Chapter 4 Flashcards
(31 cards)
What must companies do with regards to marketing information?
How do companies use the customer insights?
Manage the information effectively from a wide range of sources to gain goos customer insights
To develop competitive advantage
What is ‘big data’?
The huge and complex data sets generated by today’s sophisticated info generation, collection, storage and analysis technologies
What is a marketing information system? (MIS)
People and procedures for assessing info needs, developing the needed info, and helping decision makers use the info to generate and validate actionable customer and market insights
What are the 5 stages in a MIS?
- Assessing info needs
- Internal databases
- Marketing intelligence
- Marketing research
- Analyzing and using info
What 5 components does the marketing environment consist of?
- Target markets
- Marketing channels
- Competitors
- Publics
- Macroenvironment forces
Give the 3 sources of marketing information
What are internal databases?
Give 3 examples of where internal data may come from
- Internal data
- Competitive marketing intelligence
- Marketing research
Electronic collections of consumer and market info obtained from data sources within the company network
- Sales/profits
- Customer lists
- Production levels
Define competitive marketing intelligence
Give 3 points about CMI
The systematic collection and analysis of publicly available info about consumers, competitors and developments in the marketplace
- Firms use it to gain early warning signs of competitor moves and strategies
- Much competitor analysis can be collected from people inside the company (spying)
- Most companies are now taking steps to protect their info
Give 6 ways companies often reveal intelligence info
- Annual reports
- Business publications
- Trade show exhibits
- Press releases
- Advertisements
- Web pages
Define marketing research
Give the 4 steps in the marketing research process
The systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organization
- Defining the problem & research objectives
- Developing research plan for collecting info
- Implementing research plan - collecting and analyzing data
- Interpreting and reporting the findings
Which is the hardest step in the marketing research process?
Give the 3 types of research that can be used when defining the problem and research objectives. Give 1 example for each
Defining the problem and research objectives
- Exploratory - Gather preliminary info that will help define the problem and suggest hypotheses (e.g. focus groups)
- Descriptive - Used to describe things, such as the market potential for a product (e.g. surveys)
- Causal - Test hypotheses about cause and effect relationships (e.g. experiments/market tests)
What does the research plan do?
Give and define the two types of data
Outlines sources of existing data and spells out the specific research approaches, contact methods, sampling plans and instruments that researchers can use to gather new data
- Primary - Info collected for the specific purpose
- Secondary - Info that already exists and has been collected for another purpose
Which 2 ways can researchers gather secondary data?
Give 3 benefits of secondary data
- Commercial online databases - conduct own searches
- Internet search engines - locate relevant info sources
- Obtained quickly
- Obtained at a lower cost
- Can sometimes provide data an individual company can’t collect on its own
Give the 2 drawbacks of secondary data (1, 4)
- The info needed may not exist
* The data might not be useable unless it’s; relevant, accurate, current, impartial
What must researchers ensure primary data is? (4)
- Relevant
- Accurate
- Current
- Unbiased
Give and describe the 4 types of primary research approaches
- Observational - Gathering primary data by observing relevant people, actions and situations
- Ethnographic - Sending trained observers to watch and interact with consumers in their natural habitat
- Survey - Gathers descriptive information
- Experimental - Gathers causal information
Give 1 benefit of observational research
Give 3 drawbacks
•Can obtain info that people are unwilling/unable to provide
- Some things cannot be observed
- Long-term/infrequent behavior is difficult to observe
- Observations can be difficult to interpret
Give 1 benefit of ethnographic research
Give 1 drawback
- Often yields details that don’t just emerge from traditional research questionnaires/focus groups
- Can only be done with small amounts of people
Which is the most widely used method for primary data collection?
Give 2 benefits
Give 4 drawbacks
Survey research
- Flexibility (can ask anything)
- Quick method
- People may be unwilling/unable to answer
- People may respond even if they don’t know answers
- People may not take the time to answer
- People may resent the intrusion into their privacy
Give the 3 contact methods
Which is one of the best contact methods?
- Mail questionnaires
- Telephone interviewing
- Personal interviewing
Telephone interviewing
Give 2 benefits of mail questionnaires
Give 4 drawbacks
- Can collect large amount of info
- Low cost per respondant
- Not very flexible (respondents can’t ask for clarification)
- Often take longer to complete (turnover time)
- Response rate is very low
- Researcher often has little control over sample
Give 4 benefits of telephone interviewing
Give 6 drawbacks
- Gathers info quickly
- Provides greater flexibility (interviewers can clarify)
- Easy to carry out
- Response rate is often higher
- Cost per respondent is high
- People may not want to discuss personal questions
- Introduces interviewer bias
- Different interviewers may interpret/record differently
- Increased rate of hang ups
- Not good for long surveys - can only pick a few short questions
Give the 2 types of personal interviewing and describe each
- Individual - Talking with people one-to-one
* (Focus) Group - Inviting 6-10 people to meet with a trained moderator to talk about a product, service or organization
Give 2 points about online marketing research
Give 5 benefits of online marketing research
- The Internet is well suited for quantitative research
- More than 87% of Americans use the Internet
- Fast speed
- Low cost
- More interactive/engaging
- Easier to complete
- Less intrusive
Define behavioral targeting
Give 2 benefits
Give 3 drawbacks
The practice of marketers using online data to target ads and offers to specific consumers (ads following around)
- Companies can customize advertising
- Companies can find interested consumers
- Consumers may feel they’re being spied on
- Can be annoying to consumers
- Info is often collected without consumer’s knowledge
