Market Research EXAM! Flashcards
Term: Facts and figures collected specifically for this project
Primary Data
Term: facts and figures that have been collected and recorded before the current project, and usually by other parties
Secondary Data
Term: From records inside the company.
Internal
Term: From sources outside the company
External
Term: Collection of huge, complex data sets
BIG DATA
Term: Discovery and interpretation of meaningful patterns in data.
Analytics
Concept: Process of defining a marketing problem and opportunity, then systematically collecting and analyzing information, and recommending actions.
Marketing Research
Concept: From people’s responses about attitudes, awareness, intentions and behaviors.
Questionnaire Data
Concept: Highly organized, mechanized, manageable information
Structured Data
Concept: Raw and unorganized information
Unstructured Data
Concept: Helps define problem and suggest hypothesis
Exploratory Research
Concept: Describe market potential or demographics of consumers
Descriptive Research
Concept: How change in one factor causes change in another factor
Causal Research
Term: Specific measurable goals of marketing research.
Research Objectives
What are the Constraints in the Developing research plan step?
Time and Money
What 3 things need to happen during the “develop the research plan” step in marketing research?
Specify constraints, Identify needed Data, and choose a Data collection Method
Concept: Trained observers endeavor to discover subtle behavioral and emotional reactions as consumers use products in their natural environments.
Ethnographic Research
What are common problems with questionnaires?
Leading questions, ambiguous questions, unanswerable questions, two questions in one and nonmutually exclusive answers
requires consistent data collection over time, usually using electronic diary.
Sydicated Paned Data
Term: Art of estimating future demand by anticipating what buyers are likely to do under a given set of future conditions.
Forecasting
Term: Total sales of a product that a company expects to sell during a specific time period, under specific conditions.
Sales Forecasting
3 main techniques of forecasting:
Decision-makers judgment, Knowledgeable sources, and statistical methods
Term: Maintains and stores data so it is available for later use and preservation.
Archive Data
What are the 4 Major Issues with BIG DATA?
Volume, Velocity, Variety and Veracity
Term: Riddle, puzzle, contradiction
Enigma
Term: Using selected marketing mix activities to help consumers perceive a product as being different from and superior to competitive products.
Product Differentiation
Concept: What are the 4 ways to segment?
Geographic, Demographic, Psychographic and Behavioral
Concept: 80% of a companies SALES come from 20% of its CUSTOMERS
80/20 rule
Concept: Quantity consumed or number of store visits during a specified period of time
Usage Rate
Concept: Refers to place a product occupies in consumers minds on important attributes relative to competitive products.
Product Positioning
Concept: Graphing the locations of products or brands in consumers minds, so marketing managers can see how competing products/brands compare to their own products/brands
Perceptual Map
