Domain 3: Managing Information for Marketing Insights

Question 1

A system that analyzes and assesses marketing information, gathered continuously from sources inside and outside an organization. Timely marketing information provides basis for decisions such as product development or improvement, pricing, packaging, distribution, media selection, and promotion. See also market information system.

Answer 1

Market information systems (MIS)

Question 2

The everyday information relevant to a company’s markets, gathered and analyzed specifically for the purpose of accurate and confident decision-making in determining market opportunity, market penetration strategy, and market development metrics.

Answer 2

Marketing intelligence

Question 3

The study of a population based on factors such as age, race, sex and other factors.

Answer 3

Demographics

Question 4

The social science that studies the implications of individual human action, specifically about how those decisions affect the utilization and distribution of scarce resources.

Answer 4

Microeconomics

Question 5

A branch of the economics that studies how the aggregate economy behaves. In macroeconomics, a variety of economy-wide phenomena is thoroughly examined such as inflation, price levels, rate of growth, national income, gross domestic product (GDP) and changes in unemployment.

Answer 5

Macroeconomics

Question 6

Any organized effort to gather information about target markets or customers. It is a very important component of business strategy.

Answer 6

Market research

Question 7

A tangible or intangible good or service produced as a result of a project that is intended to be delivered to a customer (either internal or external).

Answer 7

Management research deliverable

Question 8

A statement about an area of concern, a condition to be improved, a difficulty to be eliminated, or a troubling question that exists in scholarly literature, in theory, or in practice that points to the need for meaningful understanding and deliberate investigation. In some social science disciplines the research problem is typically posed in the form of a question.

Answer 8

Research problem

Question 9

Intends merely to explore the research questions and does not intend to offer final and conclusive solutions to existing problems. This type of research is usually conducted to study a problem that has not been clearly defined yet.

Answer 9

Exploratory research

Question 10

Research used to “describe” a situation, subject, behavior, or phenomenon. It is used to answer questions of who, what, when, where, and how associated with a particular research question or problem.

Answer 10

Descriptive research

Question 11

Also called explanatory research, is the investigation of (research into) cause-and-effect relationships. To determine causality, it is important to observe variation in the variable assumed to cause the change in the other variable(s), and then measure the changes in the other variable(s).

Answer 11

Causal research

Question 12

Data observed or collected directly from first-hand experience.

Answer 12

Primary data

Question 13

Published data and the data collected in the past or other parties is called secondary data.

Answer 13

Secondary data

Question 14

A scientific method of observation to gather non-numerical data. This type of research “refers to the meanings, concepts definitions, characteristics, metaphors, symbols, and description of things” and not to their “counts or measures.”

Answer 14

Qualitative research

Question 15

The systematic empirical investigation of observable phenomena via statistical, mathematical or computational techniques. The objective of this research is to develop and employ mathematical models, theories and hypotheses pertaining to phenomena.

Answer 15

Quantitative research

Question 16

A small, but demographically diverse group of people and whose reactions are studied especially in market research or political analysis in guided or open discussions about a new product or something else to determine the reactions that can be expected from a larger population.

Answer 16

Focus group

Question 17

Interviews in which participants are encouraged and prompted to talk in depth about the topic under investigation.

Answer 17

In-depth interview

Question 18

A research method used for collecting data from people to gain information on various topics. The data is usually obtained through the use of standardized procedures whose purpose is to ensure that each respondent is able to answer the questions at a level playing field to avoid biased opinions that could influence the outcome of the research or study.

Answer 18

Surveys

Question 19

Information employed in marketing for designing promotional campaigns based on consumers’ buying habits, brand preferences, and product usage.

Answer 19

Behavioral data

Question 20

Involves using various types of machines to collect the data, which is then interpreted by researchers.

Answer 20

Mechanical observation

Question 21

Designed to encourage a full, meaningful answer using the subject’s own knowledge and/or feelings.

Answer 21

Open-ended questions

Question 22

Those which can be answered by a simple “yes” or “no.”

Answer 22

Closed-ended questions

Question 23

An official count or survey of a population, typically recording various details of individuals.

Answer 23

Census

Question 24

A smaller, manageable version of a larger group. It is a subset containing the characteristics of a larger population.

Answer 24

Sample

Question 25

Any method of sampling that utilizes some form of random selection. In order to have a random selection method, you must set up some process or procedure that assures that the different units in your population have equal probabilities of being chosen.

Answer 25

Probability sampling

Question 26

Sampling that does not involve random selection.

Answer 26

Nonprobability sampling

Question 27

A database accessible from a local network or the Internet, as opposed to one that is stored locally on an individual computer or its attached storage (such as a CD).

Answer 27

Online database

Question 28

Refers to the principles, practices and guidelines that an organization follows when interacting with its customers. From the organization’s point of view, this entire relationship encompasses direct interactions with customers, such as sales and service-related processes, and forecasting and analysis of customer trends and behaviors. Ultimately, this serves to enhance the customer’s overall experience.

Answer 28

Customer relationship management (CRM)

Question 29

A term frequently used in marketing. It is a measure of how products and services supplied by a company meet or surpass customer expectation.

Answer 29

Customer satisfaction

Question 30

The measure of success of the supplier in retaining a long term relationship with the customer.

Answer 30

Customer loyalty

Question 31

A prediction of the net profit attributed to the entire future relationship with a customer.

