Marketing Research & Information

These flashcards cover key concepts from the chapters on marketing research, market segmentation, and consumer behavior.

What is the definition of marketing research?

The process of collecting, analyzing, and reporting data to solve specific marketing problems.

Why is marketing research important?

It helps organizations make informed, value-adding decisions and improve outcomes.

What are primary data?

Data collected firsthand by researchers for a specific project.

What is big data?

Massive, complex data sets generated rapidly from many sources such as social media, transactions, and sensors.

What is marketing analytics?

The use of data, technology, and measurable methods to evaluate and improve marketing performance.

What is a database in marketing context?

An organized collection of information stored for quick access, analysis, and retrieval.

What is the consumer market?

Individuals buying products for personal or household use.

What is the first step in the target market selection process?

Identify Segmentation Variables.

What is the definition of targeting strategy?

The approach used to reach selected market segments.

What are the types of segmentation variables?

Demographic, Geographic, Psychographic, Behavioristic, and Geodemographic.

What does the behavior definition imply about consumers?

Consumers act in their own self-interest to maximize satisfaction and meet their needs.

What are the levels of Maslow’s Hierarchy of Needs from bottom to top?

Physiological, Safety, Social, Esteem, Self-Actualization.