Global Marketing ch6

Information Technology (IT)

An organization’s processes for creating, storing, exchanging, using, and managing information.

Management Information System (MIS)

A means for gathering, analyzing, and reporting relevant data to provide managers with continuous information.

Intranet

A private network allowing authorized personnel to share information electronically in a secure way.

Real Time Enterprises (RTE)

Companies that capture data in real time and make it accessible immediately.

Big Data

Extremely large data sets that can be analyzed computationally to reveal patterns.

Electronic Data Interchange (EDI)

A system for electronically submitting orders and conducting business between company units and external entities.

Efficient Consumer Response (ECR)

A joint initiative of supply chain members to optimize the supply chain for customer benefit.

Electronic Point of Sale (EPOS)

Data read on checkout scanners to help firms identify sales patterns and consumer preferences.

Customer Relationship Management (CRM)

A business tool that helps companies leverage data collected through ECR and EPOS.

Touchpoints

Any point of contact between the customer and the organization.

Data Warehouses

Central repositories for storing data for analysis and reporting.

360° view of the customer

A comprehensive perspective of customer interactions and preferences.

Environmental Scanning data

Information from diverse sources about external market conditions.

Direct Sensory Perception

Experiencing firsthand observations to understand the local context.

Emic Research

Research focusing on understanding from within a cultural context.

Etic Research

Research conducted from an external perspective to analyze cultures.

Market Research

Systematic gathering of data specifically related to marketing issues.

Research Design

The framework for collecting and analyzing data.

Information Requirements

Determining what information is needed and its purpose.

Problem Definition

Identifying and clearly articulating the problem for research.

Unit of Analysis

The specific entity being studied or analyzed.

Secondary Data

Data that has been previously collected for other research purposes.

Primary Data

Original data collected specifically for a particular research project.

Latent Market

An undiscovered segment that shows potential demand under certain conditions.

Incipient Market

A market on the verge of emerging due to trends in the economy or society.

Survey Research

A method of data collection through questionnaires or interviews.

Back-Translation

Translating a survey into a target language and then back to the original language.

Focus Groups

Small group discussions led by a moderator for qualitative insights.

Probability Samples

Samples where every member has an equal chance of being selected.

Non-Probability Samples

Samples where not every member has an equal chance of being selected.

Data Analysis

The process of systematically applying statistical and logical techniques to describe and illustrate data.

Data Cleaning

The process of correcting or removing inaccurate records from a database.

Interpretation and Presentation

The phase where analyzed data is communicated to stakeholders.

Self-Reference Criterion (SRC)

The unconscious reference to one’s own cultural values in analyzing another culture.

Market Potential

Estimation of the total demand in a market.

Competitor Information

Insights about competitors' strategies, capabilities, and intentions.

Resource Information

Data regarding the availability of human, financial, and physical resources.

General Conditions

Overview of geopolitical, social, and technological environments affecting business.

Company Subsidiaries

Branches or divisions of a company operating in different locations.

Sampling

Choosing a subset from a larger population for research purposes.

Population vs Sample

Population is the whole group, while sample is a smaller, manageable subset.

Qualitative Research

Research focused on exploring and understanding individuals' experiences and feelings.

Quantitative Research

Research that deals with numerical data and measurable forms.

Mixed Methods

Combining qualitative and quantitative research techniques.

Survey Design

The plan for creating and conducting a survey to collect data.

Interview

A one-on-one conversation for collecting data through open-ended questions.

Observation Method

Watching and recording consumer behavior in real time.

Data Interpretation

Making sense of the analyzed data and deriving meaningful insights.

Data Privacy Laws

Regulations that protect personal data from being collected and used without consent.

Challenge in Global Research

Obstacles faced by marketers due to cultural, legal, and technological differences.

Market Dynamics

The forces that impact the supply and demand of goods and services.

Cultural Sensitivity

Awareness and understanding of cultural differences and practices.