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Questions and Answers
What is a primary disadvantage of using secondary data for marketing research?
What is the definition of Customer Insights?
What does Marketing Intelligence involve?
What is the main purpose of an internal database in marketing?
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What is the characteristic of a good Marketing Information System (MIS)?
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What is the purpose of forming customer insights teams in companies?
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What is the main advantage of using primary data for marketing research?
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What is the focus of survey research in marketing?
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'Ethnographic research' involves:
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What is the main focus of experimental research in marketing?
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Which phase of the Marketing Research Process involves outlining sources of existing data and specific research approaches?
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Study Notes
Disadvantages of Secondary Data
- Secondary data may not fully align with the specific needs of the marketing research question.
- It can lack accuracy or relevance since it was collected for different purposes.
Customer Insights Definition
- Customer insights refer to the understanding of consumer behavior, preferences, and motivations that drive buying decisions.
Marketing Intelligence
- Marketing Intelligence involves the systematic collection and analysis of data regarding competitors, market trends, and consumer preferences to inform strategic decisions.
Internal Database Purpose
- An internal database in marketing serves as a centralized repository of customer information, sales data, and marketing activities to support targeted strategies and decision-making.
Characteristics of Good Marketing Information System (MIS)
- A good MIS should provide timely, accurate, relevant, and actionable information to assist marketers in making informed decisions.
Purpose of Customer Insights Teams
- Customer insights teams are formed to analyze data and generate actionable insights that improve customer engagement and enhance business strategy.
Advantages of Primary Data
- The main advantage of using primary data is that it is specific to the research objectives, ensuring relevance and reliability in addressing the research question.
Focus of Survey Research
- Survey research in marketing focuses on gathering quantitative data directly from consumers to understand their preferences, attitudes, and behaviors.
Ethnographic Research
- Ethnographic research involves immersive observation and interaction with customers in their natural environments to understand their behaviors and experiences.
Experimental Research Focus
- Experiential research in marketing centers on assessing cause-and-effect relationships by manipulating variables in controlled scenarios to observe consumer responses.
Marketing Research Process Phase
- The phase of the Marketing Research Process that involves outlining sources of existing data and specific research approaches is the ‘Define the Problem’ phase.
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Description
Test your knowledge of managing marketing information to gain customer insights with this quiz. Explore the challenges of obtaining customer insights, the formation of customer insights teams, and the effective use of existing information.
