Ch.4: Managing Marketing Info to Gain Customer Insights (TERMS)

Big data
The huge and complex data sets generated by today’s sophisticated information generation, collection, storage, and analysis technologies.
Customer insights
Fresh marketing information-based 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 to use the information to generate and validate actionable customer and market insights.
Internal databases
Collections of consumer and market information obtained from data sources within the company network.
Competitive marketing intellegence
The systematic monitoring, collection, and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.
Marketing research
The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
Exploratory research
Marketing research to gather preliminary information that will help define problems and suggest hypotheses.
Descriptive research
Marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product of the demographics and attitudes of consumers.
Casual research
Marketing research to test hypotheses about cause-and-affect 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.
Ethnographic research
A form of observational research that involves sending trained observers to watch and interact with consumers in their “natural environments.”
Survey research
Gathering primary data by asking people questions about their knowledge, attitudes preferences, and buying behavior.
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.
Focus group interviewing
Personal interviewing that involves inviting 6 to 10 people to gather for a few hours with a trained interviewer to talk about a product, service, or organization. The interviewer “focuses” the group discussion on important issues.
Online marketing research
Collecting primary data online through internet surveys, online focus groups, Web-based experiments, or tracking of consumers’ online behavior.
Online focus groups
Gathering a small group of people online with a trained moderator to chat about a product, service, or organization and gain qualitative insights about consumer attitudes and behavior.
Behavioral targeting
Using online consumer tracking data to target advertisements and marketing offers to specific consumers.
Sample
A segment of the population selected for marketing research to represent the population as a whole.
Customer relationships management (CRM)
Managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty.