CH 10 -- Marketing Research & Sales Forecasting Flashcards
Marketing Research
Process of collecting and using information for marketing decision making
Syndicated Service
Organization that provides standardized data on a periodic basis to its subscribers
Full-Service Research Supplier
Marketing research organization that offers all aspects of the marketing research process
Limited-service supplier
Marketing research firm that specializes in a limited number of research activities, such as conducting field interviews or performing data processing
Exploratory Research
Process of discussing a marketing problem with informed sources both within and outside the firm and examining information from secondary sources
Sales Analysis
In-depth evaluation of a firm’s sales
Hypothesis
Tentative explanation for a specific event
Research Design
Master plan for conducting market research
Secondary Data
Previously published information
Primary Data
Information collected for a specific investigation
Sampling
Process of selecting survey respondents or research particpants
Population (universe)
Total group that researchers want to study
Probability Sample
Sample that gives every member of the population a chance of being selected
Simple Random Sample
Basic type of probability sample in which every individual in the relevant universe has an equal opportunity of being selected
Stratified Sample
Probability sample constructed to represent randomly selected subsamples of different groups within the total sample; each subgroup is relatively homogeneous for a certain characteristic
Cluster Sample
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
Nonprobabilty Sample
Sample that involves personal judgement somewhere in the selection process
Convenience Sample
Nonprobability sample selected from among readily available respondents
Quota Sample
Nonprobability sample divided to maintain the proportion of certain characteristics among different segments or groups seen in the population as whole
Interpretive Research
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
Focus Group
A small group of individuals brought together to discuss a specific topic
Controlled Experiment
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
Test Marketing
Marketing research technique that involves introducing a new product in a specific area and then measuring its degree of success
Marketing Information Systems
Planned, computer-based systems designed to provide managers with a continuous flow of information relevant to their specific decisions and areas of responsibility
Marketing Decision Support System
Marketing information system component that links a decisions maker with relevant database and analysis tools
Data Mining
Process of searching through customer databases to detect patterns that guide marketing decision making
Sales Forecast
Estimate of a firm’s revenue for a specific future period
Qualitative Forecasting
Use of subjective techniques to forecast sales, such as the jury of executive opinion, Delphi technique, sales force composite, and surveys of buyer intentions
Quantitative forecasting
Use of statistical forecasting techniques such as trend analysis and exponential smoothing
Jury of Executive Opinion
Qualitative sales forecasting method that assesses the sales expectations on various executives
Delphi Technique
Qualitative sales forecasting method that gathers and redistributes several round of anonymous forecasts until the participants reach a consensus
Sales Force Composite
Qualitative sales forecasting method based on the combined estimates of the firm’s salespeople
Survey of Buyer Intentions
Qualitative sales forecasting method that samples opinions among groups of present and potential customers concerning their purchasing plans
Trend Analysis
Quantitative sales forecasting method that estimates future sales through statistical analyses of historical sales patterns
Exponential Smoothing
Quantitative forecasting technique that assigns weights to historical sales data, giving the greatest weight to the most recent data.
