Ch4: Managing Market Information (Key Terms)

Big Data

The huge and complex data sets generated by today's sophisticated information generation, collection, storage, and analysis technologies.

Customer Insights

Deep understandings of customers' stated and unstated needs and wants that become the basis for creating enduring customer value, engagement, and relationships.

Marketing Information Ecosystem (MIE)

People, processes, and assets dedicated to assessing managers' information needs, developing the needed information, and helping managers and decision makers apply that information to generate and validate actionable customer and market insights.

Internal Databases

Collections of consumer and market information obtained from data sources within the company network.

Competitive Marketing Intelligence

The systematic monitoring, collection, and analysis of available information about competitors and developments in the marketing environment.

Marketing Research

The systematic design and execution of initiatives to collect, analyze, and report data, information, and insights relevant to a specific marketing situation facing an organization.

Explotary Research

Marketing research to gather preliminary information that will help further define the research problems and suggest hypotheses.

Descriptive Research

Marketing research to better describe market and consumer characteristics, such as the market potential for a product or the demographics and attitudes of consumers who buy the product.

Casual Research

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

Secondary Research

Information that already exists somewhere, having been collected for another purpose.

Primary Data

Information collected for the specific purpose at hand.

Observational research

Gathering primary data by observing relevant people, actions, and situations.

Ethnographic Research

A form of observational research that involves sending observers to watch consumers—usually unobtrusively—in their "natural environments" as they go about their daily lives.

Survey and Questionnaire Research

Gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior.

Interviews

Gathering primary data by engaging participants in one-on-one, semi-structured, but open-ended conversations that can reveal deep or unexpected insights.

Focus Group

A focus group involves inviting a small, carefully chosen group of people to meet with a trained moderator to discuss and exchange views about a product, service, or organization. The moderator keeps the discussion "focused" on important issues.

Online Focus Group

Gathering a small group of people online with a trained moderator to chat about a product, service, or organization and gain qualitative insights about consumer attitudes and behavior.

Customer Insight Community

An ongoing online company panel or community of engaged consumers who provide input and take part in research projects over time.

Experimental Research

Gathering primary data by selecting matched groups of participants, giving them different treatments, controlling unrelated factors, and checking for differences in group responses.

Digital Text Analysis

Using artificial intelligence-driven automated analysis to gain insights from large volumes of text data that are posted by customers on social media, internet forums, company websites, and other digital platforms.

Behavioral Targeting

Using online consumer tracking data and analytics to target advertisements and marketing offers to specific consumers.

Online Marketing Survey Research

Collecting primary marketing research data through internet and mobile surveys, online focus groups, and online panels and brand communities.

Sample

A fraction of the population selected for marketing research to represent the population as a whole.

Customer relationship management (CRM)

Managing detailed information about individual customers and using that information to carefully manage customer touch points to maximize customer loyalty.

Marketing Analytics

The analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights, gauge marketing performance, and improve the customer experience.

Artificial Intelligence

Technology by which machines think and learn in a way that looks and feels human but with a lot more analytical capacity.

Percentage Growth

Percentage Growth= Sales After-Sales Before/Sales Before×100%

Return on Investment

ROI= Extra Profit Generated from Investment-Cost of Investment/Cost of Investment×100%

Profit Margin

Profit Margin=Price-Variable Cost

Break Even

Profit=(Price-Variable Cost)×Demand-Fixed Cost=0