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Terms in this set (32)
Marketing Information System
The people and procedures that assess information needs, develop/obtain that info, and help turn that info for customer insights.
Collection of data from within the company.
Competitive Marketing Intelligence
The monitoring and analysis of consumers, competitors, and changes in the marketing environment.
The design, collection, analysis, and reporting of data for marketing purposes.
Steps in the Marketing Research Process
1. Defining the problem and research objectives
2. Developing the plan for collecting information
3. Collecting and analyzing the data
4. Interpreting and reporting the findings
The two Questions of Assessing Management's Information Needs
1. What is the question or problem at hand?
2. What information is appropriate?
The Pitfall of Big Data
Quantity over quality; garbage in, garbage out.
Managers and researchers must work together to define and agree on research objectives because...
- Managers and marketers understand the decision for which information is needed.
- Researchers understand how to obtain and analyze the information.
What is the hardest step of the research process?
Defining the problem.
Marketing research to gather preliminary information that will help define problems and suggest hypotheses.
Research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers.
Marketing research to test hypotheses about cause-and-effect relationships.
Information collected by the firm for the specific purpose at hand.
Information that already exists or was previously collected for another purpose.
Gathering primary data by observing relevant people, actions, and situations.
The Three types of Observational Research
Ethnography, Tracking and Marketing Analytics
Sending trained observers to watch and interact
with consumers in their natural environments.
Logging consumer actions in order to review their behaviors and preferences.
Online Tracking Research Methods
Behavioral targeting and Online listening
Using online consumer tracking data to target advertisements and marketing offers to specific consumers.
Provides valuable insights into what consumers are saying or feeling about a brand.
Offline Tracking Research Methods
Scanner data and Mechanical tracking
Data collected from scanners that link consumers' exposure to advertising and subsequent behavior.
Sensors in the real world to map customers' behaviors.
Analysis tools and methods used to find valuable and meaningful patterns in big data.
Huge and/or complex data sets generated and/or collected by today's technologies.
Gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior.
A strategy to obtain data from a small group of people using interview questions.
Tests for cause and effect by controlling for differences between two or more treatment groups. (A/B Testing)
A field of marketing that studies the body's responses to marketing stimuli.
A segment of a population selected to
represent the population as a whole.
Responsibilities of the Researchers
- Interpret the findings
- Draw conclusions
- Report findings to management
- Trick-of-the-trade: create buy-in
THIS SET IS OFTEN IN FOLDERS WITH...
Create and Capture Value
Strategic Market Planning
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