question

Big Data

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

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MIS

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A good MIS balances the information users would like to have against -What they really need -What is feasible to offer

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internal databases

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collections of consumer and market information obtained from data sources within the company network. -accessed quickly and cheap

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techniques

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-Observing consumers firsthand -Quizzing the company's own employees -Benchmarking competitors' products -Conducting online research -Monitoring social media buzz

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marketing research

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Systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization

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marketing research process steps

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1)defining the problem and research objectives 2)developing the research plan for collecting info 3)implementing research plan-collecting and analyzing data 4)interpreting and reporting findings

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exploratory research

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-Used to gather preliminary information -Helps to define problems and suggest hypotheses

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descriptive research

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Used to better describe the market potential for a product or the demographics and attitudes of consumers

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casual research

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Used to test hypotheses about cause-and-effect relationships

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research plan

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outline sources of existing data -specific research approaches -contact methods -sampling plans -instruments that researchers will use to gather new data

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secondary data

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Information that already exists Collected for another purpose

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sources

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-Company's internal database -Purchased from outside suppliers -Commercial online databases -Internet search engines

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secondary data advantages

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low cost, obtained quickly, company can't collect it on its own

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secondary disadvantages

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potentially irrelevant, inaccurate, dated, biased

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observational research

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Gathering primary data by observing relevant people, actions, and situations *Ethnographic research*: Sending trained observers to watch and interact with consumers in their natural environments

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survey research

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Asking people questions about their knowledge, attitudes, preferences, and buying behavior, flexibility, but some may not be willing to respond

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experimental research

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Selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses -best for gathering casual info

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online listening

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Provides valuable insights into what consumers are saying or feeling about a brand, looks at brand related comments, messages, blogs, social media sites

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behavioral targeting

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Uses online consumer tracking data to target advertisements and marketing offers to specific consumers, movements across online sites

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social targeting

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Mines individual online social connections and conversations from social networking sites -friend on twitter just bought shoes

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sample

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is a segment of the population selected to represent the population as a whole.

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sample unit

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People to be studied

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sample size

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Number of people to be studied

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sampling procedure

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Method of choosing the people to be studied

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probability samples

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*Simple random sample*: Every member of the population has a known and equal chance of selection. *Stratified random sample*: The population is divided into mutually exclusive groups (such as age groups), and random samples are drawn from each group. *Cluster (area) sample*: The population is divided into mutually exclusive groups (such as blocks), and the researcher draws a sample of the groups to interview.

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non probability samples

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*Convenience sample*: The researcher selects the easiest population members from which to obtain information. *Judgment sample*: The researcher uses his or her judgment to select population members who are good prospects for accurate information. *Quota sample*: The researcher finds and interviews a prescribed number of people in each of several categories.

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probability vs nonprobability

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probability is more expensive and takes more time

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customer relationship management CRM

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Managing detailed information about individual customers -Carefully managing customer touch points to maximize customer loyalty -Consists of software and analysis tools that *Integrate customer information from all sources *Analyze data in depth *Apply the results

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marketing analytics

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

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internation marketing problems

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Dealing with diverse markets Finding good secondary data in foreign markets Developing good samples Reaching respondents Handling differences in culture, language, and attitudes toward marketing research The cost of research is high, but the cost of not doing it is higher.

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intrusions on consumer privacy

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Failure to address privacy issues results in -Angry, less cooperative consumers -Increased government intervention

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best approach for researchers on consumer privacy

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Asking only for the information needed Using the information responsibly to provide customer value Avoiding sharing the information without the customer's permission

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Competitive marketing intelligence uses _________ data sources.

answer

publicly available

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To develop needed information, marketing information systems utilize _________.

answer

internal databases, marketing intelligence, and marketing research

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Competitive marketing intelligence is primarily responsible for _____________.

answer

the systematic collection and analysis of publicly available information

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A colleague needs to collect descriptive data about his customer's attitudes. He has not done this type of research before. What research approach would you recommend to best suit this research project?

answer

a survey

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A researcher must always evaluate secondary information carefully; however, the researcher does not need to ensure the evaluation is __

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subjective

question

A company is conducting market research to determine the best areas to sell its product. It has already determined its research questions. What is the next step of this company's research plan?

answer

Collect the data.

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Which of the following BEST describes the research relationships?

answer

Observation is best suited for exploratory research, surveys for descriptive research, and experiments for causal research.

question

Any contact between a customer and a company is called a(n) _________.

answer

touch point

question

A power tool company wants to give its customers access to internal, non-public information about how best to use its product in creative ways. What should the company create to provide customers with this information?

answer

A company extranet

question

Lydia's Lights wants to extend its market into Mexico. Before jumping in, the company needs to conduct some in-depth research to gauge customer's needs, interests, and buying patterns. Which of the following is the BEST option for Lydia's Lights?

answer

Send researchers door-to-door to collect the data from target consumers.

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