Marketing Research Exam 1

Marketing Channel

A network of interdependent institutions that perform the logistics necessary for consumption to occur.

Cloud Storage

Data files stored on devices that make them directly accessible via the internet.

Information

Data formatted (structured) to support decision making or define the relationship between two or more data points.

Timeliness

Data that are not so old that they are irrelevant.

Data Quality

Degree to which data represent the true situation.

Descriptive Research

Describes characteristics of objects, people, groups, organizations, or environments; tries to "paint a picture" of a give situation.

Product Research

Designed to evaluate and develop new products and to learn how to adapt existing product lines.

Basic Marketing Research

Does not address the needs of a specific organization and does not typically address a specific business decision.

Environmental Scanning

Entails all information gathering designed to detect changes in the external operating environment of the firm.

Facts

Facts or recorded measures of certain phenomena (things or events) are known as _____.

Data

Facts or recorded measures of certain phenomena (things or events).

Marketing Concept

Focuses on how a firm provides value to customers more than on the physical product or production process.

Global Marketing Research

General information about a country's economic conditions and political climate.

Decision Support Systems (DSS)

Help decision makers confront problems though direct interaction with computerized databases and analytical software programs.

Geo-demographics

Information describing the demographic profile of consumers in a particular geographic region.

Promotion Research

Investigates the effectiveness of advertising, premiums, coupons, sampling, discounts, public relations, and other sales promotion.

Applied Marketing Research

Is conducted to address a specific marketing decision for a specific firm or organization.

Big Data

Large quantities of data taken from multiple, varied sources

1. Defining research objectives 2. Planning a research design 3. Planning a sample 4. Collecting Data 5. Analyzing data 6. Formulating conclusions and preparing a report.

What are the stages in the research process?

Discover and define the decisions themselves.

What does exploratory research help researchers do?

That marketing research info is... Not intuitive or haphazardly gathered Accurate and objective Relevant to all aspects of the marketing mix Limited by one's definition of marketing

What does marketing research suggest?

Foundational, Testing, issues, and performance

What four functions does marketing research serve?

1. Identifying and evaluating market opportunities. 2. Analyzing market segments and selecting target markets. 3. Planning and implementing a marketing mix. 4. Analyzing firm performance.

What four steps are involved when implementing a marketing strategy?

Defining the research objectives

What is the first stage of the marketing research process?

Be customer oriented Emphasize long-run profitability rather than short-term profits or sales volume Adopt a cross-functional perspective

When a firm develops a marketing orientation it must...

Price

Which aspect of the marketing mix is represented by the value that a consumer places on a good when the consumer purchases that good?

Promotion

Which communication function of a firm is responsible for informing and persuading buyers?

Customer Relationship Management (CRM) system.

Which part of the decision support system addresses exchanges between the firm and its customers?

Sampling

Which refers to any procedure that draws conclusions based on measurements of a portion of the entire population?

Decision Making

______ is the process of developing and selecting from alternative methods of resolving a problem or choosing from among alternative opportunities.

Customer Oriented

all firm decisions are made with a conscious awareness of their effect on the consumer.

Pricing Research

finding the amount of monetary sacrifice that best represents the value customers perceive in a product after considering various market constraints.

Product Oriented

firm prioritizes decision making in a way that emphasizes technical superiority in the product.

Production Oriented

firm prioritizes efficiency and effectiveness of the production processes in making decisions.

Information Completeness

having the right amount of information

Data warehousing

process allowing important day-to-day operational data to be store and organized for simplified access.

Stakeholder orientation

recognizes that multiple parties are affected by firm decisions.

Performance-monitoring research

research that regularly, sometimes routinely, provides feedback for evaluation and control of marketing activity.

Diagnostic Analysis

seeks to detect reasons for market outcomes and focuses specifically on the beliefs, feelings, and reactions consumers have about and toward competing products.

Universal Product Code (UPC)

the bar-coded information that contains product information.

Pull Technology

the consumer is essentially asking for the data.

Concomitant Variation

two phenomena vary together.

The Scientific Method

way researchers go about using knowledge and evidence to reach objective conclusions about the real world.

Descriptive research

which type of marketing research address who, what, when, where, where, why and how questions?

Experiment

A carefully controlled study in which the researcher manipulates a proposed cause and observes any corresponding change in the proposed effect.

Conditional Causality

A cause is necessary but not sufficient to bring about an effect.

Contributory Causality

A cause is need be neither necessary nor sufficient to bring about an effect. (weakest form of causality).

Database

A collection of raw data arranged logically and organized in a form that can be stored and processes by a computer.

Causal Inference

A conclusion that when one thing happens, another specific thing will follow.

