Chapter 4 – Managing Marketing Information to Gain Customer Insights

These flashcards cover key concepts and definitions related to managing marketing information and gaining customer insights, including topics from marketing information systems to consumer behavior.

With the recent explosion of information technologies, __.

most marketing managers are overloaded with data and often overwhelmed by it.

The real value of marketing information lies in how it is used __.

in the customer insights that it provides.

The term big data refers to the __ generated by today’s sophisticated information generation, collection, storage, and analysis technologies.

huge and complex data sets.

Challenges of managing big data include __.

accessing and sifting through so much data.

A(n) __ consists of people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers use the information to generate and validate actionable customer and market insights.

marketing information system.

An MIS is used to __.

assess information needs.

A good marketing information system balances the information users to have against what they and what is __ to offer.

would like; need; feasible.

In this instance, Kei is using __.

internal databases.

An advantage of harnessing information is to __.

gain competitive advantage.

Which of the following is an advantage of using an internal database? __.

Internal databases can be accessed more quickly and cheaply than other sources.

A disadvantage of using information from internal databases is that __.

Internal information may be incomplete or in the wrong form for decisions.

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

Competitive marketing intelligence.

The objective of causal research is to __.

test hypotheses about cause-and-effect relationships.

In __ research, the objective is to gather preliminary information that will help define the problem and suggest hypotheses.

exploratory.

The goal of __ research is to describe things, such as the market potential for a product or the demographics and attitudes of consumers who buy the product.

descriptive.

Secondary data consist of __.

information that already exists somewhere, having been collected for another purpose.

Primary data consist of __.

information collected for the specific purpose at hand.

This is an example of __.

ethnographic research.

__ involves gathering primary data by closely examining relevant people, actions, and situations.

Observational research.

__ involves gathering primary data by asking people questions about their knowledge, attitudes, preferences, or buying behavior.

Survey research.

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

Experimental research.

In a simple random sample, __.

every member of the population has a known and equal chance of selection.

__ refers to the measurement of brain activity to learn how consumers feel and respond.

Neuromarketing.

Individuals and households that buy or acquire goods and services for personal consumption make up the __.

consumer market.

The one that is the most difficult to identify in buying decisions is __.

why they buy.

According to the model of buyer behavior, one of the two primary parts of a “buyer’s black box” is __.

buyer’s decision process.

Which consumer group tends to show more brand loyalty and makes shopping a family event? __.

Hispanic Americans.

A buyer’s decisions are influenced by __ such as the buyer’s age, occupation, economic situation, lifestyle, personality, and self-concept.

personal characteristics.

A __ consists of the activities an individual is expected to perform, according to the people around him/her.

role.

When consumers are highly involved with the purchase of an expensive product, they most likely will exhibit __.

complex buying behavior.

Pat is experiencing __ after learning more about others' cars.

postpurchase dissonance.

Eduardo exhibits __ by usually purchasing the same breakfast cereal.

habitual buying behavior.