Chapter 7

Question 1

Market Research

Answer 1

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

Question 2

Competitive Intelligence (CI)

Answer 2

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

Question 3

Customer Lifetime Value (CVL)

Answer 3

The expected financial contribution from a particular customer to the firm’s profits over the course of the relationship

Question 4

The Marketing Research Process

Answer 4

1) Define Research Problem + Objectives
2) Design the Research Plan
3) Collect Data
4) Analyze Data and Develop Insights
5) Determine Action Plan

Question 5

Secondary Data

Answer 5

Pieces of information that have been collected prior to the start of the focal project

Question 6

Primary Data

Answer 6

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

Question 7

Data

Answer 7

Raw numbers or other factual information of limited value

Question 8

Information

Answer 8

Data that has been organized

Question 9

Data Mining

Answer 9

The use of statistical analysis tools to search for patterns in data or relationships among variables

Question 10

Big Data

Answer 10

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

Question 11

Syndicated Data

Answer 11

Data available for a fee from commercial research firms

Question 12

Scanner Data

Answer 12

A type of quantitative research that uses data obtained from scanner readings of UPC codes at checkout counters

Question 13

Panel Data

Answer 13

A type of quantitive research that involves collecting information from a group of consumers over time

Question 14

Qualitative Research

Answer 14

Attempts to begin the understand the phenomenon of interest

Question 15

Reliability

Answer 15

The extent to which the same result is achieved when a study is repeated in identical situations

Question 16

Validity

Answer 16

The extend to which a study measures what it is supposed to measure

Question 17

Sample

Answer 17

A segment of subset of the population that adequately represents the entire population of interest

Question 18

Quantitative Research

Answer 18

Provides the information needed to confirm preliminary insights, which managers can use to pursue appropriate courses of action

Question 19

Ethonography

Answer 19

An observational method that studies people ini their daily lives and activities i their homes, work, and communities

Question 20

In-depth interview

Answer 20

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

Question 21

Focus Group

Answer 21

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

Question 22

Projective Technique

Answer 22

A type of qualitative research in which subjects are provided with a scenario and asked to express their thoughts and feelings about it

Question 23

Survey

Answer 23

A systematic means of collecting information from people using a questionnaire

Question 24

Questionnaire

Answer 24

A form that features a set of questions designed to gather information

Question 25

Unstructured Questions

Answer 25

Open-ended questions that allows respondents to answer in their own words

Question 26

Structured questions

Answer 26

Close-ended questions for which a discrete set of response alternatives or specific answers is provided for respondents

Question 27

Experimental Research

Answer 27

A type of quantitative research that systematically manipulates on or more variables to determine which variable has a causal effect on another variable