marketing lecture 3 Flashcards
(26 cards)
What must marketers gain to create value for customers?
Fresh, deep insights into what customers need and want
What does ‘big data’ refer to?
Huge and complex data sets generated by sophisticated information generation, collection, storage, and analysis technologies
What is a challenge faced by marketing managers due to digital technologies?
Overload of data leading to feelings of being overwhelmed
True or False: Customer’s needs and buying motives are often obvious.
False
What does big data and AI allow marketers to do?
Gain insights into customers
Why might AI not always provide comprehensive answers in customer insights?
AI can’t give us the big answer; market research is still needed
What does competitive marketing intelligence involve?
Systematic monitoring, collection, and analysis of publicly available information about consumers and competitors
Define ‘marketing research’.
Links the consumer, customer, and public to the marketer through information used to identify and define opportunities and problems
What is the purpose of exploratory research?
To gather preliminary information that will help define the problem and suggest hypotheses
What type of research is used to describe marketing problems, situations, or markets?
Descriptive research
What is the main focus of causal research?
To test hypotheses about cause-and-effect relationships
What is the difference between qualitative and quantitative research?
Qualitative research uncovers emotions and reasons; quantitative research provides numerical data
Fill in the blank: Internal databases are electronic collections of consumer and market information obtained from _______.
Data sources within the company’s own network
What is the significance of a marketing information system (MKIS)?
Assesses information needs, develops needed information, and helps decision makers use it
What types of data can be gathered in marketing research?
Primary data and secondary data
What does observational research involve?
Gathering primary data by observing relevant people, actions, and situations
What is netnography research?
Studies online communities and their behaviors using qualitative methods
What is the purpose of survey research?
To gather descriptive information
What is primary data?
Information collected for a specific purpose at hand
What is secondary data?
Information that already exists and was collected for another purpose
What is probability sampling?
Every element in the population has a known chance of being selected for the study
What is non-probability sampling?
There is no way to calculate the likelihood that a specific element will be chosen
What are the three main types of probability sampling?
- Random sampling
- Stratified sampling
- Cluster sampling
What is the role of focus group interviewing?
To discuss important issues with a small group of people guided by an interviewer
