Exam 4 Flashcards
Marketing Information System
procedures and methods used to systematically collect, analyze, distribute, and store information
Marketing Research
solutions to marketing problems using scientific problem solving
Market Research
gathering data for a specific problem
6 Steps of Marketing Research
1- discover and define the problem 2- secondary research 3- primary research 4- collect data 5- analyze data 6- communicate results
Primary Research
collecting data for the first time
- survey
- observation
- experimental
Quantitative Data
based on larger samples, numerical
Qualitative Data
based on opinions, smaller groups
Secondary Data
always done first
- sales receipts
- books, magazines, etc.
Focus Groups
answer marketing research questions, ran by focus leader
Syndicated Research
conducted by independent market research firms and offered to businesses in the industry
Client Side Research
specialists are employed to undertake minimal quantities of research
Soft Data
educated guess
Hard Data
statistics based on valid research
Analytics
using computers and statistics to organize data into meaningful patterns
Algorithm
detailed set of directions on how to sort data
