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exam 2 Flashcards

1
Q

Market research

A

is about the purpose and methods of gathering information from the market. Collecting and analyzing data about the market May be purchased.

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2
Q

Market research includes

A
  1. The process of deciding what research to do.
  2. Surveys of consumers (business and individuals).
  3. Marketing intelligence (competitors).
  4. Using systems to report and analyze these data.
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3
Q

MIS

A

Marketing information systems- used for reporting historical data. A process that first determines what information marketing managers need and then gathers, sorts, analyzes, stores, and distributes relevant and timely marketing information to system users.

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4
Q

Internal company data

A

Often “behavioral” data is found in internal (operational)
systems. uses information from within the organization to produce reports on the results of sales and marketing activities

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5
Q

Marketing intelligence

A

External everyday sources (sales channels, vendors,
competitors). a method by which marketers get information about what’s going on in the world that is relevant to their business

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6
Q

Acquired database

A

purchased data about customers

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7
Q

MIS DATA consist of

A

internal company data
marketing intelligence
marketing research
acquired databases

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8
Q

Secondary research

A

saves time and money. data that we previously collected and may be helpful to our research needs

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9
Q

Internal company data system

A

uses information from within the organization to produce reports on the results of sales and marketing activities.

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10
Q

marketing intelligence system

A

a method by which marketers get information about​ what’s going on in the world that is relevant to their business

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11
Q

Marketing information systems

A

is a process that first determines what information marketing managers need and then​ gathers, sorts,​ analyzes, stores, and distributes relevant and timely marketing information to system users.

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12
Q

Marketing decision support system

A

A marketing decision support system​ (MDSS) refers to the​ data, analysis​ software, and interactive software that allow managers to conduct analyses and find the information they need

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13
Q

Customer relationship management

A

Customer relationship management refers to a systematic tracking of​ consumers’ preferences and behaviors over time in order to tailor the value proposition as closely as possible to each​ individual’s unique wants and needs.

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14
Q

touch point

A

refers to any point of direct interface between customers and a company​ (online, by​ phone, or in​ person).

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15
Q

share of customer refers to

A

percentage of an individual​ customer’s purchase of a product over time that is the same brand

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16
Q

Marketing research ethics

A

refers to taking an ethical and aboveboard approach to conducting market research that does no harm to the participant in the process of conducting the research.

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17
Q

Database

A

An organized collection (often electronic) of data that can be searched and queried to provide information about contacts, products, customers, inventory, and more.

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18
Q

Internal company data system

A

uses information from within the organization to produce reports on the results of sales and marketing activities.

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19
Q

Primary data

A

data gathered for the first time.

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20
Q

When do we use primary data

A 
1. Secondary data doesn’t
exist, is old, or untrusted.
2. Seeking new information.
3. Selecting specific
population.
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21
Q

What is exploratory useful for

A

Gaining better understanding of problem.

Identifying new opportunities.

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22
Q

Exploratory research is qualitative in nature by these 4 things:

