Discussion Questions ( Answer about chapter 4 questions)

Question 1: The value of big data for marketers is significant because it plays a crucial
role in determining and optimizing marketing strategies. For instance, through big data
analysis, we can better understand consumer behaviors and develop campaigns that better
meet the needs of target audiences.
Question 2: When discussing the differences between internal databases and marketing
intelligence, internal databases typically contain data generated by the company itself from
internal processes. On the other hand, marketing intelligence relies on a broader range of data
obtained from external sources, often including industry trends, competitor analyses, and
consumer behaviors. Among the advantages of internal databases are easy access to the
company's own data and the ability to create customized reports. In contrast, marketing
intelligence allows the company to gain insights from a broader perspective and keep track of
changes in the external environment. However, internal databases may have limitations in
terms of data diversity and currency, while marketing intelligence may have uncertainties
about the reliability of data obtained from external sources and may sometimes be costly or
time-consuming to access information.
Question 3: Marketers utilize both open-ended and closed-ended questions in surveys.
Open-ended questions provide participants with freedom and facilitate detailed responses,
although they may require more time for analysis and be susceptible to subjective
interpretations. Closed-ended questions, on the other hand, enable faster data collection and
can enhance data consistency, but they may restrict participants' responses and overlook
important information.
Question 4: Behavioral targeting involves tracking consumer behaviors to deliver
personalized advertisements and content to a specific audience. For example, if a user
frequently browses a certain product category online, an e-commerce website can display
advertisements related to products in that category. Companies need to consider consumers'
privacy concerns regarding behavioral targeting, as some may perceive it as intrusive. To
address these concerns, companies should take steps such as transparency, privacy policies,
and providing options for consumers to control their preferences or opt out of tracking
activities.
Question 5: In my opinion, the most important stage of the marketing research process
is data collection and analysis. This stage ensures the collection of accurate and reliable data,
which is essential for making informed decisions about marketing strategies. Without accurate
data, incorrect decisions may be made about the effectiveness of marketing strategies,
negatively impacting the success of the business. The data collection and analysis stage plays
a fundamental role in helping businesses understand market dynamics and consumer
behaviors, thus serving as a crucial step in the strategic decision-making process.
Question 6: Despite their limited budgets, small businesses and nonprofits can conduct
marketing research. For example, they can leverage free or low-cost resources available
online. Additionally, they can gather feedback directly from customers through methods such
as customer satisfaction surveys or focus groups, obtaining valuable insights into their
products and services.
APPLICATIONS AND CASES
Question 1: The big data from the four segments Bayer operates in and from the Monsanto
merger provides opportunities for Bayer to enhance its understanding of customer needs,
optimize its product offerings, improve operational efficiencies, and strengthen its market
position. Specifically, it enables Bayer to analyze market trends, identify emerging
opportunities, develop personalized products and services, enhance agricultural practices, and
drive innovation in healthcare and agriculture.
Question 2: Bayer gathers relevant marketing information to keep up with customer
demands in the four segments through various channels such as sales data, finance data,
human resources data, and marketing data. Additionally, Bayer collaborates with third-party
analytics firms, conducts market research, collects feedback from customers and stakeholders,
utilizes digital platforms, and leverages data science methods to gain insights into customer
preferences, market trends, and competitive dynamics.
Question 3: Bayer manages the information gathered from the various stakeholders
mentioned in the case by following strict regulations and directives on data privacy and
security. The company ensures compliance with legal requirements, establishes data processor
agreements with specialized service contractors, monitors data handling practices regularly,
and maintains transparency in its interactions with customers, suppliers, regulators, and other
stakeholders.
Question 4: At Bayer, the steps of the marketing research process are followed
systematically. This includes defining the problem or opportunity, conducting research to
gather relevant data, analyzing the data to derive insights, making informed decisions based
on the findings, and evaluating the effectiveness of marketing strategies. Bayer utilizes a
combination of quantitative and qualitative research methods, advanced analytics, and
cutting-edge technologies to conduct marketing research and drive business growth.
Question 5: Bayer safeguards customer privacy in its marketing research by adhering
to strict policies and standards, such as the LIFE standard which encompasses Leadership,
Integrity, Flexibility, and Efficiency. The company ensures that personal data is handled with
care and processed within regulatory frameworks. Bayer also works closely with specialized
service contractors to maintain data security and privacy, monitors compliance with data
protection regulations, and takes proactive measures to mitigate risks associated with data
breaches or unauthorized access.