MRKT 441 Exam 2 – Study Guide, Practice Questions & Exam Review
US marketers spend ________ on market research - ✔✔$6.7 Billion
EMarketer’s can generate a great deal of data by - ✔✔surveys, web analytics, secondary data,
social media conversations
Data without insight to inform marketing strategy? - ✔✔worthless
marketing insight and knowledge? - ✔✔happens between information and knowledge
Artificial intelligence - ✔✔theory and development of computer systems able to perform tasks
that normally require human intelligence
Cognitive technologies used in three ways - ✔✔1. embedded in products or services to
enhance user/customer experience
Ex. recommendation feature
2. Process applications: to improve workflow and effectiveness
ex. clinical decision support system
3. creating INSIGHTS using massive unstructured data to create insights
ex. use social media to monitor what customers say about the company
, knowledge management - ✔✔process of managing the creation, use, and dissemination of
knowledge
data info and knowledge is shared with? - ✔✔internal decision makers, partners, channel,
members, customers
marketing knowledge database - ✔✔data about existing customers, prospects, and
competitors
traditional data collection methods - ✔✔surveys
syndicated research
focus groups
company sales data
scanner data
internal records - ✔✔Accounting, finance, production, marketing personnel collect and analyze
data for marketing planning
-sales data
-customer characteristics and behavior
-universal product codes
-tracking user movements through web pages
secondary data - ✔✔collected quickly and less expensively than primary data
may not meet info needed
- data may have been gathered for diff purpose
US marketers spend ________ on market research - ✔✔$6.7 Billion
EMarketer’s can generate a great deal of data by - ✔✔surveys, web analytics, secondary data,
social media conversations
Data without insight to inform marketing strategy? - ✔✔worthless
marketing insight and knowledge? - ✔✔happens between information and knowledge
Artificial intelligence - ✔✔theory and development of computer systems able to perform tasks
that normally require human intelligence
Cognitive technologies used in three ways - ✔✔1. embedded in products or services to
enhance user/customer experience
Ex. recommendation feature
2. Process applications: to improve workflow and effectiveness
ex. clinical decision support system
3. creating INSIGHTS using massive unstructured data to create insights
ex. use social media to monitor what customers say about the company
, knowledge management - ✔✔process of managing the creation, use, and dissemination of
knowledge
data info and knowledge is shared with? - ✔✔internal decision makers, partners, channel,
members, customers
marketing knowledge database - ✔✔data about existing customers, prospects, and
competitors
traditional data collection methods - ✔✔surveys
syndicated research
focus groups
company sales data
scanner data
internal records - ✔✔Accounting, finance, production, marketing personnel collect and analyze
data for marketing planning
-sales data
-customer characteristics and behavior
-universal product codes
-tracking user movements through web pages
secondary data - ✔✔collected quickly and less expensively than primary data
may not meet info needed
- data may have been gathered for diff purpose
