Marketing Information and Big Data Quiz
48 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the main purpose of competitive marketing intelligence?

  • To develop new marketing strategies from scratch
  • To conduct surveys among existing customers
  • To monitor and collect publicly available information (correct)
  • To analyze internal company data

    • Which type of research is aimed at suggesting hypotheses based on preliminary information?

  • Causal research
  • Comparative research
  • Descriptive research
  • Exploratory research (correct)

    • What constitutes secondary data in marketing research?

  • Data generated from focus groups
  • Data exclusively gathered through interviews
  • Newly collected data from surveys
  • Data previously collected for a different purpose (correct)

    • What is a marketing research department likely to do?

    <p>Conduct variety of research including causal and descriptive</p> Signup and view all the answers

    What does the research plan aim to outline?

    <p>Sources of existing data and specific research approaches</p> Signup and view all the answers

    What is the goal of causal research in marketing?

    <p>To test hypotheses about cause-and-effect relationships</p> Signup and view all the answers

    Which of the following is NOT a part of the marketing research process?

    <p>Gathering product inventory</p> Signup and view all the answers

    Why might a smaller company hire outside research specialists?

    <p>Due to a lack of expertise or resources for research</p> Signup and view all the answers

    What is a potential disadvantage of personal interviewing?

    <p>Increased interviewer bias</p> Signup and view all the answers

    Which of the following is a cost-related concern in individual personal interviews?

    <p>They can cost three to four times more than telephone interviews</p> Signup and view all the answers

    What is an advantage of online marketing research?

    <p>Speed and low costs of data collection</p> Signup and view all the answers

    How does behavioral targeting differ from social targeting?

    <p>Social targeting mines individual online social connections</p> Signup and view all the answers

    What is a key limitation of focus group interviewing?

    <p>It may lead to participants being less open and honest</p> Signup and view all the answers

    What is a challenge faced in using online surveys?

    <p>Respondents' reluctance to share personal information</p> Signup and view all the answers

    In group interviews, what role does the moderator play?

    <p>They facilitate discussion and encourage participation</p> Signup and view all the answers

    Which aspect of interviewing can potentially lead to challenges in generalizing findings?

    <p>Using small samples to reduce costs in focus groups</p> Signup and view all the answers

    What is a major concern regarding online behavioral targeting?

    <p>Invasion of consumer privacy</p> Signup and view all the answers

    What is the primary purpose of creating a sample in marketing research?

    <p>To represent the total population accurately</p> Signup and view all the answers

    Which of the following is NOT a type of question typically used in questionnaires?

    <p>Hypothetical questions</p> Signup and view all the answers

    What are mechanical instruments used for in marketing research?

    <p>To monitor consumer behavior</p> Signup and view all the answers

    What is a recommended practice by the Federal Trade Commission regarding online marketing?

    <p>Implementing a 'Do Not Track' list</p> Signup and view all the answers

    What is a defining feature of open-ended questions in research instruments?

    <p>Respondents can express their own thoughts</p> Signup and view all the answers

    Which of the following is essential when designing a sample for research?

    <p>Choosing a random sampling method</p> Signup and view all the answers

    What do proponents of behavioral and social targeting argue?

    <p>It enhances ad relevance to consumers</p> Signup and view all the answers

    What is a primary advantage of using secondary data over primary data?

    <p>It is usually faster and less expensive to obtain.</p> Signup and view all the answers

    What is a significant challenge when utilizing secondary data?

    <p>It may not be current or impartial.</p> Signup and view all the answers

    Which research approach is best suited for collecting descriptive information?

    <p>Survey research.</p> Signup and view all the answers

    What distinguishes ethnographic research from other observational methods?

    <p>It requires interaction with consumers in their natural settings.</p> Signup and view all the answers

    When conducting observational research, which aspect is critical for assessing a research situation?

    <p>Environmental variables.</p> Signup and view all the answers

    What is the main purpose of survey research?

    <p>To ask participants about their knowledge and behaviors.</p> Signup and view all the answers

    What must researchers evaluate about secondary data?

    <p>The applicability, accuracy, and impartiality of the information.</p> Signup and view all the answers

    Which of the following is NOT a method of collecting primary data?

    <p>Literature reviews.</p> Signup and view all the answers

    What is the primary purpose of marketing information?

    <p>To create customer value and build relationships</p> Signup and view all the answers

    What is a key component of a Marketing Information System (MIS)?

    <p>Procedures for information assessment and usage</p> Signup and view all the answers

    Which of the following is a benefit of internal databases?

    <p>They are usually quicker and cheaper to access.</p> Signup and view all the answers

    What challenge is associated with big data in marketing?

    <p>High costs of data analysis and management</p> Signup and view all the answers

    Who primarily benefits from the marketing information system?

    <p>The company’s marketing managers and external partners</p> Signup and view all the answers

    How can customer insights be defined?

    <p>They represent an understanding of customer needs and market dynamics.</p> Signup and view all the answers

    What is a major consideration when balancing information needs in marketing?

    <p>The actual information that can be practically provided</p> Signup and view all the answers

    Which type of data is typically found in internal databases?

    <p>Consumer and market information from within the company</p> Signup and view all the answers

    What is a key advantage of survey research?

    <p>It can be used to gather various kinds of data.</p> Signup and view all the answers

    One disadvantage of survey research is that respondents may:

    <p>Answer questions without knowing the facts.</p> Signup and view all the answers

    Experimental research is particularly useful for which type of information?

    <p>Causal information.</p> Signup and view all the answers

    Mail questionnaires have a significant disadvantage which is:

    <p>They often have low response rates.</p> Signup and view all the answers

    What is a significant advantage of telephone interviewing over mail questionnaires?

    <p>It allows interviewers to clarify questions.</p> Signup and view all the answers

    Surveys are best suited for which type of research?

