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MKT Research 1
| Term | Definition |
|---|---|
| marketing | activity, set of institutions, and process for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers |
| qualitative | research that focuses on the why - attitudes, feelings, motivations - less structured, smaller sample, subjective analysis |
| applied research | research conducted to address a specific marketing decision for a specific firm or organization |
| basic research | research conducted without a specific decision in mind that usually does not address the needs of a specific organization. It attempts to expand the limits of marketing knowledge in general |
| exploratory research | conducted to clarify ambiguous situations or discover ideas that may be potential business opportunities |
| purpose of exploratory research | to explore |
| emphasis of exploratory research | quick and cheap |
| CRM | part of a decision support system that characterizes interactions between the firm and customer |
| database marketing | practice of using CRM databases to develop one to one relationships and create precisely targeted promotions |
| data mining | use of statistical and analytical routines to dig through volumes of data to discover non-obvious patterns hidden in a database |
| customer acquisition | looking for common attributes |
| customer retention | identify vulnerable customers and keep with special offers |
| customer abandonment | identify attributes of non profitable customers |
| market basket analysis | identify products typically purchased together by customers with given attributes |
| uses of data mining | customer acquisition, customer retention, customer abandonment, market basket analysis |
| GIS | computer based systems using secondary and primary data to generate maps that display spatial data graphically |
| applications of GIS | routing/logistics, site selection, promotional |
| privacy concerns | unsolicited sales promotions, database info being bought and sold |
| cookies | small data files that a content provider can save onto the computer of someone who visits its website |
Created by:
jennafarnsworth
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