MARKETING 2201 CH 4

Big Data

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

Customer Insights

Marketing information understandings of customers and the marketplace that become the basis for creating customer value, engagement, and relationships.

Marketing Information System (MIS)

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

Steps of Marketing Information System (MIS)

1. Assess information needs.

2. Develop needed information.

3. Help decision-makers use the information.

Internal Databases

Collections of consumer and market information obtained from data sources within the company’s network.

Types of Internal Databases

• Marketing department: Furnishes information on customer characteristics and preferences

• Customer service department: Keeps records of customer satisfaction, inquiries, or service problems

• Accounting department: provides detailed records of sales, costs, and cash flows

• Operations: reports on production, shipments, and inventories

• Salesforce: reports on reseller reactions and competitor activities

• Marketing channel: provide data on sales transactions

Competitive Marketing Intelligence

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

What is Marketing Research?

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

4 Steps of the Marketing Research Process

1. Define the problem.

2. Develop the research plan.

3. Collect the data.

4. Analyze the data and report findings.

Exploratory Research

Research conducted to gather preliminary information that will help define the problem and suggest hypotheses.

Descriptive Research

Research conducted to describe things, such as the market potential for a product or the demographics of consumers.

Casual Research

Research aimed at testing hypotheses about cause-and-effect relationships.

Secondary Data

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

Primary Data

Information collected for the specific purpose at hand.

Observational Research

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

Survey Research

Gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior 

• Very flexible and can get info in many situations in person, by phone, mail, or online

• Some people are unable tor unwilling to answer

Experimental Research

Research that involves selecting matched groups of participants, giving them different treatments, and checking for differences in group responses.

4 Types of Contact Methods

Mail: 

• Good: Large response at low cost, unbiased, honest

• Bad: Not flexible and takes lomg to complete with low response rates

Telephone:

• Good: Gather info quickly, flexible, can get into more details

• Bad: high cost, unwilling to respond, bias

Personal Interview:

• Individual: talking with people in their homes or offices, on the street, or in shopping malls. 

  • Good: Flexible

  • Bad: High cost

Online: internet and mobile surveys

• Good: Suited for quantitative research, fast and cheap, high response rates

• Bad: Hard to control whos in the sample

whats an online focus group

• Invite small groups of people to meet with a trained moderator to talk about a product, service, or organization (normally paid) 

  • Good: Researcher can not only hear but observe facial expressions, body movements, group interactions, and conversational flows

  • Bad: Small sample so hard to generalize , can be dishonest

The three decisions for designing a sample is

A plan that includes decisions about who will be studied (sampling unit)

How many people should be included (sample size)

How the sample will be chosen. (sampling procedure)

Types of Questionnaires

• Closed-ended questions: Respondents choose from provided options, such as multiple-choice or scale questions. These are easier to interpret and analyze.

• Open-ended questions: Respondents answer in their own words, providing deeper insights. These are especially useful in exploratory research to understand opinions without limiting responses.

What are Mechanical Instruments?

Devices used to collect data that provide objective measurements, such as eye-tracking devices, voice recorders, and physiological sensors.

Marketing Analytics

Analysis tools, technologies, and processes by which marketers find meaningful patterns in big data to gain customer insights.

Intranets and CRM Systems

Systems that provide access to internal data, customer insights, reports, and shared documents.

Extranets

Systems that allow suppliers, customers, and resellers access to account and product data, enhancing service and collaboration.