Chapter 4

Question 1

Customer insights are

Answer 1

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

Question 2

Big data

Answer 2

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

Question 3

marketing information systems

Answer 3

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

Question 4

What are the characteristics of good mis

Answer 4

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

Question 5

how do marketers obtain information

Answer 5

internal data
competitive marketing intelligence
marketing research

Question 6

internal data base

Answer 6

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

Question 7

competitive marketing intelligence

Answer 7

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

Question 8

marketing research

Answer 8

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

Question 9

What are the steps involved in the marketing research process

Answer 9

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

Question 10

what are the market research objectives

Answer 10

Exploratory research
descriptive research
casual research

Question 11

exploratory research

Answer 11

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

Question 12

Descriptive research

Answer 12

describes things (who what when where why)

Question 13

casual research

Answer 13

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

Question 14

What does a written research plan involve?

Answer 14

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

Question 15

Secondary data

Answer 15

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

Question 16

What are the advantages of secondary data

Answer 16

cost
speed
could not get data otherwise

Question 17

what are the disadvantages of secondary data

Answer 17

current
relevant
accuracy
impartial

Question 18

what is primary data

Answer 18

consists of information gathered for the specific research plan

Question 19

observational research

Answer 19

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

Question 20

ethnographic research

Answer 20

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

Question 21

experimental research

Answer 21

is the best for gathering causla information

Question 22

what are some marketing research contact methods

Answer 22

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

Question 23

sample

Answer 23

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

Question 24

consumer relationship management

Answer 24

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

Question 25

marketing analytics

Answer 25

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.

Question 26

information distribution

Answer 26

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