    <p>Descriptive research.</p> Signup and view all the answers

    What is a common challenge with mail questionnaires?

    <p>They lack flexibility in question formulation.</p> Signup and view all the answers

    One reason respondents might answer survey questions inaccurately is due to:

    <p>Uncertainty about their answers.</p> Signup and view all the answers

    Study Notes

    Marketing Information and Big Data

    • Marketers must gain fresh, deep insights into customer needs and wants to create value and build relationships
    • Good marketing information comes from customer insights
    • Big data is a collection of large and complex information sets that today's technologies generate, collect, store, and analyze
    • Big data presents opportunities and challenges for companies to gain timely customer insights
    • Accessing and analyzing big data can be complex

    Managing Marketing Information

    • The true value of marketing information lies in how it's used and the customer insights it provides
    • Customer insights are marketing information that helps understand customers and the market to improve customer value and relationships
    • The Marketing Information System (MIS) is a group of people and processes designed for assessing information needs, gathering the needed information, and helping the decision-makers use it effectively

    Managing Marketing Information (Diagram)

    • Marketing managers and other information users obtain customer and market insights from marketing information.
    • The Marketing Information System develops needed information
    • Marketing environment comprises competitors, publics, and macro-environmental forces, which all impact the information needed
    • Information users need to collect and evaluate the required information gathered

    Assessing Information Needs

    • The Marketing Information System (MIS) serves company marketing managers, other managers, and external partners (suppliers, resellers, marketing agencies).
    • An efficient MIS balances the information that users need and want with what is realistically achievable and feasible
    • Gathering, analyzing, and delivering marketing information has an associated cost

    Developing Marketing Information- Internal Databases

    • Internal databases collect consumer and market information from company sources (internal data)
    • Databases can include information from multiple sources, e.g. purchases, website activity
    • Internal data is often easily, cheaply, and quickly accessible
    • A potential drawback is that collected information could be incomplete or incorrectly formatted for making marketing decisions

    Developing Marketing Information- Marketing Intelligence

    • Marketing intelligence is the systematic monitoring, collection, and analysis of publicly available information about customers, competitors, and marketplace developments
    • Marketers can gain important insights by observing various market trends and changes

    Developing Marketing Information- Marketing Research

    • Marketing research involves the systematic design, collection, analysis and reporting of data related to a specific marketing situation
    • Businesses utilize marketing research in many situations
    • Big companies frequently have dedicated marketing research departments; smaller companies may outsource research specialists

    Marketing Research Process

    • Defining the problem and research objectives establish a clear understanding of the situation
    • Developing the research plan determines the approach to collecting the required data and the execution process
    • Implementing the research plan involves data collection and analysis.
    • Interpreting and reporting the findings and drawing conclusions present the results to management.

    Defining Problem and Objectives

    • Marketing managers and researchers need to work together to define the research problem and agree on goals
    • Exploratory research gathers preliminary information to define the problem and propose possible hypotheses
    • Descriptive research describes things, e.g., market potential, consumer attitudes concerning a product
    • Causal research tests hypotheses about cause-and-effect relationships

    Implementing the Research Plan

    • The marketing research plan is implemented using collected, processed, and analyzed data
    • Data collection might be carried out by internal or external marketing research teams

    Interpreting the Findings

    • Researchers interpret the findings, draw conclusions, and report them to management
    • Both researchers and managers must share responsibility for the entire process to ensure appropriate use of collected information and insights

    Primary Data Collection- Observation

    • Observational research involves watching and gathering information from people, actions, and situations
    • Example: observing traffic patterns at different store locations can help evaluate potential new store locations

    Primary Data Collection- Ethnographic Research

    • Ethnographic research uses trained observers watching people in their "natural environment".

    Primary Data Collection- Survey Research

    • Survey research gathers primary data by asking people questions about their knowledge, attitudes, preferences, and purchasing behaviors.
    • It's a widely used method to collect data for descriptive information.

    Primary Data Collection - Experimental Research

    • Experimental research collects primary data by testing different treatments on different groups, regulating variables, to assess differences in responses.

    Primary Data Collection - Research Instruments- Questionnaires

    • Questionnaires are common tools for collecting primary data, able to collect from many respondents through various methods such as in person, phone, email, or online
    • Closed-ended questions provide a list of possible responses for respondents
    • Open-ended questions give respondents the opportunity to answer freely

    Primary Data Collection - Research Instruments- Mechanical Instruments

    • Researchers utilize mechanical instrumentation to track consumer behaviors.
    • Neuromarketing uses electrical brain activity measurement to gauge consumer responses.

    Contact Methods

    • Mail questionnaires are cost-effective for gathering broad amounts of information
    • Personal interviewing involves in-person conversations, group interviews, in-person interviews provide high information gathering but can also raise costs

    Contact Methods(Online)

    • Online methods for collecting data use the internet or mobile devices for various forms of data collecting
    • Online tools collect primary data, for example, using surveys, focus groups, consumer panels and brand communities

    Contact Methods (Cont.)

    • Online behavioral targeting uses consumer data to show ads
    • Social targeting identifies individuals and their groups on social media platforms to promote or market products,

    Sampling Plan

    • A sample is a smaller representation of a population to show understanding of the entire population.
    • A representative sample accurately reflects the general population's thoughts and behaviors
    • Considerations include the sampling unit (who to study), sample size, and sampling procedures (how to select participants).

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Related Documents

    Managing Marketing Information Chapter 4 Part 1 & 2 PDF

    Description

    This quiz explores the role of marketing information in understanding customer needs and how big data can be leveraged to gain insights. It covers the importance of marketing information systems and the complexities involved in analyzing large data sets. Test your knowledge on these essential marketing concepts!

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser