Managing Marketing Information to Gain Customer Insights - Marketing Research
14 important questions on Managing Marketing Information to Gain Customer Insights - Marketing Research
What is marketing research, why is it useful, and what are the five most important segments it can provide insight into?
- Marketing research is doing systematically collecting, analysing, and reporting of data, information and insights that are relevant to a specific marketing situation facing an organisation.
- I.e., doing research to gain more insights in a specific marketing situation for a certain organisation.
- Main functionality:
- It helps marketers to gain a deeper understanding of their audience.
- It can provide information about:
- Customer motivations.
- Purchase behaviour.
- Customer satisfaction.
- Market potential/market share.
- Marketing mix (marketing campaign) effectiveness.
What is marketing research and of which 5 steps does it exist?
It is a non-lineair process, which consists of the following steps
Define problem and objectives --> Research plan --> data collection --> data analysis --> presenting findings.
In-between presenting findings and define problems and objectives is feedback; internal as well as external.
After defining the problem, research objectives can be made up. We distinguish exploratory, descriptive and causal research. What's the difference?
Descriptive --> marketing research gather information that will help you to describe the problems, situations etc.
Causal --> marketing research to test the hypothesis about cause-and-effect relationships.
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Big data and analytics are very useful in a marketing research. What are the three most important functionalities they can be used for in a marketing research?
- Gain customer insights.
- Understanding customer behaviour, and identifying customer preferences.
- Segmenting the audience.
- Predicting future behaviour.
- Gauge marketing performance.
- Measuring the effectiveness of a campaign.
- Tracking sales and revenue impact.
- Optimising Marketing spend.
- Improve customer experience.
- Personalised interactions.
- Enhancing customer journey and anticipating customer needs.
- Improving customer support.
Within the research plan you decide what type of data you'll use. What's the difference between primary and secondary data?
Secondary data is gathered for other purposes which you will use in your research as well. This data is already available.
One of the most useful sources for big data and analytics are CRM systems.
Can you explain what this is?
- CRM- systems stands for Customer Relationship Management systems.
- Refers to software that store, organise, and analyse customer data to help organisations to manage interactions with their current and potential customers.
- The information includes:
- Contact information.
- Purchase history.
- Preferences.
- Past communications.
- Famous CRM-systems: Salesforce, HubSpot, Zoho CRM, and Microsoft Dynamics.
What is decriptive research?
When talking about primary data we can distinguish probability and random sampling. What's the difference?
Random sampling --> a sampling method with which all units in a population have equal chance of appearing in the sample.
Information for the research plan can be taken from several sources, which 4?
2. Primary data
3. Research approaches
4. Contact methods
What's the difference between marketing intelligence and marketing research?
What are commercial online databases?
What is observational approach?
What is the ethnographic approach?
Name 6 types of contact methods?
2. Telephone interviewing
3. Personal interviewing
4. Group interviewing
5. Online marketing research
6. Online focus groups
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