Questions and Answers
What are customer insights?
Fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships.
What is a Marketing Information System (MIS)?
People and procedures for assessing information needs, developing the needed information, and helping decision makers to use the information.
What are internal databases?
Electronic collections of consumer and market information obtained from data sources within the company network.
What is marketing intelligence?
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What is marketing research?
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What is exploratory research?
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What is descriptive research?
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What is causal research?
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What is secondary data?
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What is primary data?
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What are commercial online databases?
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What is observational research?
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What is ethnographic research?
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What is survey research?
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What is experimental research?
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What is focus group interviewing?
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What is online marketing research?
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What are online focus groups?
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What is a sample in marketing research?
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What are the steps in the Marketing Research Process?
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What are the types of research objectives in step 1?
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What should be included in developing a research plan?
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What are the pros of secondary data?
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What are the cons of secondary data?
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What are the tools for Primary Data Collection Decisions?
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What are the pros of individual and group interviewing?
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What are the steps in implementing the research plan?
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Study Notes
Customer Insights
- Fresh understandings of customers and the marketplace derived from marketing information.
- Forms the basis for creating customer value and building relationships.
Marketing Information System (MIS)
- Comprises people and procedures to assess information needs.
- Develops information to assist decision-makers in generating actionable insights.
Internal Databases
- Electronic collections of consumer and market information sourced from within the company.
Marketing Intelligence
- Systematic collection and analysis of publicly available information about consumers, competitors, and the marketing environment.
Marketing Research
- Involves the systematic design, collection, analysis, and reporting of relevant data for marketing situations.
Exploratory Research
- Gathers preliminary information to define problems and suggest hypotheses.
Descriptive Research
- Provides better descriptions of marketing problems, situations, or markets, including demographics and consumer attitudes.
Causal Research
- Tests hypotheses regarding cause-and-effect relationships.
Secondary Data
- Information that already exists and has been collected for another purpose.
Primary Data
- Information collected specifically for the current research purpose.
Commercial Online Databases
- Computerized collections of information available from online commercial sources or the Internet.
Observational Research
- Collects preliminary data through the observation of relevant individuals, actions, and situations.
Ethnographic Research
- A type of observational research involving trained observers interacting with consumers in their natural environments.
Survey Research
- Gathers primary data by asking people questions regarding their knowledge, attitudes, preferences, and behaviors.
Experimental Research
- Involves selecting matched groups of subjects and providing them with different treatments to check for response differences.
Focus Group Interviewing
- Involves 6 to 10 people discussing a product or service with a trained interviewer, focusing on important issues.
Online Marketing Research
- Collects primary data through Internet surveys, online focus groups, and tracking online consumer behavior.
Online Focus Groups
- Small groups discuss a product or service online with a trained moderator to obtain qualitative consumer insights.
Sample
- A segment of the population chosen for marketing research to represent the larger population.
Marketing Research Process
- Four steps: 1) Define the problem and objectives, 2) Develop the research plan, 3) Collect and analyze data, 4) Interpret and report findings.
Step 1: Defining Problem and Objectives
- Research objectives categorized into exploratory, descriptive, and causal types.
Step 2: Developing Research Plan
- Determines needed information and outlines sources, approaches, methods, sampling plans, and data collection instruments.
Pros and Cons of Secondary Data
- Pros: Quick and low-cost availability; may provide otherwise unattainable data.
- Cons: Desired information may not exist; not all data is usable—must be relevant, accurate, current, and impartial.
Primary Data Collection Decisions
- Approaches: Observation, survey, experiment.
- Contact methods: Mail, telephone, personal, online.
- Sampling plan includes unit, size, and procedure.
- Research instruments can be questionnaires or mechanical tools.
Individual and Group Interviewing Pros and Cons
- Pros: Flexible, gathers extensive data, good sample control, high response rate.
- Cons: High cost per respondent; subject to interviewer bias.
Implementing the Research Plan
- Steps: Determine sampling plan, collect data, process data, analyze data.
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Test your knowledge with these flashcards for Marketing Chapter 4. Each card contains key terms and their definitions, focusing on customer insights and Marketing Information Systems. Perfect for mastering the essential concepts in marketing!