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CPSM-Markendium Materials > Domain 1: Research > Flashcards

Domain 1: Research Flashcards

1
Q

Advanced Analytics

A

Tools that use statistical analysis and predictive modeling to forecast future events.

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2
Q

Audit

A

The practice of assessing your current position - where your firm stands right now in the terms of finances, visibility within a market sector, your competition, and a variety of other measures. A SWOT analysis is often used as an assessment tool.

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3
Q

Average

A

The sum of a set of numbers divided by the amount of numbers in that set. One way of expressing the typical value in a set of data.

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4
Q

Benchmarking

A

A measurement activity that compares one aspect of a thing to that same aspect in a different thing.

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5
Q

Benchmarking Surveys

A

Benchmarking surveys create a basis for comparison. Most often used to compare one AEC company to peer firms, they can be used to determine best practices or key trends within a specific design typology.

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6
Q

Bias

A

A prejudice shown toward or against something based on subjective perceptions of experiences or opinions.

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7
Q

Big Data

A

A collection of data sets so large and complex that it becomes difficult to process using typical database management tools or traditional data processing applications.

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8
Q

Causation

A

A predictive relationship between two variables where one causes the other

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9
Q

Client Relationship Management (CRM)

A

A strategic framework for information management.

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10
Q

Client Satisfaction Surveys

A

Used to gauge client’s feelings about a firm’s capabilities, staff, level of service, and success at meeting clients’ expectations. Often includes elements of perception and market intelligence surveys.

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11
Q

Closed-ended Questions

A

A form of question that limits possible answers by providing a list of answers that the respondent must choose from.

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12
Q

Coding

A

The process of combining the data into meaningful categories and then marking the categories with a code label so they can be easily compared and analyzed.

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13
Q

Comparison Charts

A

Used to compare relationships between distinct points of data and to demonstrate patterns. They are typically vertically oriented.

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14
Q

Confidence Interval

A

A statistics term that defines a range of values within which the population parameter of interest is likely to be included.

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15
Q

Confirmatory Research

A

The purpose of confirmatory research is to narrow down a list of options and figure out which one is right. It uses hard data to quantify qualities identified in exploratory research.

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16
Q

Contribution Charts

A

Contribution charts demonstrate part-to-whole analysis.

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17
Q

Correlation

A

A statistical relationship between two variables.

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18
Q

Cross Tabulation

A

When the data is tabulated according to multiple characteristics.

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19
Q

Data Mining

A

A technique that allows a company to sift through vast amounts of information and find statistical patterns amid data sets. It is a way to analyze big data quickly and thoroughly to isolate valuable information.

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20
Q

Data System

A

The data system is part of the DSS and includes all of the hardware and software required by a company to coordinate and store the various types of data created and gathered by the company’s own assets, as well as the data coming in from other external sources such as commercial demographic and economic databases.

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21
Q

Data Triangulation

A

Data triangulation is when a piece of data, a finding, or generalization is able to be verified through several different research methods.

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22
Q

Decision Problem

A

The basic question to which this research is intended to provide an answer.

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23
Q

Decision Support System (DSS)

A

A DSS consists of software that enables managers to access the information in a company’s database dynamically, to produce customized reports on an as-needed basis to assist in decision making. It combines the company’s data systems and commercial databases, specialized modeling software, and a graphical user interface (typically in the form of a dashboard for usability and system interactivity).

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24
Q

Disruptive Innovation

A

An innovation that helps to create a new market or value network, which eventually - and sometime rapidly - upsets and existing market or product/service line.

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25
Q

Distribution Charts

A

Distribution charts are used to provide perspective on data - all of the data points are displayed across a set scale so it is easier to see whether the data is skewed and if so how.

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26
Q

Double Tabulation

A

when data is tabulated according to two characteristics at a time.

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27
Q

Ethics

A

Marketing ethics are the values and principles that inform the standards of conduct that business developers must follow when conducting business.

28
Q

Evidence Based Marketing

A

A tool that allows one to gather information from prospective clients and use it to develop niche specific campaign for one’s firm.

29
Q

Exploratory Research

A

The purpose of exploratory research is to explore possibilities and discover new ideas. This type of research often calls for qualitative data - its open ended nature allows for an expansive set of descriptive and thorough data points.

30
Q

Focus Group

A

Focus groups can be internal or external. They are typically in person gatherings convened to gauge participants’ opinions on a specific topic.

31
Q

Forecasting

A

The ability to predict future events or conditions based on study and analysis. Provides a firm’s leaders with the information they need to make the best possible decisions today.

32
Q

Goals

A

Measurable targets that help a firm plan how to move forward in the direction they want.

33
Q

Hypothesis

A

A general or specific proposal or conjecture, typically based on experience and working knowledge, used to guide research and or accepted as a highly probable outcome until proven otherwise.

34
Q

Impact Index

A

An index that serves as the final measuring tool to determine which scenarios the firm will develop further and which will be shelved or abandoned.

35
Q

Infographics

A

A way to present data in visual shorthand.

36
Q

Internal Surveys

A

Internal surveys can take a variety of forms: staff satisfaction; perception of firm issues, policies, or staff members; and/or benchmarking of best practices research. The common denominator is that all of the respondents are within a firm rather than external.

37
Q

Iterative Rolling Forecast

A

A style of forecasting that continually updates the forecast so that the budget can take into account changes in the environment and allows for a more flexible response.

38
Q

Justice Approach

A

An approach to ethics that emphasizes fairness - an equal distribution of the costs and benefits among those groups affected by a decision.

39
Q

Knowledge Management

A

The process by which organization knowledge is captured, stored, and disseminated within a company.

40
Q

Literature Search

A

A method of exploratory research where information if gathered from various secondary sources.

41
Q

Management information system

A

A system that uses information from the company’s database to produce standardized reports on a regular basis.

42
Q

Margin of Error

A

The amount (expressed as a %) that you are willing for your research to be inaccurate. In other words, it is the desired degree of precision.

43
Q

Market Intelligence Surveys

A

A type of survey conducted with clients, potential clients, and/or industry thought leaders to solicit their opinions on current issues and future trends within a given market segment or geographic area.

44
Q

Model System

A

A system within the DSS that includes all of the various types of data modeling software that enables marketing professionals to manipulate and visualize information extracted from the company’s databases (as well as external data sources)

45
Q

Open Ended Questions

A

A form of question where the respondent is able to answer in any way they see fit i.e. they are not limited by a list of answers to choose from.

46
Q

Opportunity Cost

A

The loss of potential revenue (or other value) that could have been gained by using the resources in a different way than they were actually used.

47
Q

Perception Survey

A

Focused on the perception of a firm by clients, potential clients, and/or a larger community. Often done before developing a new brand or launching a major marketing campaign or in response to changes in a firm.

48
Q

Population

A

The groups of people that the research is supposed to give information about.

49
Q

Primary Research

A

Proprietary research that you conduct yourself.

50
Q

Qualitative Research

A

Research aimed at gathering an in-depth understanding of behavior and the reasons behind it.

51
Q

Quantitative Research

A

Research of measurable properties and their relationships. The process of measurement is key to quantitative research.

52
Q

Real Simple Syndication (RSS) feeds

A

A family of web feed formats used to publish frequently updated works such as blog entries, news headlines, audio, and video in a standardized format.

53
Q

Research Budget

A

The amount of money from their overall budget that a firm dedicates towards performing research.

54
Q

Research Objective

A

A short statement that expresses the result you hope to achieve through the use of information obtained through a particular research project.

55
Q

Research Request Agreement

A

A document that clearly states the research problem to be addressed, including background of the problem that needs to be researched, how the information collected will be used, who this information will be gathered from, and other logistics.

56
Q

Revenue

A

Firm’s overall income.

57
Q

Rights Approach

A

An approach to ethics where the emphasis is placed on individual welfare rather than on the consequences of a decision.

58
Q

Secondary Research

A

Research that comes from a source that is different from the originating source of the information.

59
Q

Strength, weaknesses, opportunities, and threats (SWOT) analysis

A

A situational analysis tool that is based on assessing the strengths, weaknesses, opportunities, and threats that your firm faces, either as a whole or in a specific market.

60
Q

Tabulation

A

The process of arranging data in a table using some sort of classification.

61
Q

Themes

A

Topics that organize groups of repeating ideas into larger groups, tied together by a related idea.

62
Q

Trending Charts

A

Types of charts that reveal patterns of change.

63
Q

Utility Approach

A

An approach to ethics that favors the opinion that will bring the greatest net benefit to society as a whole.

64
Q

Variance

A

A measure of the distance between a certain number and the mean.

65
Q

Wild Card

A

Low-probability, high impact events that are so momentous and occur so quickly that individuals, firms, and society aren’t able to respond to them effectively.

66
Q

Z-Value

A

The value on a normal bell curve associated with a confidence interval.

CPSM-Markendium Materials (6 decks)

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