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18 Cards in this Set
- Front
- Back
Different types of data |
Primary data - data not in existence, collected to understand issue or solve problem Secondary data - info gathered for some purpose other than current project |
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Internal secondary research sources |
Usually split between internal and external sources: Customer databases - eg behavioural data Sales figures Operational data eg. Stock level Customer satisfaction results Data from promotional campaigns Market reports Etc |
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Internal sources of data |
Behavioural data - derived directly from the actual behaviour of the customer Volunteered data - volunteered by customers by filing in forms or questionnaires Profile data - obtained by linking other sources such as profiling systems Attributed data - obtained via marketing research studies |
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External secondary research sources |
Internet searches Social media Directories etc |
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External sources of data |
Internet via search engines Media - vast directories both electronic and paper Country information - published statistics Marketing information - published marketing reports on variety of sectors |
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What will secondary info allow companies to do? |
Identify opportunities and threats that exist in environment in relation to: - customers - competitors - market developments Time - identify what is happening today and forecast what may happen tomorrow |
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Quantitative data |
Hard fact data Numerical/statistical data Provides frequency of occurrences |
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Qualitative data |
In depth info that describes and explores Explains a situation in depth Insights into behaviour, motivations, attitudes and perceptions |
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Differences between qualitative and quantitative research |
Qualitative usually precedes quantitative research Qualitative research for basis of an understanding of consumers can help surveys Quantitative used when rich in depth insights into attitudes needed Essential differences between forms of research |
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Differences between qualitative and quantitative data |
Back (Definition) |
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How info can be used |
Establish trends in market Scan for opportunities and threats Assess competitor activity Understand customers and how they behave can customer needs me met more closely than competitors |
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Understanding your customer |
Back (Definition) |
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Information needs to be: |
Reliable - error free eg. Producing same info repeatedly Valid - extent to which the info collected is what it was intended to be Timely - allow company to use the info eg. If info gathered after competitor makes move it’s too late Relevant - to the decision making required eg. What about price is important? Comparable - often a problem when integrating or comparing secondary info from more than 1 source. Differences in: reliability, frequency, circumstances etc |
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Role of a Customer information system |
Customer oriented orgs will collect info in systematic and continuous manner Becomes knowledge and understanding through analysis May be located in marketing department but all org will have information need |
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Customer information system 1 |
Back (Definition) |
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Marketing information system |
Marketing environment -> marketing information system -> marketing decision making |
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Marketing information systems |
Internal databases - consumer and market info obtained from company sources eg. Financial statements, transactions Marketing intelligence - publicly available info about competitors and developments in environment eg. Online research Marketing research- formal organisation studies for specific marketing situations facing the organisation |
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Marketing information systems uses |
Effective MKiS is essential to planning process - provides info upon which marketing plan is based. |