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Comm 204 > Module 4: Market Research, Metrics and Analytics > Flashcards

Module 4: Market Research, Metrics and Analytics Flashcards

1
Q

marketers gather info they need to gain insight and implement well-designed and executed marketing programs through

A

market research

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2
Q

used to track performance

A

metrics

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3
Q

used to analyze and interpret data

A

analytics

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4
Q

the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation

A

market research

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5
Q

market research can be conducted either

A

internally or externally

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6
Q

is not perfect at explaining consumer behaviour

A

market research

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7
Q

reduces the risk and uncertainty of making poor business decisions

A

market research

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8
Q

set of procedures and processes for collecting, sorting, analyzing and summarizing marketing info on an ongoing basis to help manage data

A

marketing information system (MIS)

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9
Q

numeric data collected and grouped to track performance

A

metrics

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10
Q

help track the success of a marketing program

A

metrics

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11
Q

what makes marketing a science rather than a suppersitition

A

measurement

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12
Q

metrics give you insights to overcome

A

unpredictability

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13
Q

metrics are selected based on

A

company protocols

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14
Q

percentage of sales volume for a product relative to the entire sale volume of the category in which it competes

A

market share

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15
Q

shows how well a brand’s sales are developed in a region relative to the region’s pop size

A

brand devlopment index (BDI)

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16
Q

percentage of total brand sales in a particular region relative to the percentage of the country’s pop in that region

A

brand development index

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17
Q

massive amount of data from traditional and online sources that are used for ongoing analysis

A

big data

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18
Q

big data is broken into 4 dimensions

A

volume, velocity, variety, veracity

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19
Q

is constantly changing, in real time, making it hard for marketers to manage and use

A

big data

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20
Q

shows hos customer behave on the oath-to-purchase

A

data

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21
Q

2 main types of data

A

structured data

unstructured data

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22
Q

easily tagged and stored in a uniform database

A

structured data

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23
Q

can’t be easily categorized as it comes from images, videos, audios, etc.

A

unstructured data

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24
Q

stats, numbers, dates, ages, financial info, and fixed survey responses are examples of

A

structured data

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25
Q

process of taking metrics and applying smart thinking and technology to make better business decisions

A

analytics

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26
Q

helps answer questions, provide customer insight and predict patterns

A

analytics

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27
Q

simplest form of analytics

A

descriptive analytics

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28
Q

focuses on what happened in the past

A

descriptive analytics

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29
Q

measurement and analysis of website data

A

web analytics

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30
Q

gain insights from social media interactions

A

social analytics

31
Q

uses automated software to classify customers on recency, frequency or purchases and their monetary value

A

RFM analysis

32
Q

3 examples of descriptive analytics

A

web analytics
social analytics
RFM analysis

33
Q

RFM analysis refers to

A

recency, frequency of purchases, and monetary value

34
Q

combines data to show patterns to predict what might happen in the future

A

predictive analytics

35
Q

can be used to predict future consumer behaviour and to customize offers for specific grouping

A

predictive analytics

36
Q

processing large amounts of data using software to find insightful correlations and patterns that lead to better business decisions

A

data mining

37
Q

swapping out products displayed to customers

A

assortment rotation

38
Q

assortment rotation is a popular business strategy for these 2 types of businesses

A

brick-and-mortar

online stores

39
Q

when consumer is likely to purchase several items

A

concealment is positive

40
Q

when consumer is likely to purchase only 1 item

A

concealment is negative

41
Q

can help identify consumer trends, future business opportunities, new product ideas, and determine purchases intent

A

market research studies/projects

42
Q

3 types of market research

A

exploratory research
descriptive research
causal research

43
Q

preliminary research used to clarify the scope and nature of a marketing problem/opportunity

A

exploratory research

44
Q

provides researcher with better understanding of issue and subsequent research is expected to follow

A

exploratory research

45
Q

used to describe basic characteristics of a population or clarify their usage and attitudes

A

descriptive research

46
Q

researcher has understanding of the marketing problem/opportunity and is seeking answers to particular question

A

descriptive research

47
Q

causal research is designed to identify _________ among variables

A

cause-and-effect relationships

48
Q

purpose is to explain a relationship between 2 variables

A

causal research

49
Q

6 steps to the market research process

A
  1. define problem, issue, or opportunity
  2. design research plan
  3. conduct exploratory and qualitative research
  4. conduct quantitative research
  5. compile, analyze and interpret data
  6. generate reports and recommendations
50
Q

clarifying the research objectives (should be specific, measurable, and achievable)

A

define the problem, issue, or opportunity

51
Q

includes an overview of what info us needed to solve the problem, how it will be collected, and if sampling plan is needed

A

research plan

52
Q

process of gathering data from a subset of the total population

A

sampling

53
Q

collected using precise rules so the probability of a specific element of the population being selected is known

A

probability sampling

54
Q

using arbitrary judgement to select a sample with the chance of selecting particular element of the population being unknown or 0

A

non-probability sampling

55
Q

marketers collect 2 types of research data

A

secondary and primary

56
Q

new data collected

A

primary data

57
Q

data that is readily available at low cost

A

secondary data

58
Q

secondary data can include

A

external and internal data

59
Q

informal interview where group of ppl are brought together to discuss topics surrounding market research problem

A

focus groups

60
Q

interviews where researcher discusses topics with an individual in a conversation

A

in-depth interview

61
Q

private online forums where respondents can post their responses to questions

A

online research bulletin boards

62
Q

provides insightful and descriptive info

A

qualitative research

63
Q

not measurable and gathered from small proportion of the consumer base

A

qualitative research

64
Q

4 types of qualitative research

A

focus groups, in-depth interviews, online research bulletin boards or communities, social listening

65
Q

process of monitoring social media for mentions of your brand, competitors, or products

A

social listening

66
Q

generates numerical data that quantifies consumer attitude, opinions and behaviours

A

quantitative research

67
Q

designed to be statistically accurate and less open to interpretation

A

quantitative research

68
Q

3 principle ways of collecting quantitative research:

A

observation, surveys, experiments

69
Q

reflects actual behaviour but doesn’t allow consumer to provide rationale for their behaviour

A

observation

70
Q

measuring changes in consumer behaviour over time to determine reactions to new product intros or new promotional offers

A

experiments

71
Q

most common marketing research mistake

A

confirmation bias

72
Q

when we interpret customer feedback and we interpret the data in a way consistent with what we already believe

A

confirmation bias

73
Q

once data has been analyzed, researcher will discuss the results with a

A

marketing manager

Comm 204 (7 decks)

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