Market Research Essentials, CRM, Big Data, Marketing Analytics, and STP Process

Flashcards containing key vocabulary terms and definitions from the lecture notes.

Market Information System

A collection of tools and resources used by marketers to collect and analyze data for marketing decisions.

Market Research

The number one step when planning to design and launch a new product.

Maintaining Privacy/Confidentiality

The biggest issue with data collection.

Management research deliverable

What management wants to know from research.

Problem Statement

An in-depth definition of a research problem that serves as the foundation for all research designed to answer it.

Exploratory Research

Research that explores the edges of a problem to understand it better.

Descriptive Research

Research that describes a problem in-depth.

Causal Research

Research that explains the cause of a problem.

Primary Data

Data that is directly relevant to the research problem and readily available.

Secondary Data

Data found on the Internet or in journals and books to figure out the problem.

Qualitative Data

Data based on words and feelings, often gathered through long interviews.

Quantitative Data

Numerical Information.

Behavioral Research

Watching how employees behave towards customers.

Observational Research

Watching what customers are purchasing.

Open-ended Questions

Questions that demand an answer and evoke a response, often starting with 'why' or 'how'.

Closed-ended Questions

Questions that can be answered with a 'yes' or 'no'.

Probability Sampling

Sampling every member of a population.

Non-probability Sampling

Random Selection

Coding

Figuring out common themes among interviews.

Reliability

The data from the research project remains the same within a 95% percentile if the project is repeated.

CRM (Customer Relationship Management)

A process for managing all of an organization's interactions with customers, including every touch point.

Customer Lifetime Value

How long you've been with the company or how long you've bought from the company, how much you've spent with that company, minus how much money it took them to keep you/acquire you as a customer.

Knowledge discovery

Captures data.

Touch Points

Every Interaction we have with a customer.

Six to Eight

The average number of touchpoints needed to generate a sale.

Structured Data

Data in a format that you can use, like a crisp and perfect Excel spreadsheet.

Unstructured Data

A big old pile of papers in the floor that you still have to go through.

Ratings and reviews

A good place to gather data on social media platforms.

Interconnected Devices

Mobile apps and restaurants tied in with Google.

Commercial Entities

Businesses that buy data from companies and resell it for profit.

Descriptive Analytics

Telling what happened in the past

Diagnostic Analytics

Diagnosing what happened in the past so we can figure out why it happened.

Predictive Analytics

Figuring out what is likely to happen in the future if we don't make a change.

Prescriptive Analytics

Prescribing a solution.

Market Segmentation

Dividing the market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate products or marketing programs.

Consumer Personas

Used to create the perfect customer for our product.

Undifferentiated Strategies

Apply to only one segment. Mass marketing.

Differentiated Strategies

Targeting that represents more than one segment.

Concentrated Strategies

Also called Niche Marketing. A small group (key word GROUP) of likeminded people.

Customized Strategies

Also called Micro Marketing. It is made for one individual person.

Positioning

Doing all of our marketing in a way that evokes some kind of an emotion in the person that wants to buy our product.