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Marketing exam 2 > exam 2 > Flashcards

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
Q

Two types of data

A
  1. Qualitative

2. Quantitative

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26
Q

Two sources:

A
  1. Primary

2. Secondary

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27
Q

one of two purposes

A
  1. Exploratory

2. Conclusive (two types: descriptive and causal)

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28
Q

Prospects

A

Includes current, past, or even potential customers

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29
Q

data scientist

A

is someone who searches through multiple, disparate data sources to discover hidden insights that will provide a competitive advantage

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30
Q

T/F Its easier and less expensive to keep
a current customer than it is to
acquire a new one.

A

True

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31
Q

T/F Many firms look to increase share of

customer instead of share of market.

A

True

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32
Q

Share of customer

A

is the percentage of a customer’s purchases in a

category over time.

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33
Q

Customer Lifetime Value

A

is an estimation of the customer’s worth to the company (in dollars) over the customer’s lifetime of trading with the company.

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34
Q

Behavioral

A

actions by an individual

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35
Q

Psychographics

A

Quantifiable description of consumers
lifestyles usually based on activity, interest, and opinion
statements (in surveys) or events (observed) or imputed

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36
Q

Attitudanal

A

expression (in a survey) of favor or disfavor toward a

person, place, thing, or event.

37
Q

Primary Key

A

Stores data elements in named columns
and unlimited rows, each row having a unique
identifier

38
Q

database

A

A software system designed to store data.

39
Q

Operational Database

A

a database used in processing business transactions

40
Q

Data Warehouse

A

An aggregation of data from operational databases.

41
Q

Database Marketing

A

Marketing that relies on a
database of customer and prospect profiles to
create a targeted offering.

42
Q

Analytics

A

finding patterns in data

43
Q

effective analytics requires 3 steps

A
  1. Gather data
  2. Analyze data
  3. Communicate information
44
Q

The most effective analytics considers the tradeoffs

executives must make between:

A
  1. cost
  2. quality
  3. quantity
45
Q

Major digital marketing channels

A
  1. social media
  2. digital ad networks
  3. email
  4. search engines
  5. short message service(SMS)
46
Q

Marketing control

A

A system of activities that allow identification of (positive or negative) deviations from expected performance so any needed action can be taken.”

47
Q

Measures

A

Generally, these measures are efficiency-focused: “How much of something do I get for how much of something else?”

48
Q

effectiveness - focused

A

“Am I getting the right thing?”

49
Q

Which of the following describes a method by which marketers get information about everyday happenings in the marketing​ environment?

A

Marketing intelligence system

50
Q

Which of the following refers to a descriptive technique involving the systematic collection of quantitative​ information?

A

cross sectional design

51
Q

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.

A

causal

52
Q

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?

A

market research

53
Q

Which of the following is a marketing metric used to analyze Web​ traffic?

A

bounce rate

54
Q

Which of the following types of research refers to research conducted for a single firm to provide specific information its managers​ need?

A

custom research

55
Q

The​ _____ is a research method with primary data that becomes a comprehensive examination of a particular firm or organization

A

case study

56
Q

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?

A

syndicated research

57
Q

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?

A

MDSS (Marketing decision support system)

58
Q

__ research is research that probes systematically into the marketing problem and bases its conclusions on a large sample of participants.

A

descriptive

59
Q

Which the following refers to interpreted​ data?

A

information

60
Q

Which of the following is a type of descriptive research that involves tracking the responses of the same sample of respondents over​ time?

A

longitudinal study

61
Q

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?

A

conversion

62
Q

searches through​ multiple, disparate data sources in order to discover hidden insights that will provide a competitive advantage.

A

data scientist

63
Q

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?

A

structured data

64
Q

​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

A

marketing metrics

65
Q

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?

A

cost per impression

66
Q

Which of the following statements about customer lifetime value is​ true?

A

Costs are higher and profits are lower if every customer is a​ first-time customer.

67
Q

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?

A

scanner data

68
Q

​_____ comprises a group of technologies and processes that enable marketers to​ collect, measure,​ analyze, and assess the effectiveness of marketing efforts.

A

marketing analytics

69
Q

Which of the following refers to sophisticated analysis techniques to take advantage of the massive amount of transaction information now​ available?

A

data mining

70
Q

undifferentiated targeting strategy

A

Appealing to a broad spectrum of people.

71
Q

Consumer behavior

A

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
Q

involvement

A

how important we perceive the consequences of the purchase to be.

73
Q

Which of the following is the second step in the target marketing​ process?

A

targeting

74
Q

Generational

A

generally 18-year-ranged cohorts, generations grew up

with a common world experience (e.g., depression, WWII, economic boom, etc.).

75
Q

Family life cycle

A

individuals go through stages of life where their needs
suddenly change (e.g., going to college, getting married, having
children, retirement, death, etc.).

76
Q

Income/social class

A

depending on the product, ability to pay, desire

to match the Jones’, can indicate a viable segmentation variable.

77
Q

Ethnicity

A

various cultural norms indicate wants for specific products.

78
Q

Geo demographics

A

based on the idea that people of similar

backgrounds tend to live in similar locales.

79
Q

Perceptual map

A

helps understand positions in the marketplace and helps see open areas in consumers minds

80
Q

Segmentation when done well:

A 
1. Minimizes differences within a
segment
2. Maximizes differences between
segments
3. Makes marketing more efficient and
effective.
81
Q

Other consumers than can buy:

A

decider and purchaser

82
Q

utilitarian (cognition)

A

value from assisting with a task

83
Q

Hedonic (Affect)

A

value from gratification

84
Q

Sensation

A

immediate response to a stimulus

85
Q

Attention

A

purposeful allocation of information processing capacity to understand something

86
Q

JND

A

How much stronger one stimulus has to be relative to another to be noticed as different.

87
Q

JMD

A

The smallest amount of change in a stimulus that would influence consumer choice.

88
Q

webers law

A

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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