Class 3 | Chap 5&6 | Marketing research Flashcards Preview

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Flashcards in Class 3 | Chap 5&6 | Marketing research Deck (19)
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1
Q

Why do managers need a MIS?

A

They need a Marketing Information System to carry out their analysis, planning, implementation and control responsibilities.

2
Q

What are the 3 components from a MIS

A

1) Internal records system: information on the order-to-payment cycle and sales information system
2) marketing intelligence system: set of procedures and sources used by managers to obtain everyday information about pertinent developments in de marketing environment
3) Marketing research system: allows for the systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situation

3
Q

What steps can a company take to improve the quality of its marketing intelligence?

A
  • Train and motivate sales force to spot and report new developments
  • Motivate distributors, retailers and other intermediaries to pass along important intelligence
  • Network externally
  • Set up a customer advisory panel
  • Take advantage of government data resources
  • Purchase information from outside suppliers
  • Use online customer feedback system to collect competitive intelligence
4
Q

What types of databases are there? 4

A
  • Customer databases
  • Product databases
  • Salesperson databases
  • and combining other databases
5
Q

Why is a customer database used?

A

It is an organised collection of comprehensive information about individual customers or prospects that is current, accessible and actionable for lead generation, lead qualification, sale of a product or service or maintenance of customer relationships

6
Q

What is database marketing

A

The process of building, maintaining and using customer and other databases to contact, transact and build customer relationships

7
Q

How can you use data mining

A

extract useful information about individuals, trends and segments from the mass of data.

8
Q

What is a standard data-mining process? 6

A
  • Business understanding
  • Data understanding
  • Data preparation
  • Modelling
  • Evaluation
  • Deployment
9
Q

How can companies use their database? 5

A

1) To identify prospects
2) To decide which customers should receive a particular offer
3) To deepen customer loyalty
4) To reactivate the customer’s purchases
5) To avoid serious customer mistakes

10
Q

CRM =

A

Customer relationship management

11
Q

In what cases would it not be worth it to build a customers database?

A

1) Once in a lifetime purchase (piano)
2) Customers show little loyalty (lot of brand switching)
3) Unit sale is too small (chocolate bar)
4) Cost of gathering info is too high

12
Q

What is considered to be at the ‘heart’ of the Internal Records System?

A

Order-to-payment cycle

13
Q

A database can be used to rank customers according to:

A

RFM

Recent purchase, frequency of purchase and monetary value

14
Q

What is a touchpoint

A

Companies can capture information every time a customer comes into contact with any of their departments eg a purchase, phone call, an online query, letter

15
Q

Marketing Research can be defined as

A

“the systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing the company”

16
Q

Companies normally budget marketing research at 1-2% of company sales. A large percentage of this is spent on the services of outside marketing research firms which fall into the following categories;

A
  • Syndicated Research Firms
  • Custom Marketing Research Firms
  • Speciality-line marketing research firms
17
Q

5 steps of marketing research proces

A
1 define problem and research objectives
2 develop research plan
3 collect information
4 analyse information
5 present the findings
6 make the decision
18
Q

There are five main approaches to gathering Primary Research;

A

Observation, Focus Group, Surveys, Behavioural Data, Experiment

19
Q

What is an Omnibus?

A

a survey which gathers questions from a number of different companies and includes it within a general survey