Marketing Exam 2

Marketing Research

Procedures to develop and analyze new information to help marketing managers make decisions

Marketing Information System (MIS)

An organized way of continually gathering, accessing, and analyzing information that marketing managers need to make ongoing decisions

Big Data

Data sets too large and complex to work with typical database management tools

Data Warehouse

A place where databases are stored so that they are available when needed

Decisions Support System (DSS)

A computer program that makes it easy for marketing managers to get and use information as they are making decisions

Marketing Dashboard

Displays up-to-the-minute marketing information in an easy-to-read format—-much like a car’s dashboard shows the speedometer and fuel guage

Marketing Model

A statement of relationships among marketing variables

Personal Data

Information that can be used by itself or in combination with other information to identify someone

Informational Privacy

Anything that limits others’ access to personal data that people consider sensitive or confidential

General Data Protection Regulation (GDPR)

A set of laws on data protection and privacy for all individuals within the European Union

Scientific Method

A decision-making approach that focuses on being objective and orderly in testing ideas before accepting them

Hypotheses

Educated guesses about the relationships between things or about what will happen in the future

Marketing Research Process

A five-step application of the scientific method:

1) Defining the problem

2) analyzing the situation

3) getting problem-specific data

4) interpreting the data

5) solving the problem

Situation Analysis

An informal study of what information is already available in the problem area

Secondary Data

information that has been collected or published already

Primary Data

information specifically collected to solve a current problem

Sentiment Analysis

an automated process of analyzing and categorizing social media to determine the amount of positive, negative, and neutral onlin comments a brand receives

Consumer Panel

a group of consumers who provide information on a continuing basis

Research Proposal

a plan that specifies what marketing research information will be obtained and how

Qualitative Research

seeks in-depth, open-ended responses, not yes or no answers

Quantitative Research

seeks structured responses that can be summarized in numbers—--such as percentages, averages, or other statistics

Depth Interview

where a researcher asks detailed, open-ended questions to get people to share their thoughts on a topic, without giving them many directions or guidelines about what to say

Customer Journey Map

the story and graphic diagram of a customer’s experience in the buying process from need awareness through the purchase process and post-purchase relationship

Focus Group Interview

an interview of 6-10 people in an informal group setting

Response Rate

the percentage of people contacted in a research sample who complete the questionnaire

Observation Method

researchers try to see or record what the subject does naturally

Experimental Method

a research approach in which researchers compare the responses of two or more groups that are similar except on the characteristic being tested

Statistical Packages

easy-to-use computer programs that analyze data

Population

In marketing research, the total group you are interested in

Sample

a part of the relevant population

Confidence Interval

the range on either side of an estimate from a sample that is likely to contain the true value for the whole population

Validity