Podcast
Questions and Answers
What is one of the main objectives of marketing research related to problem identification?
What is one of the main objectives of marketing research related to problem identification?
Which of the following best describes the goal of problem solving in marketing research?
Which of the following best describes the goal of problem solving in marketing research?
In the context of marketing research, what does the phrase 'to anticipate' imply?
In the context of marketing research, what does the phrase 'to anticipate' imply?
Which of the following actions aligns with the primary objective of 'to test' in marketing research?
Which of the following actions aligns with the primary objective of 'to test' in marketing research?
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What type of question words are typically used in marketing research?
What type of question words are typically used in marketing research?
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What is the primary purpose of the overall ambition in the strategic marketing process?
What is the primary purpose of the overall ambition in the strategic marketing process?
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Which step in the strategic marketing process focuses on identifying opportunities?
Which step in the strategic marketing process focuses on identifying opportunities?
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What is developed during the Integrated Strategy phase of the strategic marketing process?
What is developed during the Integrated Strategy phase of the strategic marketing process?
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Which analysis is performed to inform strategic choices in marketing?
Which analysis is performed to inform strategic choices in marketing?
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What is the focus of the Execution and Evaluation phase in the strategic marketing process?
What is the focus of the Execution and Evaluation phase in the strategic marketing process?
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What type of research questions should the Marketing person ask customers for gaining insights?
What type of research questions should the Marketing person ask customers for gaining insights?
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What is the aim of identifying value potential within the marketing strategy?
What is the aim of identifying value potential within the marketing strategy?
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What role do Objectives/KPIs play in the marketing program?
What role do Objectives/KPIs play in the marketing program?
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What is one of the key criteria for selecting a research provider?
What is one of the key criteria for selecting a research provider?
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Which option is NOT considered a key criteria for briefing a research provider?
Which option is NOT considered a key criteria for briefing a research provider?
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What is the primary phenomenon of numeric anchoring?
What is the primary phenomenon of numeric anchoring?
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Which of the following is a type of provider mentioned for market research?
Which of the following is a type of provider mentioned for market research?
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What is the endowment effect also known as?
What is the endowment effect also known as?
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What is a consideration related to budget when selecting a research provider?
What is a consideration related to budget when selecting a research provider?
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Which statement best defines a cognitive bias?
Which statement best defines a cognitive bias?
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Which of the following criteria relates to the effectiveness of the research outcome?
Which of the following criteria relates to the effectiveness of the research outcome?
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What is an example of a framing effect?
What is an example of a framing effect?
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What is the importance of having a clear research objective when selecting a provider?
What is the importance of having a clear research objective when selecting a provider?
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What does neuromarketing primarily explore?
What does neuromarketing primarily explore?
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Which option best describes the relationship between 'coverage/scope' and the selection of a provider?
Which option best describes the relationship between 'coverage/scope' and the selection of a provider?
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In the context of briefing for a possible research provider, which of the following is critical for understanding the audience?
In the context of briefing for a possible research provider, which of the following is critical for understanding the audience?
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What does loss aversion explain in the context of the endowment effect?
What does loss aversion explain in the context of the endowment effect?
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How do cognitive biases affect consumer behavior?
How do cognitive biases affect consumer behavior?
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In what way does numeric anchoring affect estimates?
In what way does numeric anchoring affect estimates?
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What is the primary focus of market research?
What is the primary focus of market research?
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Which of the following is NOT typically included in the scope of marketing research?
Which of the following is NOT typically included in the scope of marketing research?
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What distinguishes internal research services from external research services?
What distinguishes internal research services from external research services?
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What are syndicated services in the context of marketing research?
What are syndicated services in the context of marketing research?
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Which of the following best describes the role of a consumer insight manager?
Which of the following best describes the role of a consumer insight manager?
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What is a key difference between customized research services and market reports?
What is a key difference between customized research services and market reports?
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What type of information might marketing research provide for a business?
What type of information might marketing research provide for a business?
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How are field services best described in the marketing research process?
How are field services best described in the marketing research process?
