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Marketing research > Test 1 > Flashcards

Test 1 Flashcards

1
Q

Marketing Research

A

The application of the scientic method in searching for the truth about marketing phenomena. Research applications include defining marketing opportunities and problems, generating and evaluating marketing ideas, monitoring performance and generally understanding the marketing process

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2
Q

Applied marketing research

A

Research conducted to address a specific marketing decision for a specific firm

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3
Q

Basic marketing research

A

Research that is conducted that does not address a specific problem. Just expands marketing knowledge in general

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4
Q

Product oriented

A

A firm that prioritizes decision making in a way that emphasizes technical supierority in the product

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5
Q

Production oriented

A

A firm that prioritizes efficiency of the production process in making decisions

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6
Q

Marketing concept

A

This is an idea that focuses more attention on how a firm provides value to a customer rather than being product or production oriented

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7
Q

Marketing orientation

A

The corporate culture existing for firms adopting the marketing concept

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8
Q

Customer oriented

A

Describes a firm in which all decisions are made with a conscious awareness of their effect on the consumer

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9
Q

Stakeholder orientation

A

Recognizing that multiple parties are affected by firm decisions

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10
Q

Online sentiment analysis

A

Using data indicating the total positive or negative mentions of a brand on the internet to assess and understand the strength of the brand

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11
Q

Relationship marketing

A

Communicates the idea that a major goal of marketing is build long term relationships with the customer contributing to their success (The sale is not the end goal. We want the customer to stick around for life)

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12
Q

Geo-demographics

A

Refers to information describing the demographic profile of consumers in a particular region

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13
Q

Marketing Channel

A

A network of interdependent institutions that performs the logistics necessary for consumption to occur

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14
Q

Promotion

A

A firm is responsible for informating and persuading buyers to purchase their product

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15
Q

Promotion research

A

Investigates the effectiveness of advertising, premiums, coupons, sampling, discounts, PR and other sales promotions

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16
Q

Integrated marketing communication

A

Means that all promotional efforts should be consistent with each other to communicate a consistent image

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17
Q

Integrated marketing mix

A

The effects of various combinations of marketing mix elements on important outcomes

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18
Q

Total value management

A

Trying to manage and monitor the entire process by which consumers receive benefits from a company

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19
Q

Performance monitoring research

A

Refers to research that provides feedback for evaluation and control of a marketing activity. (monitoring wholesale and retail activity to ensure early detection of sales declines)

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20
Q

Culturally cross-validate

A

To verify that the empirical findings from one culture also exist and behave similarly in another culture

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21
Q

Data vs Big data

A

Data is recorded facts or measures of things while big data is quantities of data that were not indented to be used together

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22
Q

Information

A

Data formatted to support decision making or define the relationship between two data points

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23
Q

Market intelligence

A

The subset of information that actually has some explanatory power enabling effective decisions to be made

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24
Q

4 things define Data value?

A

Relevance, Completeness, Quality, and Timeliness

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25
Relevance
characteristic of data reflecting how pertinent particular acts are to the situation at hand
26
Information completeness
Having the right amount of information
27
Data Quality
How accurately the data actually match reality
28
Timeliness
The data is still relevant
29
Market dynamism
Represents the rate of change in environmental and competitive factors. (Highly dynamic markets mean greater risk on relying on data)
30
four possible business functions for market research
Foundational, Testing, Issues, performance
31
Decision support system
A computer based system that helps decision maker confront problems through direct interaction with databases and systems
32
Customer relationship management
Part of the DSS that characterizes interactions between firm and customer
33
proprietary marketing research
The gathering of new data to investigate specific problems
34
Scanner data
The accumulated records resulting from in store POS data recordings
35
Universal product code
UPC is the bar coded information that contains product information that can be read by optical scanners
36
search engine optimizer
Mines internet data to provide consulting to firms who wish to move up the listing of hits for terms related to their product category
37
Electronic data interchange
Type of exchange that occurs when one companys computer system is integreated with another companys systems
38
Open source information
Structured data openly shared between companies
39
Data wholesalers
Companies that put together data and are offered to certain libraries for a fee
40
Data retailers
Companies that provide access to data directly to the end consumer for a fee
41
Content providers
Parties that furnish information on the World Wide Web
42
Environmental scanning
Entails all information gathering designed to detect changes in the external operating environment of the firm
43
Smart agent software
Software capable of learning an internet users preferences and automatically searching out information in selected websites and then distributing it
44
Pull technology
Consumers request information from a web page and the browser determines a response
45
Push technology
Sends data to a users computer without a request being made.
46
Cookies
Small data files that a content provider can save onto the computer of someone who visits its website
47
Intranet
A company's private data network that uses internet standards and technology
48
Marketing analytics
A general term that refers to efforts to measure relevant data and apply analytical tools in an effort to better understand how a firm can enhance marketing performance
49
Predictive analytics
A system linking computerized data mined from multiple sources to statistical tools that can search for predictive relationships and trends
50
Open data partnership
Researching agree to make the information they collect from activities like web tracking available to the consumers from whom they gather the information
51
Activities that covertly discover and record the websites that a consumer visits
History sniffing
52
Market Opportunity
A situation that makes some potential competitive advantage possible
53
Market problem
A business situation that makes some significant negative consequence more likely
54
Descriptive Research
Describes characteristics of objects, people, groups, organizations or environments that tries to paint a picture of a given situation
55
Diagnostic analysis
Seeks to detect reasons for market outcomes and focuses specifically on the beliefs, feelings, and reactions consumers have toward competing products
56
What are the three criteria for causality?
Temporal sequence, Concomitant variation, and nonspurious association
57
Temporal sequence
Deals with the time order of events. The cause must occur before the effect
58
Concomitant variation
Occurs when two events covary. Meaning that they vary systematically (Basically when we find a correlation between two observations)
59
Nonspurious association
means any covariation between a cause and effect is true and not simply because of some other variable.
60
Absolute causality
The cause is necessary and sufficient to bring about the effect. (One event absolutely causing another event to happen)
61
Conditional causality
Means that a cause is necessary but not sufficient to bring about the effect
62
Deliverables
The term used often in consulting to describe research objectives to a research client
63
Pilot study
A small scale research project that collects data from respondents similar to those to be used in the full study (think of it as a test drive for a car)
64
Empirical testing
compares a hypothesis against reality using data.
65
Mystery Shoppers
Resarch personnel that pretend to the customers while observing recording data and describing their treatment by service employees
66
Unobtrusive methods
Methods in which research respondents do not have to be disturbed for data to be gathered
67
When to use outside agency for research?
To get a fresh perspective, when local expertise is needed, when special expertise is needed
68
When to use inhouse research?
When a project needs to be done quickly, to save money, if secrecy is a concern
69
Research Suppliers
Commercial providers of marketing research services
70
Syndicated service
A marketing research supplier that provides standardized information for many clients in return for a fee
71
Standardized research services
Companies that develop a unique methodology for investigating a specific business specialty area
72
Foundational
answers basics questions like what consumer segments should be served and with what types of products
73
Testing
addresses items such as new product concepts or promotional ideas and their effectiveness
74
Issues
examine how specific issues effect the firm
75
Performance
Which metrics are critical in real time management and what insights can be gained from "what if" analysis policies
76
Custom Research
projects customized to a clients unique needs
77
small midsized and large firms?
small: under 100 medium: 100-500 large: 500+
78
implicit consent
behaviors done in public implies that the person is okay with other observing them
79
Advocacy research
research undertaken to support a specific claim in a legal action or represent some advocacy group

Marketing research (4 decks)

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