Ch.4: Managing Marketing Info to Gain Customer Insights (TERMS) – Flashcards
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Big data
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The huge and complex data sets generated by today's sophisticated information generation, collection, storage, and analysis technologies.
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Customer insights
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Fresh marketing information-based understandings of customers and the marketplace that become the basis for creating customer value, engagement, and relationships.
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Marketing information system (MIS)
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People and procedures dedicated to assessing information needs, developing the needed information and helping decision makers to use the information to generate and validate actionable customer and market insights.
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Internal databases
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Collections of consumer and market information obtained from data sources within the company network.
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Competitive marketing intellegence
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The systematic monitoring, collection, and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.
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Marketing research
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The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
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Exploratory research
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Marketing research to gather preliminary information that will help define problems and suggest hypotheses.
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Descriptive research
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Marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product of the demographics and attitudes of consumers.
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Casual research
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Marketing research to test hypotheses about cause-and-affect relationships.
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Secondary data
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Information that already exists somewhere, having been collected for another purpose.
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Primary data
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Information collected for the specific purpose at hand.
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Observational research
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Gathering primary data by observing relevant people, actions, and situations.
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Ethnographic research
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A form of observational research that involves sending trained observers to watch and interact with consumers in their "natural environments."
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Survey research
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Gathering primary data by asking people questions about their knowledge, attitudes preferences, and buying behavior.
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Experimental research
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Gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses.
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Focus group interviewing
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Personal interviewing that involves inviting 6 to 10 people to gather for a few hours with a trained interviewer to talk about a product, service, or organization. The interviewer "focuses" the group discussion on important issues.
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Online marketing research
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Collecting primary data online through internet surveys, online focus groups, Web-based experiments, or tracking of consumers' online behavior.
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Online focus groups
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Gathering a small group of people online with a trained moderator to chat about a product, service, or organization and gain qualitative insights about consumer attitudes and behavior.
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Behavioral targeting
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Using online consumer tracking data to target advertisements and marketing offers to specific consumers.
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Sample
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A segment of the population selected for marketing research to represent the population as a whole.
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Customer relationships management (CRM)
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Managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty.
