Chapter 4: Managing Marketing Information To Gain Customer Insights

Front 1

What is the definition of customer insights?

Back 1

Fresh understandings of customers and the marketplace derived from marketing information that becomes the basis for creating customer value and relationships.

Front 2

Describe marketing information systems (MIS).

Back 2

Marketing information system (MIS): people and procedures for assessing informal needs, developing the needed information and helping the decision-makers to use the information to generate and validate actionable customer and market insights.

Front 3

What is the trick when it comes to a good marketing system?

Back 3

A good marketing information system balances the information users would like to have, against what they really need and what is feasible to offer.

Front 4

How can marketers obtain the needed information?

Back 4

From internal data and marketing intelligence,

Front 5

Explain internal data.

Back 5

Electronic collections of consumer and market information obtained from data sources within the company network. Information in the database can come from many sources such as: customer transactions, demographics, psychographics and buying behavior. It can also be financial statements, records of customer satisfaction and service problems, production schedules, etc.

Front 6

Explain marketing intelligence.

Back 6

The systematic collection and analysis of publicity available information about consumers, competitors and developments in the marketplace

Front 7

What is the marketing research?

Back 7

Marketing research is the systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organization. The marketing research process has four steps:
1. Defining the problem and research objectives
2. Developing the research plan for collecting information
3. Implementing the research plan - collecting and analyzing the data
4. Interpreting and reporting the findings

Front 8

Further explain the first step of marketing research.

Back 8

1. Defining the problem and research objectives
- Managers often start with exploratory research and later follow with descriptive or casual research
- Exploratory research: marketing research to gather preliminary information that will help define problems and suggest hypotheses
→ the approach is suitable in situations where marketing researchers have few ideas about how to deal with the marketing problem at hand
- Descriptive research: marketing research to better describe marketing problems, situations or markets, such as the market potential for a product or the demographics and attitudes of customers
- Casual research: marketing research to test hypotheses about cause-and-effect relationships

Front 9

Further explain the second step of marketing research.

Back 9

2. Developing the research plan for collecting information
- Once the research problems and objectives have been defined, researchers must determine the exact information needed, develop a plan for gathering it efficiently, and present the plan to management
- The data can be secondary or primary

Front 10

Further explain the third step of marketing research.

Back 10

3. Implementing the research plan – collecting and analyzing the data
- Collecting, processing and analyzing the information

Front 11

Further explain the fourth step of marketing research.

Back 11

4. Interpreting and reporting the findings
- Interpreting findings, draw conclusions and report them to management.

Front 12

How can secondary data be gathered?

Back 12

Secondary data can usually be obtained more quickly and at a lower cost than primary data. Secondary data can be collected from:
- The company database
- Commercial online databases

Front 13

Describe primary data collection.

Back 13

Primary data calls for a number of decisions on:
- Research approaches
o Observation
o Survey
o Experiment
- Contact methods
o Mail
o Telephone
o Personal
o Online
- Sampling plan
o Sampling unit
o Sample size
o Sampling procedure
- Research instruments
o Questionnaire
o Mechanical instruments

Front 14

What is ethnographic research?

Back 14

Ethnographic research: a form of observational research that involves sending trained observers to watch and interact with consumers in their natural habitat.

Front 15

What is focus group interviewing?

Back 15

Focus group interviewing: personal interviewing that involves inviting six to 10 people to gather a few hours with a trained interviewer to talk about a product, service, organization or idea.

Front 16

What is CRM?

Back 16

Customer relationship management: managing detailed information about individual customers and carefully managing customer “touch points” to maximize customer loyalty.

Front 17

What can be the problems with international marketing research?

Back 17

International marketing research: almost the same as domestic research, but there are more problems such as more diverse markets, cultural differences, different attitudes etc.