The process of (1) defining a marketing problem and opportunity, systematically (2) collecting and (3) analyzing information, and (4) recommending actions.

know each step, what happens, the order

Measure of Success (play time with Legos)

Criteria or standards used in evaluating proposed solutions to the problem.

Develop the Research Plan

Identify data needed for marketing action, how to collect it

In a decision, the restrictions placed on potential solutions to a problem.

Collect relevant information

To make rational and informed decisions

The facts and figures related to the project that are divided into two main parts: secondary data and primary data.

Facts and figures that are newly collected for the project.

Facts and figures that have already been recorded prior to the project at hand.

Internal Data (secondary)

inside the firm . inputs and outcomes

External Data (secondary)

outside the firm. heavy in demographics, who and where.

Disadvantages of secondary

out of date, wrong def, not specific

Facts and figures obtained by watching how people actually behave, using mechanical, personal, or neuromarketing data collection methods. (mechanical data)

Personal Methods (primary)

ethnographic research = home use envirnoment

Neuromarketing methods (primary)

used to study the brain by wavelengths

Facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors. (most common)

pay attention to what's coming up

informal session of customers who are asked for their opinion

try product to small geography to evaluate marketing actions before sending out the product

The extraction of hidden predictive information from large databases to find statistical links between consumer purchasing patterns and marketing actions.

Information Technology

Includes all of the computing resources that collect, store, and analyze data.

Based on statistical models that use data mining and probability analysis to foretell outcomes.

The total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts.

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Chapter 8 MKTG 250

Term	Definition
Pepsi question	Which flavor do you prefer?
Marketing Research	The process of (1) defining a marketing problem and opportunity, systematically (2) collecting and (3) analyzing information, and (4) recommending actions.
Figure 8-1	know each step, what happens, the order
1. Define the Problem	Specific, measurable goals
Measure of Success (play time with Legos)	Criteria or standards used in evaluating proposed solutions to the problem.
Develop the Research Plan	Identify data needed for marketing action, how to collect it
Constraints	In a decision, the restrictions placed on potential solutions to a problem.
Collect relevant information	To make rational and informed decisions
Data	The facts and figures related to the project that are divided into two main parts: secondary data and primary data.
Primary Data	Facts and figures that are newly collected for the project.
Secondary Data	Facts and figures that have already been recorded prior to the project at hand.
Internal Data (secondary)	inside the firm . inputs and outcomes
External Data (secondary)	outside the firm. heavy in demographics, who and where.
Advantages of secondary	time saving, inexpensive
Disadvantages of secondary	out of date, wrong def, not specific
Observational Data	Facts and figures obtained by watching how people actually behave, using mechanical, personal, or neuromarketing data collection methods. (mechanical data)
Personal Methods (primary)	ethnographic research = home use envirnoment
Neuromarketing methods (primary)	used to study the brain by wavelengths
Questionnaire data	Facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors. (most common)
Trend Hunting	pay attention to what's coming up
Focus groups	informal session of customers who are asked for their opinion
Test Markets	try product to small geography to evaluate marketing actions before sending out the product
Data Mining	The extraction of hidden predictive information from large databases to find statistical links between consumer purchasing patterns and marketing actions.
Information Technology	Includes all of the computing resources that collect, store, and analyze data.
Predictive Modeling	Based on statistical models that use data mining and probability analysis to foretell outcomes.
advant	flexibe and specifc
dis	costly and time consuming
Develop FIndings	analyze data
Take Marketing Actions	Evaluate the results
Sales Forecast	The total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts.

Created by: agk236

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