info that already exists.
- quantitatuve reseearch-> numerical data, larger sample size
- qualitative research–> unstructured inso, smaller sample size.
Advantages and Disadvantages of secondary data
adv–> lower cost, quickly obtained
dsv–> data may not be: relevant, accurate, current
gathering secondary data
- from consumer retail and brand panels
- sector reports
- commercial online databases
- trend reports
define exploratory, descriptive and casual/explicative research, predictive
- exploratory: investigate +analyze information that has not been depply studied
- descriptive–> used to describe the characteristics of a population, according to geographical area. carried out periodically.
- casual/explicative–> used to prove cause and effect relationship.
- predictive–> to know the reactions of consumers to a product or service to evaluate repsonses.
primary data research appraoches
- observational research–> observe consuemrs actions
- surveys and questionaires: asking respondent questions
- inteviews
- focus groups
- customer insight communities–> creating a panel of customers (online), that provides company with insights and feedback on an ongoing basis.
- experimental research–> subjected two or more gorups of random customers to a diff marketing stomuli to learn which stimuli is more effective
- digital text analysis–> use AI to analuze text data posted by consumers on digital platforms.
- Online tracking and targeting–>
what is observational research?
- primary data by observing people´s actions
- observing people interacing with product/service in natutal setting
–> suited for exploratory research
define Ethnographic research
- sending trained observers to watch and interact with consumers in their natural enviorment.
- know how people live
