FBLA Market Information Management Vocab Terms

These are all the important terms we need to learn for our objective tests regarding Market Information Management.

Sales Revenue

the total amount of money earned from selling products or services before expenses are deducted

Market Share

the percentage of total sales in a market or industry that is controlled by a particular company

Customer Demographics

statistical characteristics of customers, such as age, gender, income, education, and location

Customer Satisfaction

the degree to which a product or service meets or exceeds customer expectations

Website Traffic

the number of visitors who access a company's website over a period of time

Social Media Engagement

the interactions users have with content on social media, such as likes, comments, shares, follows, and clicks

Competitor Activities

the actions and strategies of rival businesses, including their products, pricing, promotions, and marketing efforts

Economic Conditions

factors affecting the economy, such as inflation, unemployment, consumer spending, and interest rates, that influence business performance

Consumer Trends

changes in consumer preferences, behaviors, and purchasing habits over time

Inventory Levels

the quantity of products or materials a business has available for sale or production

Nature and Scope

process of gathering, storing, analyzing, and distributing information to support marketing decisions

Internal Records

data gathered directly from within a company's own internal operations and databases

Marketing Intelligence

everyday, ongoing information collected about external developments in the marketing environment

Marketing Research

the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation or problem facing an organization

Data Analysis Tools

software, algorithms, and statistical methods used to process raw marketing data into actionable business insights

Ethics

standards of right and wrong behavior regarding information collection and use

Ethical Practice

business policies and actions that reflect moral principles, fairness, honesty, and social responsibility, often exceeding what is strictly required by law

Unethical Practice

business actions that violate moral standards, manipulate stakeholders, or deceive consumers for financial or operational gain, even if not always illegal

Privacy Laws

statutes that govern how organizations can legally collect, share, store, and utilize consumers' personal identifiable information (PII)

Consumer Protection Rules

government regulations and enforcement guidelines designed to protect buyers from unfair, deceptive, fraudulent, or unsafe market practices

Data Protection Regulations

technical, operational, and compliance frameworks that dictate how businesses must safeguard stored customer data against security breaches and unauthorized access

Marketing Research

systematic gathering, recording, and analysis of information to solve marketing problems

Primary Research

information collected directly by the business for a specific purpose

Secondary Research

information already collected by someone else

Observations

watching customer behavior

Mail Surveys

questionnaires sent through mail

Diaries and Journals

participants themselves record behaviors or purchases

Telephone Surveys

researched conducted by cellphones

Internet Research

online surveys and analytics

Focus Groups

small groups discussing products or services

Interviews

one on one discussions

Tracking Tools

digital tools monitoring online behavior

Scanner Data

information that is collected when products are scanned at checkout