Chapter 10 Terms Flashcards
Marketing Research
- process of collecting and using information for marketing decision making
Big Data
- fueled by 21st century technological advances, the vast and unprecedented volume, speed, and array of data available for informed decision making
Marketing Intelligence
- sum total of information related to a firm’s markets, which a firm gathers in order to better understand their customers, target consumer segments, and develop long-term customer relationships
Marketing Information System (MIS)
- planned, computer-based system designed to provide managers with a continuous flow of information relevant to their specific decisions and areas of responsibility
Marketing Decision Support System (MDSS)
-marketing information system component that links a decision maker with relevant databases and analysis tools
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 Research Supplier
-marketing research firm that specializes in a limited number of research activities, such as conducting field interviews or preforming data processing
Metrics
-quantifiable measurements that are compared against organizational objectives to gauge overall performance
Data Mining
-technique in which a user employs special software to search through computerized data files to detect patterns
Predictive Analysis
-use of business intelligence data to model scenarios and create forecasts
Key Performance Indicator
-quantifiable measurement, articulated in advance, that reflects an organization’s goals and is critical to its success
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; government data, the U.S. Census of Population, private data, and online sources
Primary Data
-information collected for a specific investigation
Sampling
-process of selecting survey respondents or research participants
Population (Universe)
-total group that researchers want to study
Probability Sample
-sample that gives every member of the population a known 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 in which researchers select a sample of subgroups (or clusters) from which they draw respondents; each cluster reflects the diversity of the whole population sampled
Non-probability Sample
-sample that involves personal judgment 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
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 or “going native”
Focus Group
-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
