M300 Chapter 7

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  1. Marketing research s
    is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending action
  2. A decision
    is a conscious choice from among two or more alternatives.
  3. decision making
    , the act of consciously choosing from among alternatives
  4. measures of success
    Criteria or standards used in evaluating proposed solutions to a problem
  5. Five step marketing research approach
    • 1. Define the problem
    • 2. Develop the research plan
    • 3. COllect relevant information
    • 4. Develop findings
    • 5. Take marketing actions
  6. big data
    the art and science of amassing and combing through vast amounts of information for insights not possible on a smaller scale
  7. data
    The facts and figures related to a project
  8. secondary data
    • Facts and figures that have already been recorded prior to the project at hand.
    • Advantage: 
    • the tremendous time savings because the data have already been collected and published or exist internally and (2) the low cost, such as free or inexpensive Census reports. Furthermore, a greater level of detail is often available through secondary data
    • Disadvange:
    • 1. the secondary data may be out of date
    • 2. the definitions or categories might not be quite right for a researcher’s project
  9. primary data
    • Facts and figures that are newly collected for a project.
    • Advantage
    •  being more flexible and more specific to the problem being studied
    • Disadvantage
    • are that primary data are usually far more costly and time-consuming to collect than secondary data.
  10. Marketing input data
    relate to the effort expended to make sales
  11. Marketing outcome data
    relate to the results of the marketing efforts
  12. syndicated panel data
    market research companies pay households and businesses to record all their purchases using a paper or electronic diary
  13. observational data
    Facts and figures obtained by watching, either mechanically or in person, how people behave
  14. Ethnographic research
    is a specialized observational approach in which trained observers search for subtle behavioral and emotional reactions as consumers encounter products in their “natural use environment,”
  15. questionnaire data
    Facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors.
  16. individual interview
    • which involves a single researcher asking questions of one respondent
    • Advangtage:
    • probe for more information with additional questions
    • Disadvantage:
    • Expensive
  17. depth interview
    in which researchers ask lengthy, free-flowing kinds of questions to probe for underlying ideas and feelings
  18. Focus groups
    are informal sessions of 6 to 10 past, present, or prospective customers in which a discussion leader, or moderator, asks for opinions about the firm’s products and those of its competitors
  19. semantic differential scale
    questions that have a scale to them (1-5)
  20. Likert scale
    questions that have you agree or disagree to a certain point
  21. A panel
    a sample of consumers or stores from which researchers take a series of measurements
  22. test marketss
    , which offer a product for sale in a small geographic area to help evaluate potential marketing action
  23. information technology
    Involves operating computer networks that can store and process data.
  24. sensitivity analysis
    asking what if questions to a database
  25. product or brand drivers
    —the factors that influence the buying decisions of a household or  organization—can affect sales.
  26. data mining
    is the extraction of hidden predictive information from large databases to find statistical links between consumer purchasing patterns and marketing actions
  27. sales forecast .
    The total sales of a product that a firm expects to sell during a specified time period under specified conditions and its own marketing efforts. Three types:: (1) judgments of the decision maker, (2) statistical methods, and (3) surveys of knowledgeable groups
  28. lost-horse forecast
    involves starting with the last known value of the item being forecast, listing the factors that could affect the forecast, assessing whether they have a positive or negative impact, and making the final forecast
  29. trend extrapolation
    , which involves extending a pattern observed in past data into the future.
  30. survey of buyers’ intentions forecast
    involves asking prospective customers if they are likely to buy the product during some future time period
  31. salesforce survey forecast
    involves asking the firm’s salespeople to estimate sales during a forthcoming period

Card Set Information

Author:
lightedcaboose
ID:
314636
Filename:
M300 Chapter 7
Updated:
2016-01-25 02:02:32
Tags:
marketing
Folders:
marketing
Description:
Marketing class
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