Chapter 3

What is Customer Insights?

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

What is Big Data?

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

What is a Marketing Information System (MIS)?

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

What are Internal Databases?

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

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 is Exploratory Research?

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

What is Descriptive Research?

Research conducted to better describe marketing problems, situations, or markets.

What is Causal Research?

Research conducted to test hypotheses about cause-and-effect relationships.

What is Secondary Data?

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

What is Primary Data?

Information collected for the specific purpose at hand.

What are Questionnaires?

The most common instrument in research for collecting data, which may be administered in various forms including online.

What is Ethnographic Research?

A form of observational research that involves sending trained observers to watch and interact with consumers in their natural environments.

What is Survey Research?

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

What is Experimental Research?

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

What is Marketing Analytics?

The analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance.

__________ are based on ________ information about customers and the marketplace.

Customer Insights & marketing

_______ refers to huge and complex ________ sets generated by information technologies.

Big Data & data

A ________ (MIS) helps decision makers use ________ to generate insights.

Marketing Information System & information

_______ are collections of ________ and market information from within the company.

Internal Databases & consumer

__________ involves monitoring and analyzing ________ available information.

Competitive Marketing Intelligence & publicly

Exploratory Research is conducted to gather ________ information and suggest hypotheses.

preliminary

________ aims to describe marketing problems and situations.

Descriptive Research

Causal Research tests hypotheses about cause-and-______ relationships.

effect

__________ consists of information that already exists somewhere.

Secondary Data

_________ is collected for the specific purpose at hand.

Primary data

________ are the most common instrument in research for collecting data.

Questionnaires

__________ involves sending trained observers to observe consumers.

Ethnographic Research

________ gathers primary data by asking people about their , attitudes, and preferences.

Survey Research

________ selects matched groups of subjects and gives them different treatments .

Experimental Research

___________ helps marketers find meaningful patterns in big data.

Marketing Analytics

The marketing environment

The actors and

forces outside marketing that affect

marketing management’s ability to build and

maintain successful relationships with target

customRed. (Macro ,micro)

Micro environment

The actors close to the

company that affect its ability to serve its

customers. Directly connected to your company

Example of micro environment

Suppliers, public’s, ,competitors , market intermediates, customers, the company

Marketing Intermediaries

Firms that help the

company to promote, sell and distribute its

goods to final buyer

Types of market intermediaries

Resellers, physical distribution firms, financial intermediaries, marketing services agencies

Physical distribution firms

Help store, and move goods from point a to point b

marketing service agencies

These help target and promote to the right markets

Financial intermediaries

Includes businesses

that help finance transactions or insure against

risks associated with buying and selling of

goods.