Marketing Ch. 10: Terms

neuromarketing

The process of examining consumers' brain patterns to determine their responses to marketing communications, products, or services for the purpose of developing marketing tactics or strategies.

volume of big data

An inherent quality of big data that infers that big data contain a large amount of data.

variety of big data

An inherent quality of big data that infers that big data contain both numeric and textual data and are obtained from different media formats.

velocity of big data

An inherent quality of big data that infers that data are collected and can be analyzed and accessed quickly.

prescriptive analytics tools

Analyses that use simulations, which ask a series of what if-type questions, and optimization techniques, which find the most effective or best result, to help firms better understand what they should do. (Example: Putting products next to each other in the same isle)

active analytics tools

Artificial intelligence algorithms that are used to analyze input gathered by the Internet of Things (IoT).

marketing research

A set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers involved in marketing goods, services, or ideas.

survey

A systematic means of collecting information from people that generally uses a questionnaire.

experimental research (experiment)

A type of conclusive and quantitative research that systematically manipulates one or more variables to determine which variables have a causal effect on another variable.

veracity of big data

An inherent aspect of big data that infers that big data users must evaluate the accuracy and reliability of the collected data.

observation

An exploratory research method that entails examining purchase and consumption behaviors through personal or video camera scrutiny.

in-depth interview

An exploratory research technique in which trained researchers ask questions, listen to and record the answers, and then pose additional questions to clarify or expand on a particular issue. Marketers can use the results of these to develop surveys.

syndicated data

Data available for a fee from commercial research firms such as Information Resources Inc. (IRI), NDP Group, and Nielsen.

big data

Data sets that are too large and complex to analyze with conventional data management and data mining software.

1. define objectives and research needs. 2. designing the research project, researchers identify the type of data that are needed. 3. deciding on the data collection process and then collecting the data. The process usually starts with qualitative research methods, then that data is then used in quantitative research. 4. analyze and interpret the data and develop insights. 5. develop and implement an action plan.

Identify the five steps in the marketing research process:

qualitative research

Informal research methods, including observation, following social media sites, in-depth interviews, and focus groups. It uses broad, open-ended questions to understand the phenomenon of interest. It provides initial information that helps the researcher more clearly formulate the research objectives.

volume, variety, velocity, veracity, and value dimensions.

What are the 5 Vs of big data?

questionnaire

A _________ is a document that features a set of questions designed to gather information from respondents and thereby accomplish the researchers' objectives. Individual questions can be either unstructured or structured.

descriptive analytics tools

Methods that help firms organize, tabulate, and depict their available data, usually in easy-to-understand reports, tables, and charts.

quantitative research

Structured responses that can be statistically tested to confirm insights and hypotheses generated via qualitative research or secondary data. Formal studies such as experiments, surveys, scanner and panel data, or some combination of these are examples.

Secondary data

_________ are pieces of information that have been collected prior to the start of the focal research project. Examples include external, such as the U.S. Census, as well as internal, such as sales transactions, data sources.

Scanner data

_________ are used in quantitative research obtained from scanner readings of Universal Product Code (UPC) labels at checkout counters. This research typically focuses on weekly consumption of a particular product at a given unit of analysis (e.g., individual store, chain, region).

Unstructured questions

__________ are open ended and allow respondents to answer in their own words.

sample

A group of customers who represent the customers of interest in a research study. Researchers could choose a group of customers who represent the customers of interest, or a ______, and then generalize their opinions to describe all customers with the same characteristics.

data warehouse

A large computer file containing data including sales transactions, customer relationship management (CRM) systems, websites, social media, blogs, locational devices, wearables, and so forth.

focus group interview

A research technique in which a small group of persons (usually 8 to 12) comes together for an intensive discussion about a particular topic, with the conversation guided by a trained moderator using an unstructured method of inquiry.

Structured questions

_____________ are closed-ended questions for which a discrete set of response alternatives, or specific answers, is provided for respondents to evaluate

value

Reflects the relationship of benefits to costs, or what the consumer gets for what he or she gives. _________ of the data stems from the insights they provide into factors that are critical to marketers, such as consumer or purchasing decisions.

Center for Democracy & Technology (CDT), Electronic Privacy Information Center (EPIC) Federal Trade Commission

Several organizations, including the ______________ and the _______________, have emerged as watchdogs over data mining of consumer information. In addition, the _____________ plays an important part in protecting privacy and requires companies to disclose their privacy practices to customers on an annual basis

facial recognition software

Software that can automatically identify or verify individuals from video or digital images.

data mining

Statistical tools used to uncover previously unknown patterns or relationships among variables stored in the big data databases.

marketing analytics

Techniques that use advanced technologies and models to gather data so that marketers can improve their decision making, optimize their returns, and make appropriate customer-related decisions

(1) It prohibits selling or fundraising under the guise of conducting research, (2) it supports maintaining research integrity by avoiding misrepresentation or the omission of pertinent research data, and (3) it encourages the fair treatment of clients and suppliers

The American Marketing Association provides three guidelines for conducting marketing research:

-The questions must be carefully designed to address the specific set of research questions. -The questions cannot be misleading in any fashion (e.g., open to multiple interpretations), and they must address only one issue at a time. -They must be worded in vocabulary that will be familiar and comfortable to those being surveyed. -The questions should be sequenced appropriately: general questions first, more specific questions next, and demographic questions at the end. -The layout and appearance of the questionnaire must be professional and easy to follow, with appropriate instructions in suitable places.

What are some tips in formulating a questionnaire?

descriptive, predictive, prescriptive, and active

What are the four broad categories analytics tools and methods?

Step 1: Defining the objectives and research needs. Step 2: Designing the research. Step 3: Collecting the data. Step 4: Analyzing the data and developing insights. Step 5: Developing and implementing an action plan.

What are the steps to the Marketing Research Process?

qualitative and quantitative

What are the two Primary data techniques to obtain data?

Data information

_______ can be defined as raw numbers or other factual information that, on their own, have limited value to marketers. When the data are interpreted, they become ________, which results from organizing, analyzing, and interpreting data and putting them into a form that is useful to marketing decision makers.

Panel data panelists

_______ in information collected from a group of consumers, organized into panels, over time. Data collected from ______ often include their records of what they have purchased (i.e., secondary data) as well as their responses to survey questions that the client gives to the panel firm to ask the panelists (i.e., primary data). This research focuses on the total weekly consumption by a particular person or household.

Churn

_______ is the number of customers who discontinue use of a service, divided by the average number of total participants.

Primary data

________ are those data collected to address specific research needs. Some common _______ collection methods include focus groups, in-depth interviews, and surveys.