A

Focus groups
Market research online community (panel)
Case studies
Ethnographies

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23
Q

Sample

A

subset of a population

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24
Q

Simple random

A
  1. Sample size/ population size gives probability.
  2. Done programmatically or with random number
    tables (not often used these days).
  3. the gold standard of sampling
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25
Two types of data
1. Qualitative | 2. Quantitative
26
Two sources:
1. Primary | 2. Secondary
27
one of two purposes
1. Exploratory | 2. Conclusive (two types: descriptive and causal)
28
Prospects
Includes current, past, or even potential customers
29
data scientist
is someone who searches through multiple, disparate data sources to discover hidden insights that will provide a competitive advantage
30
T/F Its easier and less expensive to keep a current customer than it is to acquire a new one.
True
31
T/F Many firms look to increase share of | customer instead of share of market.
True
32
Share of customer
is the percentage of a customer’s purchases in a | category over time.
33
Customer Lifetime Value
is an estimation of the customer’s worth to the company (in dollars) over the customer’s lifetime of trading with the company.
34
Behavioral
actions by an individual
35
Psychographics
Quantifiable description of consumers lifestyles usually based on activity, interest, and opinion statements (in surveys) or events (observed) or imputed
36
Attitudanal
expression (in a survey) of favor or disfavor toward a | person, place, thing, or event.
37
Primary Key
Stores data elements in named columns and unlimited rows, each row having a unique identifier
38
database
A software system designed to store data.
39
Operational Database
a database used in processing business transactions
40
Data Warehouse
An aggregation of data from operational databases.
41
Database Marketing
Marketing that relies on a database of customer and prospect profiles to create a targeted offering.
42
Analytics
finding patterns in data
43
effective analytics requires 3 steps
1. Gather data 2. Analyze data 3. Communicate information
44
The most effective analytics considers the tradeoffs | executives must make between:
1. cost 2. quality 3. quantity
45
Major digital marketing channels
1. social media 2. digital ad networks 3. email 4. search engines 5. short message service(SMS)
46
Marketing control
A system of activities that allow identification of (positive or negative) deviations from expected performance so any needed action can be taken.”
47
Measures
Generally, these measures are efficiency-focused: “How much of something do I get for how much of something else?”
48
effectiveness - focused
“Am I getting the right thing?”
49
Which of the following describes a method by which marketers get information about everyday happenings in the marketing​ environment?
Marketing intelligence system
50
Which of the following refers to a descriptive technique involving the systematic collection of quantitative​ information?
cross sectional design
51
Marketers use​ _____ research techniques when they want to know if a change in one thing is responsible for a change in something else. These factors are known as independent and dependent variables.
causal
52
Which of the following refers to the process of​ collecting, analyzing, and interpreting data about​ customers, competitors, and the business environment in order to improve marketing​ effectiveness?
market research
53
Which of the following is a marketing metric used to analyze Web​ traffic?
bounce rate
54
Which of the following types of research refers to research conducted for a single firm to provide specific information its managers​ need?
custom research
55
The​ _____ is a research method with primary data that becomes a comprehensive examination of a particular firm or organization
case study
56
If a company is collecting data on a regular basis and selling the reports to multiple​ firms, it is conducting which of the following types of​ research?
syndicated research
57
Which of the following refers to the data analysis software and interactive software that allow managers to conduct analyses and find the information they​ need?
MDSS (Marketing decision support system)
58
__ research is research that probes systematically into the marketing problem and bases its conclusions on a large sample of participants.
descriptive
59
Which the following refers to interpreted​ data?
information
60
Which of the following is a type of descriptive research that involves tracking the responses of the same sample of respondents over​ time?
longitudinal study
61
Which of the following refers to a marketing metric that signifies an event that occurs on a Web page that indicates the meeting of a predefined goal associated with the​ consumer's interaction with that​ page?
conversion
62
searches through​ multiple, disparate data sources in order to discover hidden insights that will provide a competitive advantage.
data scientist
63
Which of the following refers to data that is typically numeric or​ categorical; can be organized and formatted in way that is easy for computers to​ read, organize, and​ understand; and can be inserted into a database in a seamless​ fashion?
structured data
64
​Click-through rates, conversion​ rates, and cost per order are all examples of​ _____ that help marketers to watch the performance of their marketing​ campaigns, initiatives, and channels and when appropriate serve as a control mechanism
marketing metrics
65
In digital​ marketing, which of the following refers to an online ad purchase in which the cost of the advertisement is charged each time the advertisement shows up on a page that the user​ views?
cost per impression
66
Which of the following statements about customer lifetime value is​ true?
Costs are higher and profits are lower if every customer is a​ first-time customer.
67
For​ years, supermarkets, such as​ Safeway, have sold data derived from all the items processed at the cash register when consumers check out with their loyalty cards. Which of the following refers to this type of​ information?
scanner data
68
​_____ comprises a group of technologies and processes that enable marketers to​ collect, measure,​ analyze, and assess the effectiveness of marketing efforts.
marketing analytics
69
Which of the following refers to sophisticated analysis techniques to take advantage of the massive amount of transaction information now​ available?
data mining
70
undifferentiated targeting strategy
Appealing to a broad spectrum of people.
71
Consumer behavior
is the process individuals or groups go through to select, purchase, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and desires.
72
involvement
how important we perceive the consequences of the purchase to be.
73
Which of the following is the second step in the target marketing​ process?
targeting
74
Generational
generally 18-year-ranged cohorts, generations grew up | with a common world experience (e.g., depression, WWII, economic boom, etc.).
75
Family life cycle
individuals go through stages of life where their needs suddenly change (e.g., going to college, getting married, having children, retirement, death, etc.).
76
Income/social class
depending on the product, ability to pay, desire | to match the Jones’, can indicate a viable segmentation variable.
77
Ethnicity
various cultural norms indicate wants for specific products.
78
Geo demographics
based on the idea that people of similar | backgrounds tend to live in similar locales.
79
Perceptual map
helps understand positions in the marketplace and helps see open areas in consumers minds
80
Segmentation when done well:
``` 1. Minimizes differences within a segment 2. Maximizes differences between segments 3. Makes marketing more efficient and effective. ```
81
Other consumers than can buy:
decider and purchaser
82
utilitarian (cognition)
value from assisting with a task
83
Hedonic (Affect)
value from gratification
84
Sensation
immediate response to a stimulus
85
Attention
purposeful allocation of information processing capacity to understand something
86
JND
How much stronger one stimulus has to be relative to another to be noticed as different.
87
JMD
The smallest amount of change in a stimulus that would influence consumer choice.
88
webers law
the ability to detect differences between two levels of a stimulus is affected by the original intensity of the stimulus.

Marketing exam 2 (1 decks)

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