get the facts straight

Question 0

cost effective

Answer 0

economical; good value in relation to the price or cost

Question 1

competitive advantage

Answer 1

the edge achieved by businesses that offer something better than their competitors

Question 2

data

Answer 2

facts or figures

Question 3

data gathering

Answer 3

the process of collecting facts and figures

Question 4

data processing

Answer 4

analyzing the facts and figures collected and putting them into formats useful to the business

Question 5

decision-oriented

Answer 5

accustomed to making choices

Question 6

enterprise resource planning (ERP)

Answer 6

software applications using database technology that enable a business to manage its information about customers, products, employees, and finances

Question 7

external data

Answer 7

facts and figures available in locations outside the company

Question 8

information

Answer 8

facts and data presented in a useful form

Question 9

information reporting

Answer 9

moving information through the appropriate channels or making information accessible to those who need it

Question 10

internal data

Answer 10

facts and figures located inside the company

Question 11

intranet

Answer 11

an internal network similar to the internet that is accessible only by authorized personnel; used to access information and communicate with others within an organization

Question 12

market opportunity

Answer 12

situation that occurs when an economic want exists and there is an idea for a good or service to fulfill that want; a good or service that people are willing and able to buy

Question 13

market share

Answer 13

an organization’s portion of the total industry sales in a specific market

Question 14

marketing information

Answer 14

data available from inside and outside a business that have been processed and organized so they they can be used to create, communicate, and deliver value to customers and for managing customer relations in ways that benefit the organization and its stakeholders

Question 15

marketing information management

Answer 15

a marketing function that involves gathers, accessing, synthesizing, evaluating, and disseminating information

Question 16

marketing-information management system (MkIS)

Answer 16

an organized way of continuously gathering, sorting, analyzing, evaluating, and distributing marketing information.

Question 17

marketing intelligence

Answer 17

marketing data that are gathered informally from internal and external sources; May or may not relate to any current issue or project

Question 18

marketing research

Answer 18

the systematic gathering, recording, and analyzing if data about a specific issue, situation, or concern

Question 19

primary data

Answer 19

facts and figures collected specifically for the problem or project at hand

Question 20

primary information

Answer 20

marketing information developed from days they are collected for use in one particular situation

Question 21

profitability

Answer 21

the degree or level of profit of a business or product

Question 22

qualitative data

Answer 22

facts and figures based in opinion and personal interpretations

Question 23

quantitative data

Answer 23

numerical facts and figures

Question 24

sales forecast

Answer 24

a prediction of future sea over a specific period of time

Question 25

secondary data

Answer 25

facts and figures that have been collected for purposes other than the project at hand

Question 26

secondary information

Answer 26

marketing information developed from days that have ready been collected by others

Question 27

situation analysis

Answer 27

a determination if a firm’s current business situation and be direction in which the business is headed