Chapter 4: Managing Marketing Information to Gain Customer Insights – Flashcards

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To create value for customers and build meaningful relationships with them, marketers must first gain
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Customer Insights
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Customer Insights are
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Fresh, diverse & deep knowledge into customers' needs and wants.
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Companies use customer insights to develop _____ advantage
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Competitive
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Company insights come from...?
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Good marketing information
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____ are difficult to obtain but necessary to create more value for customers & be more competitive
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Customer Insights
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To gain good customer insights, marketers must
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Effectively manage marketing information from a wide range of sources
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The real value of marketing research and marketing information lies in
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how it is used—in the customer insights that it provides.
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Define Customer Insights
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Fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships.
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Consumers are now generating tons of ________ marketing information
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Bottom-up
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Marketers don't need more information they need ______ information
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Better
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Marketers complain they lack
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Enough information of the right kind
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Customer insight groups
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Collect customer and market information from a variety of sources - then use that to develop customer insights
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Marketing information systems (MIS)
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People and procedures for 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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Marketing information systems (MIS) begins and ends with____ users.
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Information users
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Examples of information users include:
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Marketing managers, internal and external partners, and others who need marketing information.
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Characteristics of good Marketing Information Systems include:
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Provide relevant & timely information to company managers & external partners (suppliers, resellers, and service agencies).
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Suppliers, resellers, and service agencies are examples of
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External partners
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Marketing Information Systems need to balance
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The information users would like, against what they need & is feasible to get.
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The ______ begins and ends with users-assessing their information needs and then delivering information that meets those needs.
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marketing information systemDelivering information that meets those needs.
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Marketers can obtain the needed information from
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Internal data, Marketing intelligence, and Marketing research
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Internal data includes
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Internal databases, reports, and documents
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Internal databases
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Electronic collections of consumer and market information obtained from data sources within the company network
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Internal data can provide strong competitive advantage. Key information on customers such as
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Sales, websites visited, demographics, psychographics, service and satisfaction measures
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Source of customer insights about buying patterns
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Internal data
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Competitive Marketing Intelligence
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The systematic collection and analysis of publicly available information about consumers, competitors and developments in the marketplace
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Goal of Competitive Marketing Intelligence
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Improve strategic decision making by understand the consumer environment, assessing and tracking competitors actions, and providing early warnings of opportunities and threats
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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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Whereas marketing intelligence involves actively scanning the general marketing environment, marketing research involves
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More focused studies to gain customer insights relating to specific marketing decisions.
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4 steps in the marketing research process...
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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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the _____ step in the marketing research process is probably the most difficult but also the most important one
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First step
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The first step in the marketing research process
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Guides the entire research process
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The ___best understands decision for which information is needed
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Manager
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The researcher best understands
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Marketing research and how to obtain the information
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The marketing research project - 3 types of research
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Exploratory research, Descriptive research, Causal research
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Exploratory research-
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Objective is to gather preliminary information that will help define the problem and suggest hypotheses. Mangers often start with this.
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Mangers often start with this type of research
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Exploratory
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Descriptive research
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Describes things
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Causal research
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Tests hypothesis about cause and effect relationships
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Developing the Research plan
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Outlines sources of existing data
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Developing the Research plan
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Spells out the specific research approaches, contact methods, sampling plans, and instruments to gather data
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Secondary data consists of
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Information that already exists somewhere, having been collected for another purpose
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Advantages of secondary data
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Cost, Speed, Could not get data otherwise
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Disadvantages of secondary data
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Is it Current, Relevant, Accuracy, Impartial
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Researches usually start by gathering ___data? The company's internal provides a good starting point
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Secondary
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Companies can buy _____data reports from outside suppliers
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Secondary
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Primary data consists of
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Information gathered for the special research plan
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Commercial online databases are
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Collections of information available from online commercial sources or accessible via the internet
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secondary data can be obtained more quickly and at a lower cost than primary data
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True
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The researcher must evaluate secondary information carefully to make certain it is
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Relevant- (fits research project needs), accurate - (reliably collected and reported), current (up to date for current decisions), and impartial (objectively collected and reported)
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Secondary data helps define
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Research problems and objectives
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Planning Primary Data Collection calls for a number of decisions on
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Research approaches, Contact methods, Sampling plan, Research instruments
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Research approaches for gathering primary data include
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Observation, surveys, and experiments
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Observational research involves
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Gathering primary data by observing relevant people, actions, and situations
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Ethnographic research involves
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Sending trained observers to watch and interact with consumers in their natural environment
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What is the most widely used method for primary data collection and is best for descriptive information—knowledge, attitudes, preferences, and buying behavior
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Survey research
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Advantage of survey research
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Flexible
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Disadvantages of survey research
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People can be unable or unwilling to answer, Gives misleading or pleasing answers, Privacy concerns
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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 in for differences in group responses.
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Observation is best suited for ______ research
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Exploratory
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Surveys is best suited for ______ research,
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Descriptive
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Experimental research is best for
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gathering causal information—cause-and-effect relationships
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Contact methods- information can be collected by
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Mail, phone, personal interview, or online
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Contact methods include
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Online marketing research, Internet surveys, Online panels, Online experiments, Click-stream data, Online focus groups
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Mail questionnaires
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Used to collect large amounts of information at a low cost
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Questionnaires
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Most common, Administered in person, by phone, or online, Flexible
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Advantages of Mail questionnaires
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More honest answers, less bias
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Disadvantages of Mail questionnaires
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Not flexible - all respondents answer the same questions in a fixed order Takes longer to complete Response rate is low
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One of the best methods for gathering information quickly and provides greater flexibility than mail questionnaires.
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Telephone interviewing
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Disadvantages of Telephone interviewing
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Higher cost, interview bias, do-not-call lists
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Personal interviewing takes two forms
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Individual interviewing and group interviewing
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Individual interviewing
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Talk with people in their homes or offices, on the street, etc.
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more costly than telephone, but more flexible
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Individual interviewing
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(Focus) Groups Interviewing
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Six to 10 people, Trained moderator, widely used
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One of the major qualitative marketing research tools for gaining fresh insight into comer thoughts and feelings
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(Focus) Groups Interviewing
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Challenges of Focus groups interviewing
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Expensive, Difficult to generalize from small group, Consumers not always open and honest
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Online Research- Advantages
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Low cost, Speed, Higher response rates, Good for hard to reach groups
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___ tend to be more interactive and engaging,easier to complete, and less intrusive than traditional phone or mail surveys. As a result, they usually garner higher response rates
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Webbased surveys
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The internet is well suited to _____ research
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Quantitative
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Sample is
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A segment of the population selected for marketing research to represent the population as a whole
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What requires these three decisions: Who is to be studied? How many people should be studied? How should the people be chosen?
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Designing the sample
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Probability samples
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Each population member has a known chance of being included in the sample, and researchers can calculate confidence limits for sampling error.
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non probability samples
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Their sampling error cannot be measure
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Questionnaires
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Most common, Administered in person, by phone, or online, Flexible
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Include all possible answers, and subjects make choices among them
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Closed-end questions
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Closed-end questions
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Provide answers that are easier to interpret and tabulate
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Allow respondents to answer in their own word
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Open-end questions
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Open-end questions
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Useful in exploratory research
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Collecting the information Processing the information Analyzing the information Interpret findings Draw conclusions Report to management
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Implementing the Research Plan
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Customer Relationship Management (CRM)
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Managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty.
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Information distribution involves
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entering information into databases and making it available in a time-useable manner
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Intranet provides information to
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employees and other stakeholders
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Extranet provides information to
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key customers and suppliers
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