INTRO TO MARKETING BUS360 CH10-14

Primary data

Data collected to address specific research needs.

Secondary data

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

Information

Organized, analyzed, interpreted data that offer value to customers.

Syndicated data

Data available for a fee from commercial research firms such as Information Resources Inc. (IRI), NDP Group, and Nielsen.

Scanner data

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

Panel data

Contain information collected from a group of consumers.

Observation

An exploratory research method that entails examine purchase and consumption behaviors through personal or video camera scrutiny.

In-depth interview

An exploratory research technique in which trained researchers ask questions, listen to and record the answers, and then pose additional questions to clarify or expands on a particular issue.

Focus group interview

A research technique in whcih a small group of persons (usually 8 to 12) come together for an intensive discussion about a particular topic with the conversation guided by a trained moderator using an unstructured method of inquiry.

Data mining

Statistical tool used to uncover previously unknown patterns or relationships among variables stores in the big data databases.

Marketing analytics

Techniques that use advanced technologies and models to gather data so that marketers can improve their decision making, optimize their returns, and make appropriate customer-related decisions.

Descriptive analytics tools

Methods that help firms organize, tabulate, and depict their available data, usually in easy-to-understand reports, tables, and charts.

Predictive analytics tools

Methods that rely on historically available data to forecast the future.

Prescriptive analytics tools

Analysis that use simulations whucb aks a series of what if type questions and optimization techniques which find the most effective or best result to help firms better understand what they should do.

Active analytics tools

AI algorithms that are used to analyze input gathered by the Internet of Things (IoT).

Actual product

The physical attributes of a product including the brand name, features/design, quality level, and packaging.

Associated services

The nonphysical attributes of the product including product warranties, financing, product support, and after-sale service. Also called augmented product.

Core customer value

The basic problem-solving benefits that consumers are seeking.