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Chapter 8 Terms
Marketing Exam 2- Chapter 8 Terms
| Term | Definition |
|---|---|
| Measures of Success | Criteria or standards used to evaluate proposed solutions to the problems |
| Constraints | Restrictions places on potential solutions to a problem |
| Primary Data | Facts and figures newly collected for the project |
| Secondary Data | Facts and figures recorded prior to the project at hand |
| Internal Secondary Data | Secondary data coming from within the organization Marketing input data- the effort to make sales Marketing output data- the results of marketing efforts |
| External Secondary Data | Data published outside of the organization |
| Pros/Cons of Primary Data | Pros- relevant, flexible Cons: expensive, timely |
| Pros/Cons of Secondary Data | Pros: cheap, time-saving Cons: may be outdated or irrelevant |
| Observational Data | Facts pr figures obtained by watching people through mechanic, personal. or neuromarketing methods |
| Mystery Shopper | People paid to see the stories from the customers point of view |
| Ethnographic | |
| Neuromarketing | Studying the brain to understand customers |
| Questionnaire Data | Facts or figures obtained by asking people about their attitudes, awareness, intentions, and behaviors |
| Focus Groups | 6-10 past, present, and prospective buyers that are used to compare competitors and discover unmet needs |
| Test Market | Testing a change in a small location |
| IT | All computing resources that collect, store, and analyze data |
| Data Mining | Extraction of hidden predictive info from large databased to find statistical links between consumer purchasing patterns and marketing actions |
| Sales Forecast | Total sales expected during a specific time period or under specified environmental conditioners and its own marketing efforts |
| Marketing Research | Process of defining a marketing problem and opportunity, systematically collected and analyzing information, and recommending actions |
| Define the Problem | Step 1 in Marketing Research Set objectives Identify possible marketing actions Decide measures of success |
| Develop Research Plan | Step 2 in Marketing Research Specify constraints Identify data needed Determine how to collect data through concepts and methods |
| Collect Relevant Information | Step 3 in Marketing Research Collect internal and external secondary data Collect primary data Analyze primary data using cross-tabulations |
| Develop Findings | Step 4 in Marketing Research Analyze data Present findings |
| Take Marketing Actions | Step 5 in Marketing Research Make action recommendations Implement the action recommendations Evaluate results |
| Lost-Horse Forecast | Value of the item, factors affecting value, decide positive or negative impact |
| Survey Forecast | Asking buyers about likelihood of repurchase in a time frame, ask salesforce to estimate future sales |
| Statistical Forecast | Looking at buying patterns and graphs to determine future patterns |
| Types of Objectives | Exploratory- provide ideas about a vague problem Descriptive- frequency something happens or relationship between two factors Casual- the extent that factors change each other |
| Example of Constraints | Time Money |
Created by:
kamryn.keester
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