MKTG 305 Ch. 8 Vocab

Marketing research

the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions

Decision

a conscious choice from among two or more alternatives

Decision making

the act of consciously choosing from among alternatives

Exploratory research

Research conducted to gather more information about a problem or to make a tentative hypothesis more specific

Descriptive research

research methods that involve observing behavior to describe that behavior objectively and systematically

Casual research

Marketing research to test hypotheses about cause-and-effect relationships

Measures of success

criteria or standards used in evaluating proposed solutions to the problem

Constraints

restrictions placed on potential solutions to a problem

New-product concept

a picture or verbal description of a product or service the firm might offer for sale

Methods

the approaches that can be used to collect data to solve all or part of a problem

Statistical inference

The process of using data obtained from a sample to make estimates or test hypotheses about the characteristics of a population

Data

Facts, figures, and other evidence gathered through observations.

Secondary data

facts and figures that have already been recorded prior to the project at hand

Secondary data

facts and figures that have already been recorded prior to the project at hand

Primary data

facts and figures that are newly collected for the project

Marketing input data

relate to the effort expended to make sales - range from sales and advertising budgets and expenditures to salespeople's call reports

Marketing outcome data

relate to the results of the marketing efforts. These involve accounting records on shipments and include sales and repeat sales, often broken down by sales representative, industry, and geographic region. In addition, e-mails, phone calls, and letters from customers can reveal both complaints and what is working well

Observational data

are the facts and figures obtained by watching, either mechanically or in person, how people actually behave.

Customer experience management

The strategies, processes, and policies a business uses to meet or exceed customer expectations and to provide customers with outstanding experiences at every touch point.

Ethnographic research

a specialized observational approach in which trained observers seek to discover subtle behavioral and emotional reactions as consumers encounter products in their "natural use environment"

Questionnaire data

facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors

Individual interview

involves a single researcher asking questions of one respondent

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 expand on a particular issue

Focus groups

informal sessions of 6 to 10 past, present, or prospective customers in which a discussion leader, or moderator, asks for opinions about the firm's products and those of its competitors, including how they use these products and special needs they have that these products don't address

Personal interview surveys

enable the interviewer to be flexible in asking probing questions or getting reactions to visual materials but are very costly

Mail surveys

usually biased because those most likely to respond have had especially positive or negative experiences with the product or brand

Telephone interviews

allow flexibility, unhappy respondents may hang up on the interviewer, even with the efficiency of computer-assisted telephone interviewing (CATI)

Online surveys

survey data collected using the internet

Open-ended question

a question asked of a respondent that allows the answer to take whatever form the respondent chooses

closed-end or fixed alternative questions

require respondents to select one or more response options from a set of predetermined choices

Semantic differential scale

a five-point scale in which the opposite ends have one- or two-word adjectives that have opposite meanings

Likert scale

a way of formatting a survey questionnaire so that the respondent can choose an answer along a continuum

Mall intercept interviews

personal interviews of consumers visiting shopping centers

Conversation velocity

rate and direction of change in a conversation

Share of voice

calculation of any one advertiser's brand expenditures relative to the overall spending in a category

Sentiment

a feeling about something

Panel

a sample of consumers or stores from which researchers take a series of measurements

Experiment

A research method in which an investigator manipulates one or more factors to observe the effect on some behavior or mental process

Drivers (marketing)

In marketing experiments, the independent variables of interest

Big data

a vague term generally used to describe large amounts of data collected from a variety of sources and analyzed with an increasingly sophisticated set of technologies

Information technology

includes all of the computing resources that collect, store, and analyze data

Data visualization

the presentation of data in a pictorial or graphical format

Intelligent enterprise

organizations that successfully use a combination of data, technology, and analytics to convert the data into useful information that will answer marketing questions and lead to effective marketing actions

Artificial intelligence

Type of software that can process information on its own without human intervention.

Data mining

the extraction of hidden predictive information from large databases to find statistical links between consumer purchasing patterns and marketing actions

Cross tabulation (or cross tab)

a method of presenting and analyzing data involving two or more variables to discover relationships in the data.

Sales forecast

the total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts

Direct forecast

involves estimating the value to be forecast without any intervening steps

Lost-horse forecast

involves starting with the last known value of the item being forecast, listing the factors that could affect the forecast, assessing whether they have a positive or negative impact, and making the final forecast

Survey of buyers' intentions forecast

Involves asking prospective customers if they are likely to buy the product during some future time period

Salesforce survey forecast

involves asking the firm's salespeople to estimate sales during a forthcoming period

Trend extrapolation

involves extending a pattern observed in past data into the future

Linear trend extrapolation

using a straight line to extend a pattern observed in past data into the future