Chapter 4: Managing marketing information and customer insight

Question 1

Competitive marketing intelligence …

Answer 1

Competitive marketing intelligence is the systematic monitoring, collection, and analysis of publicly available info about consumers, competitors, and developments in the marketing environment.

Question 2

Marketing research, steps:

Answer 2

Step 1: defining the problem and research objectives.
Step 2: Developing the research plan.
Step 3: Implementing the research plan.
Step 4: Interpret and report the findings.

Question 3

Step 1: defining the problem:

Answer 3

1. Exploratory: marketing research to gather preliminary info that will help define problems and suggest hypotheses.
2. Descriptive: Marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers.
3. Causal: marketing research to test hypotheses about cause-and-effect relationships.

Question 4

Step 2: Developing the research plan:

Answer 4

1. The problem
2. Research objective
3. Info to be obtained
4. How results will aid decision-making
5. Estimated research costs

Question 5

Step 3: Implementing the research plan

Answer 5

This step involves collecting, processing and analyzing the information. It is important to ensure proper implementation of the plan (proper techniques, data quality and timeless).

Question 6

Step 4: Interpret and report the findings.

Answer 6

The final step involves drawing conclusions and presenting useful consumer insights to management.

Question 7

Public policy and ethics in marketing research

Answer 7

1. Intrusions on consumer privacy.
2. Consumer data security and protection.
3. Misuse of research findings.