Chap 4

What are customer insights?

Fresh marketing information-based understandings of customers and the marketplace that become the basis for creating customer value, engagement, and relationships.

What is big data in marketing?

The huge and complex data sets generated by today’s sophisticated information generation, collection, storage, and analysis technologies.

What is the primary goal of marketing research?

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

What are the three sources of required information for marketers?

Internal Data, Marketing Intelligence, and Marketing Research.

List the three types of marketing research objectives.

Exploratory Research, Descriptive Research, and Causal Research.

What is Competitive Marketing Intelligence?

The systematic monitoring, collection, and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.

What does a Marketing Information System (MIS) do?

A MIS assesses information needs, develops the needed information, and helps decision makers use the information to generate actionable customer and market insights.

What are the benefits of using secondary data?

It is obtained more quickly and at a lower cost than primary data.

What is primary data?

Information collected for the specific purpose at hand.

Name a key challenge in obtaining customer insights.

Customer needs and buying motives are not obvious, and customers themselves can’t tell you what they need and why they buy.

What are the benefits of observational research?

Can generate fresh customer and market insights and provides a window into customers' unconscious actions.

How can marketers obtain competitive marketing intelligence?

Through observing customers, quizzing company employees, and researching online.

What must be considered when developing a research plan?

Sources of existing data, specific research approaches, contact methods, sampling plans, and instruments for gathering new data.

What is the role of CRM in marketing information management?

To manage detailed information about individual customers and maximize customer loyalty.

Why is marketing information valuable?

It has no value until it is used to make better marketing decisions.

What is the importance of segmentation in marketing?

Segmentation allows marketers to tailor their strategies to specific groups of consumers, increasing the effectiveness of marketing efforts.

What is brand equity?

Brand equity refers to the value added to a product by having a well-known brand name.

Define customer loyalty.

Customer loyalty is the tendency of customers to continue buying from a specific brand over time.

What is a marketing mix?

The marketing mix consists of the 4 P's: Product, Price, Place, and Promotion.

What is the purpose of market research?

Market research helps businesses understand consumer needs, preferences, and behaviors.

What are the four types of buying behaviors?

Complex buying behavior, dissonance-reducing buying behavior, habitual buying behavior, and variety-seeking buying behavior.

What is a unique selling proposition (USP)?

A unique selling proposition is a factor that differentiates a product from its competitors.

What does 'positioning' in marketing mean?

Positioning refers to how a product is perceived in relation to competing products in the minds of consumers.

Define customer satisfaction.

Customer satisfaction measures how well a product or service meets the expectations of consumers.

What is the goal of digital marketing?

The goal of digital marketing is to connect with consumers through digital platforms and drive measurable responses.