Podcast
Questions and Answers
What is a primary disadvantage of using secondary data for marketing research?
What is a primary disadvantage of using secondary data for marketing research?
- Speedy access to data
- Cost-effective
- May not be current (correct)
- Relevant and accurate
What is the definition of Customer Insights?
What is the definition of Customer Insights?
- General information about customers
- Deep insights into customers' needs and wants (correct)
- Marketing intelligence on customer preferences
- Random observations about customers' behaviors
What does Marketing Intelligence involve?
What does Marketing Intelligence involve?
- Sending trained observers to watch and interact with consumers in their natural environment
- Gathering primary data by observing relevant people, actions, and situations
- Systematic collection and analysis of publicly available information about consumers, competitors, and marketplace developments (correct)
- Systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation
What is the main purpose of an internal database in marketing?
What is the main purpose of an internal database in marketing?
What is the characteristic of a good Marketing Information System (MIS)?
What is the characteristic of a good Marketing Information System (MIS)?
What is the purpose of forming customer insights teams in companies?
What is the purpose of forming customer insights teams in companies?
What is the main advantage of using primary data for marketing research?
What is the main advantage of using primary data for marketing research?
What is the focus of survey research in marketing?
What is the focus of survey research in marketing?
'Ethnographic research' involves:
'Ethnographic research' involves:
What is the main focus of experimental research in marketing?
What is the main focus of experimental research in marketing?
Which phase of the Marketing Research Process involves outlining sources of existing data and specific research approaches?
Which phase of the Marketing Research Process involves outlining sources of existing data and specific research approaches?
Flashcards
Secondary Data Disadvantages
Secondary Data Disadvantages
Secondary data might not perfectly match your research needs, and it could be outdated or collected for different reasons.
Customer Insights
Customer Insights
Understanding consumer behavior, preferences, and why they buy things.
Marketing Intelligence
Marketing Intelligence
Gathering and analyzing data about competitors, trends, and customers to make smart decisions.
Internal Database Purpose
Internal Database Purpose
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Good MIS Characteristics
Good MIS Characteristics
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Customer Insights Teams
Customer Insights Teams
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Primary Data Advantage
Primary Data Advantage
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Survey Research Focus
Survey Research Focus
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Ethnographic Research
Ethnographic Research
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Experimental Research Focus
Experimental Research Focus
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Marketing Research Process - Define the Problem Phase
Marketing Research Process - Define the Problem Phase
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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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