Market Research Flashcards

Flashcards on Marketing Research

Marketing Research

A set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers involved in marketing goods, services, or ideas.

Secondary Data

Data that has been previously collected for any purpose other than the one at hand.

Primary Data

Data collected to address specific research needs.

Data Mining

Uses a variety of statistical tools to uncover previously unknown patterns in the data or relationships among variables.

Churn

The number of participants who discontinue a service, divided by the average number of total participants.

Qualitative Research

Used to understand the phenomenon of interest through broad, open-ended responses.

Quantitative Research

Consists of structured responses that can be statistically tested.

Scanner Data

A form of quantitative data collected via the use of scanner systems.

Panel Data

Information collected from a group of consumers over time.

Dichotomous Question

A structured question with only two responses (e.g., Yes/No).

Multichotomous Question

A structured question with a number of responses.

Open-ended Question

Unstructured questions that respondents answer in their own words.

Likert Scale

A measure of attitudes designed to allow respondents to rate how strongly they agree or disagree with carefully constructed statements.

Rank Order

A measurement task that requires respondents to rank order a small number of items based on overall performance or specific characteristics.