Assignment No 4

1. Discuss the real value of marketing research and marketing information and
how that valued is attained.
The real value of marketing research and information is how they are used with
the customer insights they both provide. Companies are creating “customer insights
teams” to collect customer market information. They use the information they get from
their research to create more value for the company’s customers.
2. Discuss the sources of internal data and the advantages and disadvantages
associated with this data.
Internal databases are electronic copies of market information that was taken
from sources within the company. One advantage associated with this data is that the
company can use this information to see who their top customers are. It also enhances
the quality of the relationships with these customers. One disadvantage is that the cost
is relatively high. The company needs to buy all the hardware and software to collect
and store the information.
3. Explain the role of secondary data inn gathering customer insights. Where do
marketers obtain secondary data, and what are the potential problems in using
such data?
Secondary data is information that already exists for another purpose.
Researchers get the data by the company’s internal database. They are also able to get
the information by other resources. One potential problem that may occur is not all
information they need are easily obtainable. It also may not be as updated or current.
4. What are the advantages of wed-based survey research over traditional survey
research?
Web based survey research provides the advantage over the traditional phone
and mail ways because of the short time it gets to the customers. Internet surveys are
easy to give out and the responses are also fast to receive.
5. Conduct a web-based survey to at least 20 college students from different
universities to learn what services their university could offer to better meet
student needs