Key Terms Flashcards
A method than managers can use to collect information in assessing the firm’s target markets and attempting to understand all relevant buyer behavior and product usage characteristics by asking who
5W Model
The discovery of trends and patterns within the data via analysis techniques
Analytics
Technological advances that are not necessarily apparent to customers
Backstage technology
Big data: Extremely large data sets from structured and unstructured sources
Big data
Companies that market products with similar features and benefits to the same customers at similar prices
Brand competitors
The commonly agreed on guiding principles of everyday life in a society or community
Cultural values
A visual representation of real-time results for each metric across multiple levels and markets
Dashboard
The facts and details of customers product use, and/or user inputs.
Data
When the demand for one product depends on (is derived from) the demand of another product
Derived demand
Where the researcher records the overt behaviors of customers, competitors, or suppliers in natural settings
Direct observation
Experiments: Where the researcher selects matched subjects and exposes them to different treatments while controlling for extraneous variables to arrive at casual insights
Experiments
Where the researcher moderates a panel discussion among a gathering of 6 to 10 people who openly discuss a specific subject
Focus groups
Technological advances that are most noticeable to customers
Frontstage technology
Companies that market very different products that solve the same problem or satisfy the same basic customer need
Generic competitors
The value of data and analytics, as these outcomes identify useable information that helps to improve operations and performance of marketing activity
Insights:
Refers to an organization’s objectives, strategy, and performance the availability of resources, and organizational culture and structure
Internal environment
Measurable indicators of company objectives such as sales performance, market share, and/or growth
Metrics
The use of historical data inputs to predict future outcomes
Predictive analytics
Companies that compete in the same product class but with products that are different in features
Product competitors
The overall process of collecting and interpreting internal, competitive, and environmental information
Situational analysis
Where the researcher asks respondents to answer a series of questions on a particular topic
Surveys
Companies that compete for the limited financial resources of the same customers
Total budget competitors
