CH 10 -- Marketing Research & Sales Forecasting

Question 1

Marketing Research

Answer 1

Process of collecting and using information for marketing decision making

Question 2

Syndicated Service

Answer 2

Organization that provides standardized data on a periodic basis to its subscribers

Question 3

Full-Service Research Supplier

Answer 3

Marketing research organization that offers all aspects of the marketing research process

Question 4

Limited-service supplier

Answer 4

Marketing research firm that specializes in a limited number of research activities, such as conducting field interviews or performing data processing

Question 5

Exploratory Research

Answer 5

Process of discussing a marketing problem with informed sources both within and outside the firm and examining information from secondary sources

Question 6

Sales Analysis

Answer 6

In-depth evaluation of a firm’s sales

Question 7

Hypothesis

Answer 7

Tentative explanation for a specific event

Question 8

Research Design

Answer 8

Master plan for conducting market research

Question 9

Secondary Data

Answer 9

Previously published information

Question 10

Primary Data

Answer 10

Information collected for a specific investigation

Question 11

Sampling

Answer 11

Process of selecting survey respondents or research particpants

Question 12

Population (universe)

Answer 12

Total group that researchers want to study

Question 13

Probability Sample

Answer 13

Sample that gives every member of the population a chance of being selected

Question 14

Simple Random Sample

Answer 14

Basic type of probability sample in which every individual in the relevant universe has an equal opportunity of being selected

Question 15

Stratified Sample

Answer 15

Probability sample constructed to represent randomly selected subsamples of different groups within the total sample; each subgroup is relatively homogeneous for a certain characteristic

Question 16

Cluster Sample

Answer 16

Probability sample i which researchers select a sample of subgroups (cluster) from which they draw respondents; each cluster reflects the diversity of the whole population sampled

Question 17

Nonprobabilty Sample

Answer 17

Sample that involves personal judgement somewhere in the selection process

Question 18

Convenience Sample

Answer 18

Nonprobability sample selected from among readily available respondents

Question 19

Quota Sample

Answer 19

Nonprobability sample divided to maintain the proportion of certain characteristics among different segments or groups seen in the population as whole

Question 20

Interpretive Research

Answer 20

Observational research method developed by social anthropologists in which customers are observed in their natural setting and their behavior is interpreted based on an understanding of social and cultural characteristics; also known as ethnography

Question 21

Focus Group

Answer 21

A small group of individuals brought together to discuss a specific topic

Question 22

Controlled Experiment

Answer 22

Scientific investigation in which a researcher manipulates a test group and compares the results with those of a control group that did not receive the experimental controls or manipulations

Question 23

Test Marketing

Answer 23

Marketing research technique that involves introducing a new product in a specific area and then measuring its degree of success

Question 24

Marketing Information Systems

Answer 24

Planned, computer-based systems designed to provide managers with a continuous flow of information relevant to their specific decisions and areas of responsibility

Question 25

Marketing Decision Support System

Answer 25

Marketing information system component that links a decisions maker with relevant database and analysis tools

Question 26

Data Mining

Answer 26

Process of searching through customer databases to detect patterns that guide marketing decision making

Question 27

Sales Forecast

Answer 27

Estimate of a firm’s revenue for a specific future period

Question 28

Qualitative Forecasting

Answer 28

Use of subjective techniques to forecast sales, such as the jury of executive opinion, Delphi technique, sales force composite, and surveys of buyer intentions

Question 29

Quantitative forecasting

Answer 29

Use of statistical forecasting techniques such as trend analysis and exponential smoothing

Question 30

Jury of Executive Opinion

Answer 30

Qualitative sales forecasting method that assesses the sales expectations on various executives

Question 31

Delphi Technique

Answer 31

Qualitative sales forecasting method that gathers and redistributes several round of anonymous forecasts until the participants reach a consensus

Question 32

Sales Force Composite

Answer 32

Qualitative sales forecasting method based on the combined estimates of the firm’s salespeople

Question 33

Survey of Buyer Intentions

Answer 33

Qualitative sales forecasting method that samples opinions among groups of present and potential customers concerning their purchasing plans

Question 34

Trend Analysis

Answer 34

Quantitative sales forecasting method that estimates future sales through statistical analyses of historical sales patterns

Question 35

Exponential Smoothing

Answer 35

Quantitative forecasting technique that assigns weights to historical sales data, giving the greatest weight to the most recent data.