Chapter 7 Flashcards
Market Research
A set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers involved in marketing goods, services, or ideas
Competitive Intelligence (CI)
Used by firms to collect and synthesize information about their position with respect to their rivals; enables companies to anticipate changes in the marketplace rather than merely react to them
Customer Lifetime Value (CVL)
The expected financial contribution from a particular customer to the firm’s profits over the course of the relationship
The Marketing Research Process
1) Define Research Problem + Objectives
2) Design the Research Plan
3) Collect Data
4) Analyze Data and Develop Insights
5) Determine Action Plan
Secondary Data
Pieces of information that have been collected prior to the start of the focal project
Primary Data
Data collected to address that specific research needs/questions currently under investigation. Some primary data collection methods include focus groups, in-depth interviews and surveys
Data
Raw numbers or other factual information of limited value
Information
Data that has been organized
Data Mining
The use of statistical analysis tools to search for patterns in data or relationships among variables
Big Data
Refers to extremely large quantities of data that companies have access to but are unable to handle using conventional data management and data mining software
Syndicated Data
Data available for a fee from commercial research firms
Scanner Data
A type of quantitative research that uses data obtained from scanner readings of UPC codes at checkout counters
Panel Data
A type of quantitive research that involves collecting information from a group of consumers over time
Qualitative Research
Attempts to begin the understand the phenomenon of interest
Reliability
The extent to which the same result is achieved when a study is repeated in identical situations
Validity
The extend to which a study measures what it is supposed to measure
Sample
A segment of subset of the population that adequately represents the entire population of interest
Quantitative Research
Provides the information needed to confirm preliminary insights, which managers can use to pursue appropriate courses of action
Ethonography
An observational method that studies people ini their daily lives and activities i their homes, work, and communities
In-depth interview
A research technique which trained researchers ask questions, listen to and record the answers, and then pose additional questions to clarify or expand on a particular issue
Focus Group
A research technique in which a small group comes together for an in-depth discussion about a particular topic, with the conversation guided by a trained moderator using an unstructured method of inquiry
Projective Technique
A type of qualitative research in which subjects are provided with a scenario and asked to express their thoughts and feelings about it
Survey
A systematic means of collecting information from people using a questionnaire
Questionnaire
A form that features a set of questions designed to gather information
Unstructured Questions
Open-ended questions that allows respondents to answer in their own words
Structured questions
Close-ended questions for which a discrete set of response alternatives or specific answers is provided for respondents
Experimental Research
A type of quantitative research that systematically manipulates on or more variables to determine which variable has a causal effect on another variable
