Marketing Research Chapters 1-3

CHP. 1

  • Marketing- A set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. (Meeting customers needs profitably)

  • Crowdsourcing- Crowdsourcing is the practice of obtaining services or ideas by asking for assistance from large groups of people, generally online communities.

  • Marketing Concept- The marketing concept is a business philosophy that holds that the key to achieving organizational goals consists of the company being more effective than competitors in creating, delivering, and communicating customer value to its chosen target markets.

  • Marketing Strategy- A marketing strategy consists of selecting a segment of the market as the company’s target market and designing the proper “mix” of product/service, price, promotion, and distribution system to meet the wants and needs of the consumers within that target market.

  • Marketing Research- Marketing research is the process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem.

  • Market Research- While the terms marketing research and market research are sometimes used interchangeably, market research refers to applying marketing research to a specific market.

  • Function of Marketing Research- The function of marketing research is to link the consumer to the marketer.

  • Basic Research- Basic research is research that is conducted to expand knowledge rather than to solve a specific problem.

  • Applied Research- Applied research is research that is conducted to solve specific problems.

  • Marketing Information System (MIS)- An MIS is a structure consisting of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers.

  • Internal Reports System- The internal reports system gathers information generated within a firm, including orders, billing, receivables, inventory levels, stockouts, and so on.

  • Marketing Intelligence System- The marketing intelligence system is defined as a set of procedures and sources used by managers to obtain everyday information about pertinent developments in the environment.

  • Marketing Decision Support System (DSS)- A marketing decision support system (DSS) is defined as collected data that may be accessed and analyzed using tools and techniques that assist managers in decision making.

  • Marketing Research System- The marketing research system gathers information for a specific situation facing the company.

  • Big Data- Large datasets analyzed to uncover patterns and insights for decision-making.

  • Internet of Things (IoT)- Devices that collect and share data continuously.

CHP. 2

  • Client-Side Research- Client-side research is research that is conducted within an organization.

  • Do-it-yourself (DIY) Research- DIY marketing research, or do-it-yourself marketing research, refers to firms conducting their own marketing research.

  • Supply-side research- Supply-side marketing research is research that is conducted by an outside firm hired to fulfill a company’s marketing research needs. A supplier firm may be referred to as an agency or simply as a supplier.

  • Full-service Supplier Firms- Full-service supplier firms have the capability to conduct the entire marketing research project for buyer firms.

  • Limited-service Supplier Firms- Limited-service supplier firms specialize in one, or at most, a few marketing research activities.

  • Sugging- Sugging is “selling under the guise of research,” 

  • Frugging- frugging is “fund raising under the guise of research.” Both are unethical.

  • Transparency Initiative- The Transparency Initiative is a program by the AAPOR to encourage the routine disclosure of methods used in research that is released to the public.

  • National Do Not Call Registry- Calling U.S. residents to conduct surveys is exempt from the Do Not Call Registry.

  • Focus Groups- Small group discussions used to gather qualitative insights.

  • Professional Researcher Certification (PRC)- A credential for expertise in marketing research.

  • Supplier- A supplier firm may be referred to as an agency or simply as a supplier.

  • Agency- A supplier firm may be referred to as an agency or simply as a supplier.

  • GreenBook- Monitors trends in the industry (GRIT report) 

  • Blue Book- marketing research services and focus groups facilities directory provided by the Insights Association. Allows you to search through marketing research companies

  • Quirk’s- online directory that provides access to more than 7,000 research firms and jobs

CHP. 3

  • Field Services Firms- Field services firms are companies that specialize in data collection.

  • Problems- Problems are situations that call for managers to make choices among various alternatives.

  • Key Performance Indicators (KPIs)- Key performance indicators (KPIs) are measures that provide scores of how well a company is performing relative to its objectives.

  • Marketing Opportunity- A marketing opportunity is a potentially favorable circumstance in which a company can perform successfully.

  • Symptom- A symptom is an observable sign that indicates that a problem exists.

  • Situation Analysis- A situation analysis is a form of exploratory research undertaken to gather background information and data pertinent to the problem area that may be helpful in properly defining the problem decision.

  • Decision Alternatives- Decision alternatives are all marketing actions that the manager thinks may resolve the problem.

  • Problem Statement- The problem statement is a concise description of the problem or opportunity that management is facing that requires research to make a decision.

  • Research Objective- A research objective is a goal-oriented statement or question that specifies what information is needed to solve a problem.

  • Hypotheses- Hypotheses are statements that are taken as true for the purpose of argument or investigation.

  • Construct- A construct is an abstract idea or concept composed of a set of attitudes or behaviors that are thought to be related.

  • Variables- Variables are elements of a construct that can be measured or quantified.

  • Action Standard- An action standard is a designated quantity of a measurable attribute or characteristic that must be achieved for a predetermined action to take place.

  • Marketing Research Proposal- The marketing research proposal is the contract that documents what the marketing researcher pledges to deliver as a result of the marketing research process.