Marketing Chapter 4 Flashcards

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?

The systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment. Signup and view all the answers

What is marketing research?

The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation. Signup and view all the answers

What is exploratory research?

Marketing research to gather preliminary information that will help define problems and suggest hypotheses. Signup and view all the answers

What is descriptive research?

Marketing research to better describe marketing problems, situations, or markets. Signup and view all the answers

What is causal research?

Marketing research to test hypotheses about cause-and-effect relationships. Signup and view all the answers

What is secondary data?

Information that already exists somewhere, having been collected for another purpose. Signup and view all the answers

What is primary data?

Information collected for the specific purpose at hand. Signup and view all the answers

What are commercial online databases?

Computerized collections of information available from online commercial sources or via the Internet. Signup and view all the answers

What is observational research?

Gathering preliminary data by observing relevant people, actions, and situations. Signup and view all the answers

What is ethnographic research?

A form of observational research that involves sending trained observers to watch and interact with consumers in their natural habitat. Signup and view all the answers

What is survey research?

Gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior. Signup and view all the answers

What is experimental research?

Gathering primary data by selecting matched groups of subjects and checking for differences in group responses. Signup and view all the answers

What is focus group interviewing?

Personal interviewing involving 6 to 10 people with a trained interviewer discussing a product, service, or organization. Signup and view all the answers

What is online marketing research?

Collecting primary data online through Internet surveys, online focus groups, or tracking consumer behavior. Signup and view all the answers

What are online focus groups?

Gathering a small group of people online with a trained moderator to chat about a product or service. Signup and view all the answers

What is a sample in marketing research?

A segment of the population selected for marketing research to represent the population as a whole. Signup and view all the answers

What are the steps in the Marketing Research Process?

<ol> <li>Defining the problem 2) Developing the research plan 3) Implementing the plan 4) Interpreting and reporting findings.</li> </ol> Signup and view all the answers

What are the types of research objectives in step 1?

<ol> <li>Exploratory research 2) Descriptive research 3) Causal research.</li> </ol> Signup and view all the answers

What should be included in developing a research plan?

Determining the exact information needed, developing an efficient gathering plan, and presenting it to management. Signup and view all the answers

What are the pros of secondary data?

Available more quickly and at a lower cost than primary data. Signup and view all the answers

What are the cons of secondary data?

Desired information may not exist, and not all information is usable. Signup and view all the answers

What are the tools for Primary Data Collection Decisions?

Research approaches include observation, survey, and experiment. Signup and view all the answers

What are the pros of individual and group interviewing?

Highly flexible method that can gather a great deal of data quickly. Signup and view all the answers

What are the steps in implementing the research plan?

<ol> <li>Determining sampling plan 2) Collecting the data 3) Processing the data 4) Analyzing the data.</li> </ol> Signup and view all the answers

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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Description

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!