Principles of Marketing - Marketing Research

Practice flashcards covering key concepts from the Principles of Marketing lecture on Marketing Research.

Marketing Research Process

A systematic process consisting of five steps: defining the objectives and research needs, designing the research, collecting the data, analyzing data and developing insights, and developing and implementing an action plan.

Secondary Data

Data collected prior to the start of the research project, which can be external or internal.

Primary Data

Data collected specifically to address particular research needs, including methods such as focus groups, in-depth interviews, and surveys.

Focus Groups

A qualitative research method where small groups discuss topics led by a trained moderator to gather insights.

Big Data

Enormous and complex data sets that traditional data processing software cannot handle, often sourced from digital activities.

5 Vs of Big Data

Volume, Variety, Velocity, Veracity, and Value - key characteristics that define big data.

Descriptive Analytics

Tools that help firms organize and depict data in reports and charts, aiding in understanding available data.

Predictive Analytics

Uses historical data to forecast future events, such as sales projections.

Ethics in Marketing Research

Guidelines that ensure integrity in marketing research, including not misrepresenting data and treating subjects fairly.

Panel Data

Quantitative research collected from a defined group of consumers over time, often used to track purchasing behaviors.

Survey Research

A method of data collection involving questionnaires designed to gather information from respondents on various topics.