Answer 31

Customer lifetime value (CLV)

Question 32

Answers the question, how much value can I create per customer?

Answer 32

Return on customer investment (ROCI)

Question 33

There is one type of customer one should consider firing, and it has everything to do with customer service. This customer affects the morale and motivation of the employees to deliver a great customer service experience. There are certain customers that may abuse your system and even your employees, which may call for the drastic measure of letting these customers know you no longer wish to do business with them.

Answer 33

Firing a customer

Question 34

Your brand’s points of customer contact, from start to finish. For example, customers may find your business online or in an ad, see ratings and reviews, visit your website, shop at your retail store, or contact your customer service.

Answer 34

Customer touchpoints

Question 35

A large store of data accumulated from a wide range of sources within a company and used to guide management decisions.

Answer 35

Data warehouse

Question 36

The process of discovering patterns in large data sets involving methods at the intersection of machine learning, statistics, and database systems.

Answer 36

Data mining

Question 37

A form of direct marketing using databases of customers or potential customers to generate personalized communications in order to promote a product or service for marketing purposes. The method of communication can be any addressable medium, as in direct marketing.

Answer 37

Database marketing

Question 38

The process of creating, retaining, and transferring knowledge within an organization. An organization improves over time as it gains experience. From this experience, it is able to create knowledge. This knowledge is broad, covering any topic that could better an organization.

Answer 38

Organizational learning

Question 39

The extent to which work roles are structured in an organization, and the activities of the employees are governed by rules and procedures.

Answer 39

Formalization

Question 40

Includes everything that resides in the minds of the customer with respect to a firm.

Answer 40

Customer mindset

Question 41

Data sets that are so big and complex that traditional data-processing application software are inadequate to deal with them. Challenges include capturing data, data storage, data analysis, search, sharing, transfer, visualization, querying, updating, information privacy and data source.

Answer 41

Big data

Question 42

Information with a high degree of organization, such that inclusion in a relational database is seamless and readily searchable by simple, straightforward search engine algorithms or other search operations.

Answer 42

Structured data

Question 43

Information with a low degree of organization, such that inclusion in a relational database is not seamless and is not readily searchable by simple, straightforward search engine algorithms or other search operations.

Answer 43

Unstructured data

Question 44

A form of structured data that does not conform with the formal structure of data models associated with relational databases or other forms of data tables, but nonetheless contains tags or other markers to separate semantic elements and enforce hierarchies of records and fields within the data.

Answer 44

Semi-structured data

Question 45

The practice of measuring, managing and analyzing marketing performance to maximize its effectiveness and optimize return on investment (ROI).

Answer 45

Marketing analytics

Question 46

A marketer who focuses on reducing the risks related to a marketing initiative or project. In this regard, these practitioners track campaigns and segment the customer base, as well as identify market trends and monitor competitors. Likewise, they consider aspects such as response rates, return on investment (ROI), and consumer dropout rates.

Answer 46

Marketing analyst

Question 47

A preliminary stage of data processing that creates a summary of historical data to yield useful information and possibly prepare the data for further analysis. Descriptive analytics is sometimes said to provide information about happened.

Answer 47

Descriptive analytics

Question 48

A form of advanced analytics which examines data or content to answer the question “Why did it happen?”, and is characterized by techniques such as drill-down, data discovery, data mining and correlations.

Answer 48

Diagnostic analytics

Question 49

The branch of the advanced analytics which is used to make predictions about unknown future events. This branch uses many techniques from data mining, statistics, modeling, machine learning, and artificial intelligence to analyze current data to make predictions about future.

Answer 49

Predictive analytics

Question 50

The area of business analytics (BA) dedicated to finding the best course of action for a given situation.

Answer 50

Prescriptive analytics

Question 51

Refers to the use of natural language processing, text analysis, computational linguistics, and biometrics to systematically identify, extract, quantify, and study affective states and subjective information. This type of analysis is widely applied to voice of the customer materials such as reviews and survey responses, online and social media, and healthcare materials for applications that range from marketing to customer service to clinical medicine. AKA opinion mining and emotion AI. Generally speaking, this analysis aims to determine the attitude of a speaker, writer, or other subject with respect to some topic or the overall contextual polarity or emotional reaction to a document, interaction, or event.

Answer 51

Sentiment analysis

Question 52

The identification of a set of user actions (“events” or “touchpoints”) that contribute in some manner to a desired outcome, and then the assignment of a value to each of these events.

Answer 52

Attribution

Question 53

On the Internet, content filtering (also known as information filtering) is the use of a program to screen and exclude from access or availability Web pages or e-mail that is deemed objectionable.

Answer 53

Content filtering

Question 54

In the newer, narrower sense, this is a method of making automatic predictions (filtering) about the interests of a user by collecting preferences or taste information from many users. In the more general sense, this is the process of filtering for information or patterns using techniques involving collaboration among multiple agents, viewpoints, data sources, etc.

Answer 54

Collaborative filtering

Question 55

A reporting tool that displays marketing analytics, KPIs, and metrics using data visualizations. These are designed to provide teams with instant and continuous visibility into marketing performance.

Answer 55

Marketing dashboard

Question 56

The contribution to profit attributable to marketing (net of marketing spending), divided by the marketing ‘invested’ or risked. The purpose of this is to measure the degree to which spending on marketing contributes to profits.

Answer 56

Return on marketing investment (ROMI)