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17 Cards in this Set
- Front
- Back
What is the definition of customer insights?
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Fresh understandings of customers and the marketplace derived from marketing information that becomes the basis for creating customer value and relationships.
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Describe marketing information systems (MIS).
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Marketing information system (MIS): people and procedures for assessing informal needs, developing the needed information and helping the decision-makers to use the information to generate and validate actionable customer and market insights.
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What is the trick when it comes to a good marketing system?
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A good marketing information system balances the information users would like to have, against what they really need and what is feasible to offer.
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How can marketers obtain the needed information?
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From internal data and marketing intelligence,
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Explain internal data.
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Electronic collections of consumer and market information obtained from data sources within the company network. Information in the database can come from many sources such as: customer transactions, demographics, psychographics and buying behavior. It can also be financial statements, records of customer satisfaction and service problems, production schedules, etc.
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Explain marketing intelligence.
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The systematic collection and analysis of publicity available information about consumers, competitors and developments in the marketplace
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What is the marketing research?
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Marketing research is the systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organization. The marketing research process has four steps:
1. Defining the problem and research objectives 2. Developing the research plan for collecting information 3. Implementing the research plan - collecting and analyzing the data 4. Interpreting and reporting the findings |
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Further explain the first step of marketing research.
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1. Defining the problem and research objectives
- Managers often start with exploratory research and later follow with descriptive or casual research - Exploratory research: marketing research to gather preliminary information that will help define problems and suggest hypotheses → the approach is suitable in situations where marketing researchers have few ideas about how to deal with the marketing problem at hand - Descriptive research: marketing research to better describe marketing problems, situations or markets, such as the market potential for a product or the demographics and attitudes of customers - Casual research: marketing research to test hypotheses about cause-and-effect relationships |
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Further explain the second step of marketing research.
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2. Developing the research plan for collecting information
- Once the research problems and objectives have been defined, researchers must determine the exact information needed, develop a plan for gathering it efficiently, and present the plan to management - The data can be secondary or primary |
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Further explain the third step of marketing research.
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3. Implementing the research plan – collecting and analyzing the data
- Collecting, processing and analyzing the information |
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Further explain the fourth step of marketing research.
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4. Interpreting and reporting the findings
- Interpreting findings, draw conclusions and report them to management. |
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How can secondary data be gathered?
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Secondary data can usually be obtained more quickly and at a lower cost than primary data. Secondary data can be collected from:
- The company database - Commercial online databases |
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Describe primary data collection.
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Primary data calls for a number of decisions on:
- Research approaches o Observation o Survey o Experiment - Contact methods o Mail o Telephone o Personal o Online - Sampling plan o Sampling unit o Sample size o Sampling procedure - Research instruments o Questionnaire o Mechanical instruments |
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What is ethnographic research?
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Ethnographic research: a form of observational research that involves sending trained observers to watch and interact with consumers in their natural habitat.
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What is focus group interviewing?
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Focus group interviewing: personal interviewing that involves inviting six to 10 people to gather a few hours with a trained interviewer to talk about a product, service, organization or idea.
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What is CRM?
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Customer relationship management: managing detailed information about individual customers and carefully managing customer “touch points” to maximize customer loyalty.
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What can be the problems with international marketing research?
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International marketing research: almost the same as domestic research, but there are more problems such as more diverse markets, cultural differences, different attitudes etc.
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