Test 1 Flashcards
Marketing Research
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
Applied marketing research
Research conducted to address a specific marketing decision for a specific firm
Basic marketing research
Research that is conducted that does not address a specific problem. Just expands marketing knowledge in general
Product oriented
A firm that prioritizes decision making in a way that emphasizes technical supierority in the product
Production oriented
A firm that prioritizes efficiency of the production process in making decisions
Marketing concept
This is an idea that focuses more attention on how a firm provides value to a customer rather than being product or production oriented
Marketing orientation
The corporate culture existing for firms adopting the marketing concept
Customer oriented
Describes a firm in which all decisions are made with a conscious awareness of their effect on the consumer
Stakeholder orientation
Recognizing that multiple parties are affected by firm decisions
Online sentiment analysis
Using data indicating the total positive or negative mentions of a brand on the internet to assess and understand the strength of the brand
Relationship marketing
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)
Geo-demographics
Refers to information describing the demographic profile of consumers in a particular region
Marketing Channel
A network of interdependent institutions that performs the logistics necessary for consumption to occur
Promotion
A firm is responsible for informating and persuading buyers to purchase their product
Promotion research
Investigates the effectiveness of advertising, premiums, coupons, sampling, discounts, PR and other sales promotions
Integrated marketing communication
Means that all promotional efforts should be consistent with each other to communicate a consistent image
Integrated marketing mix
The effects of various combinations of marketing mix elements on important outcomes
Total value management
Trying to manage and monitor the entire process by which consumers receive benefits from a company
Performance monitoring research
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)
Culturally cross-validate
To verify that the empirical findings from one culture also exist and behave similarly in another culture
Data vs Big data
Data is recorded facts or measures of things while big data is quantities of data that were not indented to be used together
Information
Data formatted to support decision making or define the relationship between two data points
Market intelligence
The subset of information that actually has some explanatory power enabling effective decisions to be made
4 things define Data value?
Relevance, Completeness, Quality, and Timeliness
Relevance
characteristic of data reflecting how pertinent particular acts are to the situation at hand
Information completeness
Having the right amount of information
Data Quality
How accurately the data actually match reality
Timeliness
The data is still relevant
Market dynamism
Represents the rate of change in environmental and competitive factors. (Highly dynamic markets mean greater risk on relying on data)
four possible business functions for market research
Foundational, Testing, Issues, performance
Decision support system
A computer based system that helps decision maker confront problems through direct interaction with databases and systems
Customer relationship management
Part of the DSS that characterizes interactions between firm and customer
proprietary marketing research
The gathering of new data to investigate specific problems
Scanner data
The accumulated records resulting from in store POS data recordings
Universal product code
UPC is the bar coded information that contains product information that can be read by optical scanners
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
Electronic data interchange
Type of exchange that occurs when one companys computer system is integreated with another companys systems
Open source information
Structured data openly shared between companies
Data wholesalers
Companies that put together data and are offered to certain libraries for a fee
Data retailers
Companies that provide access to data directly to the end consumer for a fee
Content providers
Parties that furnish information on the World Wide Web
Environmental scanning
Entails all information gathering designed to detect changes in the external operating environment of the firm
Smart agent software
Software capable of learning an internet users preferences and automatically searching out information in selected websites and then distributing it
Pull technology
Consumers request information from a web page and the browser determines a response
Push technology
Sends data to a users computer without a request being made.
Cookies
Small data files that a content provider can save onto the computer of someone who visits its website
Intranet
A company’s private data network that uses internet standards and technology
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
Predictive analytics
A system linking computerized data mined from multiple sources to statistical tools that can search for predictive relationships and trends
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
Activities that covertly discover and record the websites that a consumer visits
History sniffing
Market Opportunity
A situation that makes some potential competitive advantage possible
Market problem
A business situation that makes some significant negative consequence more likely
Descriptive Research
Describes characteristics of objects, people, groups, organizations or environments that tries to paint a picture of a given situation
Diagnostic analysis
Seeks to detect reasons for market outcomes and focuses specifically on the beliefs, feelings, and reactions consumers have toward competing products
What are the three criteria for causality?
Temporal sequence, Concomitant variation, and nonspurious association
Temporal sequence
Deals with the time order of events. The cause must occur before the effect
Concomitant variation
Occurs when two events covary. Meaning that they vary systematically (Basically when we find a correlation between two observations)
Nonspurious association
means any covariation between a cause and effect is true and not simply because of some other variable.
Absolute causality
The cause is necessary and sufficient to bring about the effect. (One event absolutely causing another event to happen)
Conditional causality
Means that a cause is necessary but not sufficient to bring about the effect
Deliverables
The term used often in consulting to describe research objectives to a research client
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)
Empirical testing
compares a hypothesis against reality using data.
Mystery Shoppers
Resarch personnel that pretend to the customers while observing recording data and describing their treatment by service employees
Unobtrusive methods
Methods in which research respondents do not have to be disturbed for data to be gathered
When to use outside agency for research?
To get a fresh perspective, when local expertise is needed, when special expertise is needed
When to use inhouse research?
When a project needs to be done quickly, to save money, if secrecy is a concern
Research Suppliers
Commercial providers of marketing research services
Syndicated service
A marketing research supplier that provides standardized information for many clients in return for a fee
Standardized research services
Companies that develop a unique methodology for investigating a specific business specialty area
Foundational
answers basics questions like what consumer segments should be served and with what types of products
Testing
addresses items such as new product concepts or promotional ideas and their effectiveness
Issues
examine how specific issues effect the firm
Performance
Which metrics are critical in real time management and what insights can be gained from “what if” analysis policies
Custom Research
projects customized to a clients unique needs
small midsized and large firms?
small: under 100
medium: 100-500
large: 500+
implicit consent
behaviors done in public implies that the person is okay with other observing them
Advocacy research
research undertaken to support a specific claim in a legal action or represent some advocacy group
