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Marketing chapter 5
Chapter 5
| Term | Definition |
|---|---|
| Data Mining | using technology to "dig up" data. |
| Big Data | a term used to describe the extraordinary amount of data that is being collected and stored for marketing purposes |
| Convergence analytics | the process of organizing data from multiple sources into usable information. |
| Customer's lifetime value (CLV) | a calculation of the estimated profit the business will earn from the customer. |
| Advertising revenue is based on: | viewers |
| Data-driven decisions | based on data and analysis rather than experience and intuition. |
| Cohort | consists of a group of people who share certain characteristics. |
| Market research | information that is specifically focused on a single target market is gathered |
| Marketing research | a process to solve marketing problems using a scientific problem-solving system |
| sample | a small number of people representative of a larger group |
| price points | the range of prices charged for a category of merchandise |
| dashboards | most charts and graphs that visually represent data |
| Discover and define the problem | the first step in marketing research |
| Implement and evaluate the results | the last step in marketing research |
| Nielsen | gathers data about TV ratings and measures what people buy |
| does web traffic analysis | |
| Gallup | an international marketing research firm focused on growing businesses by measuring and improving employees' performance. |
| Analytics | the process of using computer programming and incorporating statistics to organize data into meaningful patterns |
| Algorithm | detailed set of instructions on how to sort data |
| Data interpretation | finding meaning in the data |
| Frequency table | a table which shows how often each numerical value, response, item or range of numbers in a set of data occurs. |
| Focus groups | consist of a panel of people who answer market research questions related to their observations or opinions about a product or service |
| Marketing-information system (MIS) | a set of procedures and methods used to systematically collect, analyze, distribute and store information needed by managers to make decisions. |
| Soft data | an estimate, data based on an educated guess |
| Hard data | includes statistics gathered through valid research |
| internal company data | Data collected about customers or from sales activities within the business |
| external databases | Data from outside the business |
| marketing intelligence | information about competitors, the industry as a whole, and the market for the product |
| sample | a small number of people representing a larger group |
| microtargeted | Aimed at a specific group |
Created by:
Nancyp28