Ch 8 Flashcards
What is the first step in the Marketing Research Process?
Define the Problem: Set research objectives and identify possible marketing actions.
What is the second step in the Marketing Research Process?
Develop the Research Plan: Specify constraints, identify data needed, and determine how to collect data.
What is the third step in the Marketing Research Process?
Collect Data: Use secondary data (existing data) and primary data (newly collected data).
What is the fourth step in the Marketing Research Process?
Develop Findings: Analyze data and present findings.
What is the fifth step in the Marketing Research Process?
Take Marketing Actions: Make recommendations, implement actions, and evaluate results.
What are the two types of data collection methods?
Secondary Data and Primary Data.
What is Secondary Data?
Internal (e.g., sales reports) and external (e.g., U.S. Census, trade associations).
What is Primary Data?
Observations, questionnaires, focus groups, experiments, and data mining.
What is Data Mining?
Extracting hidden patterns from large datasets to predict future trends.
What are Constraints?
Restrictions placed on potential solutions to a problem (e.g., budget, time).
What are Measures of Success?
Criteria used to evaluate proposed solutions (e.g., increased sales, customer satisfaction).
What is Observational Data?
Data collected by watching how people behave (e.g., mystery shoppers, Nielsen’s People Meter).
What is Cross Tabulation?
A method of analyzing data involving two or more variables to discover relationships (e.g., age vs. fast-food patronage).
What is a Sales Forecast?
The total sales a firm expects to sell during a specified time period under specific conditions.
What is Information Technology?
Tools and systems used to store, process, and analyze data (e.g., data mining, big data analytics).
What is Questionnaire Data?
Data collected through surveys (e.g., open-ended or closed-ended questions).
