Chapter 4: Marketing Info – Flashcards
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What is the first step of the marketing process?
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Understanding marketplace and customer wants/needs
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Where do you start when gathering information?
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Consumer insights
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Consumer insights
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Fresh understandings of customers and marketplace derived from marketing info that become basis for creating customer value and relationships
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Marketing information system
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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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How does the marketing information system work?
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1. Assessing information needs 2. Developing needed information - internal databases, marketing intelligence, marketing research 3. Analyzing and using information
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Where do marketers get marketing information?
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1. Internal databases 2. Marketing intelligence 3. Marketing research
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Internal databases
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Electronic collections of consumer and market info obtained from data sources within company
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Marketing intelligence
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Collection and analysis of publicly available info about consumers, competitors, and developments in the market place
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Marketing research
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Systematic design, collection, and analysis of data relevant to a specific marketing situation (customized or new information)
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What are the four steps of marketing research?
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1. Define 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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What are the three types of research objectives?
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1. Exploratory research 2. Descriptive research 3. Causal research
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Exploratory research
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No clear understanding of the problem - get consumer reactions/opinions ex: why did sales go down?
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Descriptive research
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Describe target - who, what, when, where, why ex: focus groups to figure out what consumers want
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Causal research
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Cause and effect, ex: determining price (test/experiment) ex: determine which type of pizza
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Secondary data
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Information that already exists somewhere, having been collected for another purpose (databases, search engines)
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Primary data
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Information collected for the specific purpose at hand
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What are the three type of research approaches for collecting primary data?
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1. Observational research 2. Survey research 3. Experimental research
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Observational research
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Gathering primary data by observing relevant people, actions, and situations
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Survey research
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Asking people questions about their knowledge, attitudes, preferences, and buying behavior
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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
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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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Netnography
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Observing what consumers are doing online, cross between ethnography and online research
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Which research approach is best for exploratory research?
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Observational research
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Which research approach is best for descriptive research?
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Survey research
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Which research approach is best for causal research?
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Experimental research
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Focus group
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6-10 people in a group setting with a trained moderator who gathers opinions, motivations, and insights
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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 online behavior
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What are some advantages of online marketing research?
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-faster -flexible -cost-effective
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Sample
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Segment of the population selected for marketing research to represent population as a whole
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Name the two research instruments used in collecting primary data
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1. Questionnaires 2. Mechanical instruments - people meters, checkout scanners, neuromarketing
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Neuromarketing
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Measuring brain activity to learn how consumers feel and respond to brands and marketing
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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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What are some examples of touch points?
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customer purchases, sales force contacts, service and support calls, online site visits, satisfaction surveys, credit and payment interactions - every contact between a customer and a company
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What are the benefits of CRM?
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better customer service, deeper customer relationships, target customers more efficiently
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Information distribution
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Entering info into databases and making it available in a time useable manner - through intranet, extranet, CRM
