30 Questions
True or false: The marketing process starts with a complete understanding of the marketplace and consumer needs and wants.
True
True or false: The marketing information ecosystem (MIE) consists of people, processes, and assets dedicated to assessing managers’ information needs.
True
True or false: The marketing information ecosystem primarily serves the company’s marketing and other managers but may also provide information to external partners.
True
True or false: Increasingly, marketers are not viewing information as an important strategic asset and marketing tool.
False
True or false: Good information, well analyzed and used, not only helps the company make better decisions but also closes off new opportunities for growth and competitive advantage.
False
True or false: The MIE first assesses information needs and ends with customers.
False
Marketing Information System (MIS) only uses external databases for quick and cheap information.
False
Marketing intelligence activities focus solely on gathering data from internal databases.
False
The marketing research process includes defining the problem, developing a research plan, and interpreting findings, but does not involve implementing the plan.
False
Primary data collection methods in marketing research do not include digital analysis.
False
Companies do not use customer relationship management (CRM) platforms and marketing analytics to gain customer insights and assess marketing performance.
False
Traditional marketing research has not been affected by the emergence of new digital data gathering technologies.
False
Marketing research involves the systematic collection, analysis, and reporting of data relevant to a specific marketing situation.
True
Large companies often have their own research departments working independently of marketing managers on projects.
False
Marketing research projects have four types of objectives: exploratory, descriptive, causal, and experimental.
False
The research plan outlines the management problems addressed, research objectives, data sources, approaches, and timelines.
True
Observational research involves observing people, actions, and situations to gain customer insights.
True
Surveys and questionnaires are not commonly used for gathering descriptive information on consumer knowledge, attitudes, and preferences.
False
Big data refers to the huge and complex data sets generated by advanced data technologies, with an estimated 74 zettabytes of data created, captured, and consumed last year.
True
The global datasphere has grown tenfold in the past 10 years and is expected to double in size over the next three years.
True
A marketing information ecosystem (MIE) consists of people, processes, and assets dedicated to assessing managers’ information needs, developing the needed information, and helping managers apply that information to generate actionable customer and market insights.
True
Competitive marketing intelligence involves systematic monitoring, collection, and analysis of available information about competitors and marketplace developments to improve strategic decision making.
True
Marketing research involves formal, clearly purposed studies that provide customer and market insights to inform specific marketing questions and decisions, such as understanding customer reactions to new products or services.
True
Marketers often require formal studies to provide customer and market insights, such as understanding customer reactions to new products or services, for which they need marketing research.
True
True or false: The costs of obtaining, analyzing, storing, and delivering information can mount quickly, prompting companies to weigh the value of insights gained from additional information against the cost of providing it.
True
True or false: Behavioral targeting uses online consumer tracking data and analytics to target advertisements and marketing offers to specific consumers.
True
True or false: Experimental research involves selecting matched groups of participants, giving them different treatments, controlling unrelated factors, and checking for differences in group responses to explain cause-and-effect relationships.
True
True or false: Customer relationship management (CRM) involves managing detailed information about individual customers and using that information to maximize customer loyalty by carefully managing customer touch points.
True
True or false: The use of probability samples allows researchers to make accurate estimates of the preferences and behaviors of the larger population, while nonprobability samples are often used when probability sampling is costly or time-consuming.
True
True or false: Artificial intelligence (AI) is a technology by which machines think and learn in a way that looks and feels human but with a lot more analytical capacity.
True
Study Notes
Marketing in the Age of Big Data
- Consumers contribute massive amounts of data through online activities like browsing, blogging, social media interactions, and geolocation, overwhelming marketing managers.
- Big data refers to the huge and complex data sets generated by advanced data technologies, with an estimated 74 zettabytes of data created, captured, and consumed last year.
- The global datasphere has grown tenfold in the past 10 years and is expected to double in size over the next three years.
- Big data presents both opportunities and challenges for marketers, offering rich customer insights but requiring sophisticated analytics to process the overwhelming amount of information.
- Companies like Coca-Cola and Apple monitor millions of public conversations about their brands daily, necessitating better data and more useful information for customer insights.
- The real value of marketing data lies in the customer insights they provide, leading companies like General Mills, Unilever, and Starbucks to restructure their marketing information and research functions.
- A marketing information ecosystem (MIE) consists of people, processes, and assets dedicated to assessing managers’ information needs, developing the needed information, and helping managers apply that information to generate actionable customer and market insights.
- Many companies build internal databases compiling consumer and market data from various sources within the company network, providing powerful customer and market insights but requiring careful design and management.
- Competitive marketing intelligence involves systematic monitoring, collection, and analysis of available information about competitors and marketplace developments to improve strategic decision making.
- Marketing research involves formal, clearly purposed studies that provide customer and market insights to inform specific marketing questions and decisions, such as understanding customer reactions to new products or services.
- Marketing intelligence techniques range from observing consumers firsthand to analyzing competitors’ financial reports, conducting online research, and real-time social media monitoring.
- Marketers often require formal studies to provide customer and market insights, such as understanding customer reactions to new products or services, for which they need marketing research.
Managing Information for Effectiveness
- The Management Information Executive (MIE) must help managers define their information needs to avoid an oversupply of irrelevant data and the scarcity of useful data.
- The costs of obtaining, analyzing, storing, and delivering information can mount quickly, prompting companies to weigh the value of insights gained from additional information against the cost of providing it.
- The MIE must provide an easily accessible and searchable repository of data developed and kept by different parts of the company to prevent research efforts from being replicated.
- Interviews and focus groups are important qualitative marketing research tools for gaining consumer insights, with focus groups now being conducted virtually.
- Digital text analysis, using AI-driven automated analysis, is employed to gain insights from large volumes of text data posted by customers on digital platforms.
- Experimental research involves selecting matched groups of participants, giving them different treatments, controlling unrelated factors, and checking for differences in group responses to explain cause-and-effect relationships.
- Behavioral targeting uses online consumer tracking data and analytics to target advertisements and marketing offers to specific consumers.
- Mail surveys and questionnaires, while cost-effective, are time-consuming and garner low response rates, leading marketers to shift to faster, more flexible online and mobile surveys.
- Online marketing survey research involves collecting primary marketing research data through internet and mobile surveys, online focus groups, and online panels and brand communities.
- The use of probability samples allows researchers to make accurate estimates of the preferences and behaviors of the larger population, while nonprobability samples are often used when probability sampling is costly or time-consuming.
- Customer relationship management (CRM) involves managing detailed information about individual customers and using that information to maximize customer loyalty by carefully managing customer touch points.
- Artificial intelligence (AI) is a technology by which machines think and learn in a way that looks and feels human but with a lot more analytical capacity.
"Marketing Data and Information Management" Quiz: Test your knowledge on big data, marketing information ecosystems, research techniques, and customer insights. Explore the impact of AI and CRM on marketing strategies in the age of big data.
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