Chapter 7: Marketing Research and Analytics
7.1 Definitions of Marketing Research, Analytics, and Customer Insight
Market research
- The systematic gathering and interpretation of information about individuals or
organizations to gain insight or support decision-making
- Market research is work undertaken to determine the structural characteristics of the
industry of concern (broad)
≠
Marketing research
- Work undertaken to understand how to make specific marketing strategy decisions
- E.g., pricing, sales forecasting, proposition testing, and promotion research
→ Systematic:
- Identify and define marketing opportunities and problems
- Generate, refine, and evaluate marketing actions
- Monitor marketing performance
- Improve understanding of marketing as a process, not only before but also after
Market or marketing research?
Is conducting research to test customer satisfaction an example of market or marketing
research?
→ marketing: testing your product and seeing how happy your customers are
If you conduct research to changing trends in consumer behavior, is this market or
marketing research?
→ market research: more general about changes in the market
eg. ‘Top 5 concerns for Americans’
Marketing Analytics
= The systematic collection, management, and analysis of (big) data using mathematical and
statistical analytical procedures to obtain insights into marketing performance, maximize the
effectiveness of instruments of marketing control, and optimize return on investment
examples:
- Data collection
- Real-time analytics
- Audience reports (information about the people on your website: age, gender,...)
- Behavior reports
7.2 Customer Insights
Customer insights
= Knowledge about the customer that is valuable for the firm
, Marketing Information System
Timely and continuous marketing information should be used to support decision-making
Competitive Intelligence
= Information that provides insights in current and future behavior of competitors
- Internal sources:
Executives, engineers, procurement, salesforce…
- External sources
Publications, Observation, Patent applications, Suppliers, distributors, customers,
(Former) employees and applicants of the competition, Benchmarking
7.3 Big Data and Marketing Analytics
= The systematic gathering and interpretation of high-volume, high-velocity (real-time),
and/or high-variety information using cost-effective innovative forms of information
processing to enable enhanced insight, decision-making, and process automation
→ Improved decision-making, customer experience, competitive advantages,
operational efficiency, real-time analytics
data warehouses; to store different sources of data
- Public data
- Private data
- Data exhaust: data that can be collected
- Community data: generated by a community
- Self-quantification data: devices that consumers have on them:
eg. smartphones --> give info to companies who made them, smartwatches
7.4 The Marketing Research Process
Stage 1: Problem definition
defining the management problem and writing the research brief
problems are often described in vague terms, because organizations are not always sure
what info they require
7.1 Definitions of Marketing Research, Analytics, and Customer Insight
Market research
- The systematic gathering and interpretation of information about individuals or
organizations to gain insight or support decision-making
- Market research is work undertaken to determine the structural characteristics of the
industry of concern (broad)
≠
Marketing research
- Work undertaken to understand how to make specific marketing strategy decisions
- E.g., pricing, sales forecasting, proposition testing, and promotion research
→ Systematic:
- Identify and define marketing opportunities and problems
- Generate, refine, and evaluate marketing actions
- Monitor marketing performance
- Improve understanding of marketing as a process, not only before but also after
Market or marketing research?
Is conducting research to test customer satisfaction an example of market or marketing
research?
→ marketing: testing your product and seeing how happy your customers are
If you conduct research to changing trends in consumer behavior, is this market or
marketing research?
→ market research: more general about changes in the market
eg. ‘Top 5 concerns for Americans’
Marketing Analytics
= The systematic collection, management, and analysis of (big) data using mathematical and
statistical analytical procedures to obtain insights into marketing performance, maximize the
effectiveness of instruments of marketing control, and optimize return on investment
examples:
- Data collection
- Real-time analytics
- Audience reports (information about the people on your website: age, gender,...)
- Behavior reports
7.2 Customer Insights
Customer insights
= Knowledge about the customer that is valuable for the firm
, Marketing Information System
Timely and continuous marketing information should be used to support decision-making
Competitive Intelligence
= Information that provides insights in current and future behavior of competitors
- Internal sources:
Executives, engineers, procurement, salesforce…
- External sources
Publications, Observation, Patent applications, Suppliers, distributors, customers,
(Former) employees and applicants of the competition, Benchmarking
7.3 Big Data and Marketing Analytics
= The systematic gathering and interpretation of high-volume, high-velocity (real-time),
and/or high-variety information using cost-effective innovative forms of information
processing to enable enhanced insight, decision-making, and process automation
→ Improved decision-making, customer experience, competitive advantages,
operational efficiency, real-time analytics
data warehouses; to store different sources of data
- Public data
- Private data
- Data exhaust: data that can be collected
- Community data: generated by a community
- Self-quantification data: devices that consumers have on them:
eg. smartphones --> give info to companies who made them, smartwatches
7.4 The Marketing Research Process
Stage 1: Problem definition
defining the management problem and writing the research brief
problems are often described in vague terms, because organizations are not always sure
what info they require
