Marketing 301 Chapter 4

Customer Insights
fresh understandings of customers and the marketplace derived from marketing information that becomes the basis for creating customer value and relationships
Marketing Information Systems
people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers to use information to generate and validate actionable customer and market insights
Internal Data
electronic collections of consumer market information obtained from data sources within the company’s network
Marketing Research
the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
Exploratory Research
gathers preliminary information that will help define the problem and suggest hypotheses
Descriptive Research
describes things, such as the market potential for a product of the demographics and attitudes of consumers who buy the product
Casual Research
test hypotheses about cause-and-effect relationships
Secondary Data
consists of information that already exists somewhere, having been collected for another purpose
Primary Data
consists of information collected for the specific purpose at hand
Ethnographic Research
a form of observational research that involves sending trained observers to watch and interact with consumers in their “natural environments
Netnography Research
observing customers in a natural context on the internet
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 Grouping Interview
personal interviewing that involves inviting 6-10 people to gather for a few hours with a trained interviewer to talk about a product, service, or organization
Online Marketing Research
collecting primary data online through internet surveys, online focus groups, web-based experiments, or tracking consumer’s 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
Sample
a segment of the population selected for marketing research to represent the population as a whole
Probability Sample
each population member has a known chance of being included in the sample, and researchers can calculate confidence limits for sampling error
Simple Random Sample
every member of the population has a known & equal chance of selection
Stratified Random Sample
the population is divided into mutually exclusive groups (such as age groups), and random samples are drawn from each group
Cluster/Area Sample
the population is divided into mutually exclusive groups (such as blocks), and the researcher draws a sample of the groups to review
Non Probability Sample
when probability sampling costs too much or takes too much time, this type of sample is used even though their sampling error cannot be measure
Convenience Sample
the researcher selects the easiest population members from which to obtain information
Judgement Sample
the researcher used his or her judgment to select population members who are good prospects for accurate information
Quota Sample
the researcher finds and interviews a prescribed number of people in each of several categories
Neuromarketing
is used by measuring brain activity to learn how consumers feel and respond
Competitive Marketing Intelligence
the systemic collection and analysis of publicly available information about consumers, competitors, and developments in the marketplace