Mkt 3000 Ch 4

Front 1

Customer Insights

Back 1

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

Front 2

Marketing Information System (MIS)

Back 2

People and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights.

Front 3

Internal Databases

Back 3

Electronic collections of consumer and market information obtained from data sources within the company's network.

Data ages quickly, info might not directly apply to marketing, but can be assessed quickly

Front 4

Competitive Marketing Intelligence

Back 4

Systematic collection and alalysis of publicly available information about consumers, competitors, and developments in the marketplace.

Goal is to improve strategic decision making by understanding the consumer environment, assessing and tracking competitors actions, and providing early warnings of opportunities and threats.

Front 5

Chief Listening Officers

Back 5

Sift through online customer conversations and pass along key insights to marketing decision makers

Front 6

Marketing Research

Back 6

Systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

Front 7

Marketing Research Process (Diagram p129)

Back 7

1. Define the problem and research objectives-->

2. Develop the research plan for collecting info-->

3. Implement the research plan-collect and analyze the data-->

4. Interpret and report findings

Front 8

Exploratory Research

Back 8

Gather preliminary info that will help define problem and suggest hypotheses

Front 9

Descriptive Research

Back 9

Describe things, such as market potential for a product of the demographics and attitudes of consumers who buy the product.

Front 10

Casual Research

Back 10

Test hypothesis about cause and effect relationships

Front 11

Written Proposal

Back 11

A written research plan for large and complex problems.

1. Management problems

2. Research Objectives

3. Information to be obtained

4. How results will help management's decision making

5. Estimated research cost

Front 12

Secondary Data

Back 12

Info that already exists somewhere

Costs less to obtain than primary data but data isn't exactly tailored o them.

Front 13

Primary Data

Back 13

Info collected for the specific purpose at hand.

Front 14

Commercial Online Databases/Search Engines

Back 14

Research method for secondary data

Front 15

Observational Research

Back 15

Gathers primary data by observing relevant people, actions, and situations.

Front 16

Ethnographic Research

Back 16

Sending observers to watch and interact with consumers in their natural environments.

Front 17

Netnography Research

Back 17

Observing consumers in a natural context n the internet.

Front 18

Survey Research

Back 18

Most widely used method for primary data collection and is the best approach for gathering descriptive info.

Flexibility but sometimes people are not able to answer or don't know how to answer, may not care, may try to answer to make asker happy.

Front 19

Experimental Research

Back 19

Gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses.

Explains cause-effect relationships

Front 20

Contact Methods (See Diagram p133)

Back 20

Mail

Telephone

Personal

Online

Front 21

Focus Group Interviewing

Back 21

Personal interviewing that involves inviting 6-10 people to gather for a few hours with a trained interviewer to talk about a product, service, or organization. Interviewer "focuses" the group discussion on important issues.

Front 22

Online Marketing Research

Back 22

Internet surveys, online panels, experiments, online focus groups, and brand communities

Front 23

Online Focus Group

Back 23

Gathering a small group of people online with a trained moderator to chat about a product, service, or organization and gain qualitative insights about consumer attitudes and behavior.

Front 24

Sample

Back 24

Segment of the population selected for marketing research to represent the population as a whole.

Front 25

Customer Relationship Management (CRM)

Back 25

Managing detailed info about individual customers and carefully managing customer touch points to maximize customer loyalty.

Front 26

Research Instruments

Back 26

Questionnaires- most common instrument

Mechanical- Scanners record information

Neuromarketing- measuring brain activity to learn how consumers feel and respond

Front 27

Online Research

Back 27

Quantitative, starting to become more qualitative