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What is the primary purpose of advanced analytics and AI in marketing according to the provided content?
What is the primary purpose of advanced analytics and AI in marketing according to the provided content?
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According to the content, which is NOT a use case for advanced data and AI in marketing?
According to the content, which is NOT a use case for advanced data and AI in marketing?
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Which company is cited as an example of using big data to enhance customer experience?
Which company is cited as an example of using big data to enhance customer experience?
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What strategy does Netflix implement to engage its subscribers effectively?
What strategy does Netflix implement to engage its subscribers effectively?
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The McKinsey study indicates that the use of advanced analytics in what sector can yield substantial value?
The McKinsey study indicates that the use of advanced analytics in what sector can yield substantial value?
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Which of the following is a key outcome of applying advanced analytics in marketing strategy?
Which of the following is a key outcome of applying advanced analytics in marketing strategy?
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Which factor is emphasized as crucial in transforming data into actionable insights?
Which factor is emphasized as crucial in transforming data into actionable insights?
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What does the case of Netflix illustrate about the impact of big data on customer experiences?
What does the case of Netflix illustrate about the impact of big data on customer experiences?
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Study Notes
IHEC Strategic Marketing 2024-2025
- Course offered by IHEC Brussels Management School
- Instructor: Olivier Schunck
- Contact: [email protected]
Participation details
- Use Wooclap.com
- Enter event code: YOURMIND4
- Participation link available via QR code
Session Review Task
- Students asked to recall key points from previous week's session in a few words
- Suggested responses: right timing, always around, bring value, not intrusive, offer you can't refuse
Course Outline
- Marketing's Journey: Brief history of marketing and its current state
- Strategic Marketing: Step-by-step explanation of marketing strategy
- Customer Centricity: Understanding customer behavior and needs, providing distinctive experiences
- Research & Insights: Customer intelligence driven by data and human insights
- Market & Competition: Achieving competitive advantage via innovation and uniqueness
- Brand & Purpose: Firm's brand identity, its purpose and being purpose driven.
- Responsible Marketing: Crisis-proof marketing strategies and incorporating sustainability and ethical considerations
- Digital & Social Marketing: Relevant strategies for the marketing strategies in the digital era.
- Emerging Technology: Emerging trends like Al, Gen AI and tech-led marketing reinvention
- Agile Marketing: Agile marketing operating models - resilient and adaptive.
Marketing Research Criticality
- Marketing research is integral to all steps of the strategic marketing process
- Crucial for:
- Overall ambition (vision, mission, goals)
- Situation analysis (external/internal, value potential)
- Marketing strategy (strategic choices, evaluation)
- Integrated marketing program (develop components, marketing mix)
- Execution and evaluation (implementation, monitoring)
Task - New Telecom Operator
- Students form groups of 2-3
- One person acts as "Marketing" and others as customers
- The "Marketing" person asks 2-3 research questions to gain customer insights
- This is to gain customer insights to develop new telecom services
TASK - Questions
- Marketing team enters questions asked in Wooclap.
- Other team members enter expected questions in Wooclap
TASK - Question Words
- Students choose "question word" keywords related to their understanding of the marketing research topic.
- These words will be entered in Wooclap
Marketing Research Basics
- Main objectives:
- Problem identification ("understand," "anticipate")
- Problem solving ("test," "measure," "take action")
Research Areas - Problem Identification
- Consumer behavior research
- Market potential research
- Market share research
- Brand image research
- Market characteristics research
- Business trends research
- Sales analysis research
- Competitive strengths research
- Technology adoption research
Research Objective 1 - "Known-Unknowns"
- Awareness of "known knowns" = what's known
- Awareness of "known unknowns" = aware of areas which aren't known currently
- Awareness of "unknown knowns" = things we could understand, but are currently unaware of
- Awareness of "unknown unknowns" = neither aware of nor capable of understanding
Research Objective 2 - Problem Solving
- Segment market potential
- Online engagement research
- Optimal product design research
- Concept testing
- Price elasticity research
- Impact of pricing policies
- Marketing mix optimization
- Channel margin research
- Optimal coverage analysis
What is Marketing Research?