Literature review

A directed search of published works

Marketing

A firm focusing more on how to provide value to customers than on the physical product or production process is embracing a(n) _______ orientation.

Market Opportunity

A situation that makes some potential competitive advantage possible.

Market Problem

A situation that makes some significant negative consequence more likely

RIFD

A small microchip used to communicate with data systems is called a(n)_____.

Hypothesis

A statement such as: "Consumers with more favorable attitudes toward our advertising will exhibit more favorable attitudes toward the brand advertised" is an example of a(n):

Predictive Analytics

A system linking computerized data mined from multiple sources to statistical tools that can search for predictive relationships and trends.

Uniform Resource Locator (URL)

A website address that Web browsers recognize

Integrated Marketing Communication

All promotional efforts should be coordinated to communicate a consistent image.

Geo-location technologies

Allow whereabouts and/or movement of a consumer or object to be known through digital identification of some kind.

Causal Research

Allows causal inferences to be made --- they identify cause-and-effect (x brought about y) relationships.

Push Technology

Amazon.com recommends books for purchase when a customer who has ordered books from Amazon previously returns to the site. This is an example of ____.

Nonspurious Association

An absence of alternative plausible explanations.

Supply Chain

Another term for a channel of distribution, meaning the link between suppliers and customers.

Previous Research

Check for reports of previous research within the company archives

Initial Research

Clarifies and defines the nature of the problem.

Relationship Marketing

Communicates the idea that a major goal of marketing is to build long-term relationships with the customers contributing to their success.

Data Retailers

Companies that provide access to data directly to the end consumer for a fee.

Data Wholesalers

Companies that put together consortia of data sources into packages that are offered to municipal, corporate, and university libraries for a fee.

Exploratory Research

Conducted to clarify ambiguous situations or discover ideas that may be potential business opportunities.

Predictive Analytics

Laurie finds the perfect sweater on Talbot's Web site during its season's clearance sale, but is unable to purchase it in her size. The following year, Talbot's sends Laurie an email notifying her of a similar sweater in the same style and color. Talbot's has linked computerized data sources to statistical tools to search for relationships that will produce more effective marketing communications, which is an example of______.

Data warehouse

Multi-tiered computer storehouse of current and historical data.

Symptoms

Observable cues that serve as a signal of a problem because they are caused by that problem.

Customer relationship management (CRM)

Part of the DSS that characterizes interactions between firm and customers.

Marketing Metrics

Quantitative ways of monitoring and measuring marketing performance.

Marketing Analytics

Refers to efforts to measure relevant data and apply analytical tools in an effort to better understand how a firm can enhance marketing performance.

Relevance

Reflects the pertinence of the particular facts.

Experimental Variable

Represents the proposed cause and is controlled by the researcher by manipulating it.

Proprietary marketing research

Research projects conducted to study specific company problems generate data

Integrated Marketing Mix

Research studies often investigate the effects of various combinations of marketing mix elements on important outcomes like sales and image.

Open Data Partnership

Researchers agree to make the information they collect from activities like web tracking available to the consumers from whom they gather the information.

Push Technology

Sends data to a user without a request being made.

Smart Agent Software

Software capable of learning an internet user's preferences and automatically searching out information in selected websites and then distributing it.

Open Source Innovation

Structured data that is openly shared between companies.

Distribution Research

Studies aimed at selecting retail sites or warehouse locations in support of the distribution channel.

Market Intelligence

Subset of data and information that actually has some explanatory power enabling effective decisions to be made.

Keyword Search

Takes place as the search engine searches through millions of web pages for documents containing keywords.

Scanner Data

The accumulated records resulting from point-of-sale data recordings.

Marketing Research

The application of the scientific method in searching for the truth about marketing phenomena.

Temporal Sequence

The appropriate causal order of events.

Absolute Causality

The cause is necessary and sufficient to bring the effect.

Deliverables

The consulting term used to describe research objectives to a research client.

Certainty

The decision maker has all the information needed to make an optimal decision.

Research Objectives

The goals to be achieved by conducting research

Distribution Research

The management of a superstore chain is attempting to decide where to locate its regional warehouses in order to minimize travel time from its warehouses to its local sites. Which type of research would be most effective?

Uncertainty

The manager grasps the general nature of desired objectives, but the information about alternatives is incomplete.

Ambiguity

The nature of the problem itself is unclear such that objectives are vague and decision alternatives are difficult to define

Manipulation

The researcher alters the level of the variable in specific increments.

Total value management

Trying to manage and monitor the entire process by which consumers receive benefits from a company.

Electronic data interchange (EDI)

Type of exchange that occurs when one company's computer system is integrated with another company's computer system.

Sensing Systems

combined hardware and software that automatically records phenomena.