Marketing test 1 Chapter 4 – 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. insights to customer needs and wants. Important but difficult to obtain needs and buying motives not obvious, customers usually cant tell you what and why. Better info more effective use of existing info.
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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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Developing marketing information
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Marketers can obtain the needed information from internal data, marketing intelligence, marketing research
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Internal databases
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Collections of consumer and market infomation obtained from data sources within the company network (collection of data can come from instore and online transactions) kroger card knows what you buy . facebook knows you
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Competitive marketing intelligence
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The systematic monitoring collection, and analysis of publicly available information about consumers, competitors, and developments in the marketing environment. ex: JD power company seal for customer stisfaction
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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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The marketing research process
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1) Defining the problem and research objectives 2) developing 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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Secondary data
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is information that already exists somewhere, having been collected for another purpose (obtained for the marketing JD Power Data) advantages to gathering secondary data: lower cost, obtained quickly, cannot collect otherwise. Disadvantages data may not be relevant, accurate, current, impartial. also using commercial online databases and internet search engines
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Primary data
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is information collected for the specific purpose at hand, study you commission four types Research approaches, contact methods, sampling plan, research instruments.
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Primary Data collection
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Survey Research, experimental research, focus group (personal contact method), online contact methods, a sample, a questionnaire, mechanical research methods
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P Survey research
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involve gathering primary data by asking people questions about their knowledge, attitudes, preferences and buying behavior
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P experimental research
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involves 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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Contact methods
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Mail, telephone, and personal Interviewing
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P Focus Group- Personal contact Method
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Six to 10 people, trained moderator, challenges include: expensive, difficult to generalize from small group, and consumers not always open and honest, few hours long
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P online contact methods
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Collecting primary data online through internet surveys, online focus groups, web-based experiments, or tracking of consumers' online behavior adv: low cost, speed, higher response rates, good for hard to reach groups.
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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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P sample
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a sample is a segment of the population selected for marketing research to represent the population as a whole
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P research instruments-questionnaires
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most common, in person, by phone, or online, flexible, researchers must be careful with wording and ordering of questions (close-ended, open-ended) useful in exploratory research
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P mechanical devices
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People meters, checkout scanners, neuromarketing
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P Observational research
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Gathering primary data by observing relevant people, actions, and situations
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P 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 environment" (sending people to jungle to see how lady washes her hair carefully with only 3 cups of water)
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P Behavioral targeting
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Using online consumer tracking data to target advertisements and marketing offers to specific consumers
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Types of Samples Probability sample
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Simple random sample - Every member of pop. has a known and equal chance of selection Stratified random sample - pop. is divided into mutually exclusive groups (such as age groups) and random samples are drawn form each group Cluster (area) sample - pop. is divided into mutually exclusive groups (such as blocks) and the researcher draws a sample of the groups to interview.
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Types of Samples Non probability Sample
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Convenience Sample - The researcher selects the easiest population members from which to obtain info. 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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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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Marketing Research
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Implementing the research plan: collecting the information, processing the information, analyzing the information. Interpreting and Reporting Findings: interpret findings, draw conclusion, report to management.
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A marketing research project might have one of three types of objectives
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Exploratory research, Descriptive research, causal research.
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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 or the demographics and attitudes of consumers.
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Causal research
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marketing research to test hypotheses about cause and effect relationships.
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Customer relationship management (CRM)
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Managing detailed information about individual customers and carefully managing customer tough points to maximize customer loyalty
