Chapter 7 Flashcards
The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions.
market research
Criteria or standards used in evaluating proposed solutions to the problem.
measures of success
In a decision, the restrictions placed on potential solutions to a problem.
constraints
a picture or verbal description of a product or service the firm might offer for sale.
new-product concept
the approaches that can be used to collect data to solve all or
part of a problem.
methods
The facts and figures related to the project that are divided into two main parts: secondary data and primary
data.
data
Facts and figures that are newly collected for the project.
primary data
relate to the effort expended to make sales.
marketing input data
relate to the results of the marketing efforts.
marketing outcome data
Facts and figures obtained by watching how people actually behave, using mechanical, personal, or neuromarketing data collection methods.
observational data
where live or work.
geographical segmentation
objective classification.
demographic segmentation
observable action.
behavioral segmentation
compete on similar products.
head-to-head positioning
seek a less-competitive market.
differentiation positioning
Asking a group for input.
sampling
To generalize the results to larger group.
statistical interference
Results of marketing efforts.
marketing outcome data
The cause (drivers).
independent variable
the presentation of analysis results.
data visualization
an organization that converts data into information.
intelligent enterprise
estimates the value without any intervening steps.
direct forecast
starts with the last known value and lists factors that could affect the forecast.
lost-horse forecast
extends a past pattern into the future.
trend extrapolation
when the pattern is a straight line.
liners trend extrapolation
Facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors.
questionnaire data
a specialized observational approach in which trained observers seek to discover subtle behavioral and emotional reactions as consumers encounter products in their “natural use environment.” such as in their home or car.
ethnographic research
a vague, broad term generally used to describe large amounts of data collected from a variety of sources and analyzed with an increasingly sophisticated set of technologies.
big data
Includes all of the
computing resources that collect, store, and analyze data
information technology
The practice of examining large databases to find statistical relationships between consumer purchasing patterns and marketing actions.
data mining
Based on statistical models that use data mining and probability analysis to foretell outcomes.
predictive modeling
The total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts.
sales forecast
