Chapter 4: Marketing Info

What is the first step of the marketing process?
Understanding marketplace and customer wants/needs
Where do you start when gathering information?
Consumer insights
Consumer insights
Fresh understandings of customers and marketplace derived from marketing info that become basis for creating customer value and relationships
Marketing information system
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
How does the marketing information system work?
1. Assessing information needs
2. Developing needed information – internal databases, marketing intelligence, marketing research
3. Analyzing and using information
Where do marketers get marketing information?
1. Internal databases
2. Marketing intelligence
3. Marketing research
Internal databases
Electronic collections of consumer and market info obtained from data sources within company
Marketing intelligence
Collection and analysis of publicly available info about consumers, competitors, and developments in the market place
Marketing research
Systematic design, collection, and analysis of data relevant to a specific marketing situation (customized or new information)
What are the four steps of marketing research?
1. Define the problem and research objectives
2. Developing the research plan for collecting information
3. Implementing the research plan – collecting and analyzing the data
4. Interpreting and reporting the findings
What are the three types of research objectives?
1. Exploratory research
2. Descriptive research
3. Causal research
Exploratory research
No clear understanding of the problem – get consumer reactions/opinions
ex: why did sales go down?
Descriptive research
Describe target – who, what, when, where, why
ex: focus groups to figure out what consumers want
Causal research
Cause and effect, ex: determining price (test/experiment)
ex: determine which type of pizza
Secondary data
Information that already exists somewhere, having been collected for another purpose (databases, search engines)
Primary data
Information collected for the specific purpose at hand
What are the three type of research approaches for collecting primary data?
1. Observational research
2. Survey research
3. Experimental research
Observational research
Gathering primary data by observing relevant people, actions, and situations
Survey research
Asking people questions about their knowledge, attitudes, preferences, and buying behavior
Experimental research
Selecting matched groups of subjects, giving them different treatments, controlling related factors and checking for differences in group responses
Ethnographic research
A form of observational research that involves sending trained observers to watch and interact with consumers in their “natural environments”
Netnography
Observing what consumers are doing online, cross between ethnography and online research
Which research approach is best for exploratory research?
Observational research
Which research approach is best for descriptive research?
Survey research
Which research approach is best for causal research?
Experimental research
Focus group
6-10 people in a group setting with a trained moderator who gathers opinions, motivations, and insights
Online marketing research
Collecting primary data online through internet surveys, online focus groups, web-based experiments, or tracking online behavior
What are some advantages of online marketing research?
-faster
-flexible
-cost-effective
Sample
Segment of the population selected for marketing research to represent population as a whole
Name the two research instruments used in collecting primary data
1. Questionnaires
2. Mechanical instruments – people meters, checkout scanners, neuromarketing
Neuromarketing
Measuring brain activity to learn how consumers feel and respond to brands and marketing
Customer relationship management (CRM)
Managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty
What are some examples of touch points?
customer purchases, sales force contacts, service and support calls, online site visits, satisfaction surveys, credit and payment interactions – every contact between a customer and a company
What are the benefits of CRM?
better customer service, deeper customer relationships, target customers more efficiently
Information distribution
Entering info into databases and making it available in a time useable manner – through intranet, extranet, CRM