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MKTG 250 Chapter 8

TermDefinition
Define the Problem set research objectives, identify possible marketing actions
Develop the Research Plan specify constraints, identify data needed for marketing actions, determine to collect data
Collect Relevant Information obtain secondary data, obtain primary data
Develop Findings analyze the data, present the findings
Take Marketing Actions make action recommendations, implement action recommendations, evaluate results
Measures of Success the criteria or standards used in evaluating proposed solutions to the problem (lego using playtime)
Constraints in a decision, the restrictions placed on potential solutions to a problem
Primary Data the facts and figures that are newly collected for the project
Secondary Data the facts and figures that have already been recorded prior to the project at hand
Primary Data Advantages more flexible and specific to the problem under study
Primary Data Disadvantages costly, time consuming
Secondary Data Advantages time saving, inexpensive
Secondary Data Disadvantages out of date, definitions/categories not right, not specific enough
Observational Data are the facts and figures obtained by watching how people actually behave, using mechanical, personal, or neuromarketing data collection methods
Mystery Shopper secret shopped
Ethnographic home use
Nueromarketing Technologies used to study the brain
Questionnaire Data are the facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors
Focus Group Informal session of customers who are asked for opinions
Test Market a particular area or group of people chosen for a limited introduction of a new product or service, new advertising campaign, etc. to test how people will react
IT information technology
Data Mining the practice of analyzing large databases in order to generate new information
Sales Forecast consists of 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: user-2023011
 

 



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