- Function that links consumer, customer, and public to marketer
- Identifying/ defining marketing problems or opportunities
- Generating, refining, and evaluating marketing actions
- Monitoring performance and understanding process
- Specifies required information, designs methodology, manages & implements data collection process, analyzes results, communicates findings and implications
A bit of Terminology
- Market research and marketing research are often used interchangeably
- At the core of both definitions is a consumer/customer understanding
- Marketing research can incorporate macro-business environment monitoring, competitive analyses, and business risk assessment
Providers of Research Services
- Internal: Firm's own team(s) (with varying organizational alignment) which provide research services
- External: External companies hired to support marketing research services
- Full-service suppliers (offer a comprehensive range)
- Limited-service suppliers (specialize in particular aspects/services)
Providers of External Services
- Criteria for selecting external providers: data reliability, scope, tailored solutions, tools & methods, analysis, expertise, and pricing
- Tools/Methods: Surveys, interviews, focus groups, field trials, product testing, analytical services.
Main Sources of Data
- Secondary data: Data collected by others for other purposes (transactional data, social media, publications, industry reports, etc.)
- Primary data: Data collected first hand for a specific objective (surveys, interviews, focus groups, field trials, product testing, etc.)
Primary Data- Qualitative & Quantitative
- Qualitative research: Exploratory, unstructured, small samples (expert interviews, shadowing, mind maps, diaries/journals, focus groups, etc.)
- Quantity research: Measuring, usually through metrics and statistical analysis (focus groups, social media scans, desirability testing, etc.)
In the Digital Era: Strong Focus on Quantitative Methods
- Before Big Data: Partial, internal data, difficult/costly collection & analysis
- Now (with Big Data): Comprehensive data, easier/faster and more cost-effective analysis, and advanced analytics.
Explosive growth of Big Data/Al
- Data is big, growing fast.
What is Data?
- Information, facts, numbers, used in decision-making
- Digital form suitable for computer processing, transmission, and storage
TASK – Customer Data of Telco Company
The emergence of ‘Big Data’
Big data unlocks new potential...
- From descriptive (what happened) to predictive (what will happen) and prescriptive (how to make it happen) to augmented analytics (seamless, synergistic Al-driven customer experience)
Big Data remains untapped...
- Reasons: Poor data usage (lack of clear strategy, insufficient quality, inadequate infrastructure, limited analytics skills, fragmented data sources)
- Additional Challenges (inability to access real-time data, data privacy concerns, lack of executive sponsorship.
From Data, To Insight, To Action
Data Science & AI / Anthropology/Ethnography
- Data Science & Al: Big data, quantitative, hypothesis-driven, analytical methods, vast amount of data, extrapolation, linear
- Anthropology/Ethnography: Thick data, qualitative, observation-driven, experiential immersion, smaller samples, exploration, iterative
Leveraging Mixed Research Methods (Qual/Quant)
Integrating Psychology & Behavioral Economics
- Study of psychological/cognitive factors involved in decisions, deviation from traditional economic theory
- Primarily concerned with the bounds of rationality.
Behavioral Economics Examples
- Anchoring bias: Initial reference point influences subsequent judgments (e.g., pricing).
- Endowment effect: People value items they own more than those they don't (e.g., keeping a mug vs. purchasing one).
- Cognitive biases: Systematic deviations from rationality in judgment (e.g., framing effect).
Neuroscience applied in Marketing
- Neuromarketing: Application of neuroscience & cognitive science in marketing; tries to discover customer needs/motivations/preferences not revealed by traditional methods.
- Appealing across the senses: Multisensory stimuli often strengthen brand impressions & memories.
Thank You!
- Contact details for questions or feedback
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Description
This quiz covers key points from the IHEC Brussels Management School's Strategic Marketing course. Students are expected to articulate insights from the previous week's session, emphasizing critical elements in marketing strategy and customer experience. Test your knowledge on strategic concepts and the current state of marketing.
