Assignment no. 4 - Customer Analysis
1. Discuss the real value of marketing research and marketing information and
how that value is attained.
Information from customer and other marketing information are necessary to make
effective marketing decisions. They say that "knowledge is power." Knowing your
customers, market segmentations, current market and potential product positions are
part of marketing research. Marketing research's real value is in having data
making you abreast with market trends and decreasing the risk of making the wrong
decisions.
2. Discuss the sources of internal data and the advantages and disadvantaged
associated with this data.
The sources of internal data are company records: such daily sales records kept by
customer, customer type, product, product lines, sales territory, salesperson and
detailed time period.
Internally collected data may be readily available depending on manner it was
collected. However, they are often not collected or maintained that's conducive to
marketing decision making, rendering it useless or of little help.
3. Explain the role of secondary data in gathering customer insights. Where do
marketers obtain secondary data, and what are the potential problems in using such
data?
Secondary data is useful in knowing what brand or products customers prefer and
their buying behavior which let marketers have a picture of what the customers
think and how they act.
Secondart data can be obtained from within the organization or outside the
organization: already published government stastistics and commercial services
that seach through alternative sources that are already available.
The disadvantages of secondary data are being outdated and not specific enough to
answer the majority of marketing questions.
4. What are the advantages of web-based survey research over traditional survey
research?
The advantages of web-based survey research are:
1. Unreliable Data. Due to the lack of interviewer, web-based surveys can be
confusing and the answers can be fake.
2. Limited Sampling and Respondent Availability
Not everyone has internet access and respond to questionnaires.
3. Possible Cooperation Problems
Online surveys could easily be deleted and ignored by prospective respondents.
1. Discuss the real value of marketing research and marketing information and
how that value is attained.
Information from customer and other marketing information are necessary to make
effective marketing decisions. They say that "knowledge is power." Knowing your
customers, market segmentations, current market and potential product positions are
part of marketing research. Marketing research's real value is in having data
making you abreast with market trends and decreasing the risk of making the wrong
decisions.
2. Discuss the sources of internal data and the advantages and disadvantaged
associated with this data.
The sources of internal data are company records: such daily sales records kept by
customer, customer type, product, product lines, sales territory, salesperson and
detailed time period.
Internally collected data may be readily available depending on manner it was
collected. However, they are often not collected or maintained that's conducive to
marketing decision making, rendering it useless or of little help.
3. Explain the role of secondary data in gathering customer insights. Where do
marketers obtain secondary data, and what are the potential problems in using such
data?
Secondary data is useful in knowing what brand or products customers prefer and
their buying behavior which let marketers have a picture of what the customers
think and how they act.
Secondart data can be obtained from within the organization or outside the
organization: already published government stastistics and commercial services
that seach through alternative sources that are already available.
The disadvantages of secondary data are being outdated and not specific enough to
answer the majority of marketing questions.
4. What are the advantages of web-based survey research over traditional survey
research?
The advantages of web-based survey research are:
1. Unreliable Data. Due to the lack of interviewer, web-based surveys can be
confusing and the answers can be fake.
2. Limited Sampling and Respondent Availability
Not everyone has internet access and respond to questionnaires.
3. Possible Cooperation Problems
Online surveys could easily be deleted and ignored by prospective respondents.
