Chapter 10

Big data

Big data

Data sets that are too large and complex to analyze with conventional data management and data mining software

churn

Number of consumers who stop using a product divided by the average number of consumers of that product

customer lifetime value (CLV)

Expected financial contribution from a particular customer to the firm’s profits over the course of their entire relationship

data

Raw numbers or facts

data mining

use of a variety of statistical analysis tools to uncover previously unknown patterns in the data stored in databases or relationships among variables

data warehouses

Large computer files that store millions of pieces of individual data

experimental research

Type of conclusive and quantitative research that systematically manipulates one or more variables to determine which variables have a causal effect on another variable

facial recognition software

software that can automatically identify or verify individuals from video or digital images

focus group interview

A small group of people come together to discusses about a particular topic with the conversation being guided by a trained person using an unstructured method of questions

in-depth interview

Exploratory research technique in which trained researchers ask questions, listen to and record answers, then pose additional question to expand on particular issues

information

organized, analyzed, interpreted data that offers value to marketers

marketing research

Set of techniques for collecting, analyzing, and interpreting data that can aid decision-makers involved in marketing products

neuromarketing

Process of examining consumers’ brain patterns to determine their responses to marketing communications, products, or services for the purpose of developing marketing tactics

observation

Exploratory research method that entails examining purchases and consumption behaviors through personal or video camera scrutiny

panel data

Info collected from a group of consumers

primary data

Data collected to address specific research needs

qualitative research

Informal research methods, including observation, following social media sites and focus groups

quantitative research

Structured responses that can be statistically tested to confirm insight and hypotheses generated via qualitative research

questionnaire

Form that features a set of questions designed to gather info from respondents, questions can be structured or unstructured

sample

A group of customers who represent the customers of interest in a research study

scanner data

Type of syndicated external secondary data used in quantitative research that is obtained from scanner readings of UPC codes at checkout counters

secondary data

Pieces of info that have already been collected from other sources and usually are readily available

sentiment mining

Data gathered by evaluating customer comments posted through social media sites like Facebook or Twitter

structed questions

Closed-ended questions for which a discrete set of response alternatives or specific answers are provided for respondents to evaluate

survey

A systematic means of collecting info from people that generally uses a questionnaire

syndicated data

Data available for a fee from commercial research firms

unstructured questions

Open-ended questions that allow respondents to answer in their own words

virtual community

Online networks of people who communicate about specific topics