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Flashcards in Chapter 4 Deck (26)
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1
Q

Customer insights are

A

Fresh and deep insights into customers’ needs and wants.
Difficult to obtain
Not obvious
Customer’s unsure of their behaviour.
Better information and more effective use of existing information

2
Q

Big data

A

Big data refers to the huge and complex data sets generated by today’s sophisticated information generation, collection, storage, and analysis technologies.

3
Q

marketing information systems

A

consist of people and procedures for:
assessing the information needs
developing needed information
helping decision makers use the information for customer.

4
Q

What are the characteristics of good mis

A

Balancing what the information users would like to have against what they need and what is feasible to offer.

5
Q

how do marketers obtain information

A

internal data
competitive marketing intelligence
marketing research

6
Q

internal data base

A

are electronic collections of consumer and market information obtained from data sources within the company network

7
Q

competitive marketing intelligence

A

The systematic collection and analysis of publicly available information about consumers, competitors and developments in the marketplace

8
Q

marketing research

A

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

9
Q

What are the steps involved in the marketing research process

A

defining the problem and research objectives
developing the research plan for collecting information
implementing the research plan, collecting and analyzing the data
interpreting the report findings

10
Q

what are the market research objectives

A

Exploratory research
descriptive research
casual research

11
Q

exploratory research

A

objective is to gather preliminary information that will help define the problem and suggest hypotheses (focus and interviews)

12
Q

Descriptive research

A

describes things (who what when where why)

13
Q

casual research

A

tests hypothesis about cause and effect relationships (price/demand/environment/pruchase rate)

14
Q

What does a written research plan involve?

A

management problem
information needed
how the results will help management decisions
budget

15
Q

Secondary data

A

consists of information that already exists somewhere, having been collected for another purpose

16
Q

What are the advantages of secondary data

A

cost
speed
could not get data otherwise

17
Q

what are the disadvantages of secondary data

A

current
relevant
accuracy
impartial

18
Q

what is primary data

A

consists of information gathered for the specific research plan

19
Q

observational research

A

involves gathering primary data by observing relevant people, actions and situations

20
Q

ethnographic research

A

involves sending trained observers to watch and interact with consumers in their natural environment

21
Q

experimental research

A

is the best for gathering causla information

22
Q

what are some marketing research contact methods

A
online marketing research
internet surveys
online panels
online experiments
click-stream data
online focus groups
23
Q

sample

A

is a segment of the population selected for marketing research to represent the population as a whole

24
Q

consumer relationship management

A

managing detailed information about individual customers carefully managing customer touch points to maximize customer loyalty

25
Q

marketing analytics

A

consists of the analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insight and gauge marketing performance.

26
Q

information distribution

A

involves entering information into databases and making it available in a time-usable manner