MKT- Chapter 4: Terms

Customer Insights
Fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships.
Competitive Marketing Intelligence
Intelligence is the systematic collection and analysis of publicly available info about consumers, competitors, and developments in the marketing environment
Customer relationship management
Practices, strategies, technologies company uses to manage and analyze customer interrelation throughout lifecycle
-Goal to improve relationship
Exploratory research
Marketing research to gather preliminary info 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 or the demographics and attitudes of consumers
Casual research
Marketing research to test hypotheses about cause-and-effect relationship
Primary data
Info collected for the specific purpose at hand
Secondary data
Info that already exists somewhere, having been collected for another purpose
Observational research
Gathering primary data by observing relevant people, actions, and situations
Ethnographic research
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 difference in group responses
3 Things to show causation (?Part of casual research?)
1. Correlation (Must be related)
2. Time sequence (Cause must precede effect)
3. Control (No other explanation)
Customer Relationship Management
Practices & strategies a company uses to manage with the goal of improving relationships with customers
-To capture & use customer data
Big data
Data contained in huge and complex data sets
3 Sources marketers use to obtain information
1. Internal data
2. Marketing intelligence
3. Marketing research
4 Steps of marketing research process:
1. Define the problem & objectives
2. Develop research plan
3. Implement plan
4. Interpret & report findings
3 Types of objective a marketing research project might have
1. Exploratory research
2. Descriptive research
3. Casual research
Why do companies use customer relationship management?
To capture & use customer data
What do marketers use to analyze big data?
Marketing analytics
2 Major public policy & ethical issues in marketing research
1. Intrusions on consumer privacy
2. The misuse of research findings