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Marketing Ch_8
Marketing Research and Sales and Forecasting
| Question | Answer |
|---|---|
| Marketing Research | process of Collecting and using information for marketing decision making |
| Syndicated Services | an organization that regularly provides a standardized set of data to all customers |
| Full-Service Research Suppliers | An organization that contracts with clients to conduct complete marketing research projects |
| Limited-Service Research Suppliers | a marketing research firm that specializes in a limited number of activities, such as conducting field interviews or performing data processing |
| Customer Satisfaction Measurement Programs | focus on tracking the satisfaction levels of currents customers |
| Steps in the Marketing Research Process | Define the problem, Formulate a hypothesis, Create a research design, collect data,interpret and present research data |
| Secondary Data | previously published information |
| Primary data | information collected for a specific investigation |
| Hypothesis | a tentative explanation for some specific event |
| research design | a master plan or model for conducting marketing research |
| Sources of Secondary Data Collection | Government data, Private Data, Online sources |
| Sampling | is the process of selecting survey respondents or research participants |
| population | or universe, the total group of people |
| Probability Sample | sample that gives every member of a population a chance of being selected |
| simple random sample | every member of the relevant universe has an equal opportunity or selection. |
| Stratified sample | randomly selected subsamplesof different groups are represented in the total sample. provide efficient, representative groups that are relatively homogeneous for a certain characteristic for such studies. |
| Nonprobability sample | Sample that involves personal judgement somewhere in the selection process |
| Primary Research Methods | Observational, Surveys, and controlled experiments |
| Observational method | researchers view the overt actions of subjects being studied |
| interpretative research | Observational research method developed by social anthropologists in which customers are observed in their natural setting and their behavior is interpreted based on an understanding of social and cultural characteristics; also known as ethnography |
| Survey methods | telephone interviews, personal interviews, focus groups, mail surveys, fax, and online surveys |
| Focus Groups | simultaneous personal interviews of a small group of individuals that relies on a groups discussion about a certain topic |
| Mall intercepts | interviews conducted in shopping centers |
| Controlled Experiment | researcher controls or manipulates a test group or groups and compares the results with those of a control group that did not receive the experimental controls |
| Test marketing | introducing a new product in a specific area and then observing its degree of success |
| Marketing information system | is a planned, computer based system designed to provide decision makers with a continuous flow of information relevant to their areas of responsibility |
| Marketing Decision Support System | consists of software that helps users quickly obtain and apply information in a way that supports marketing decisions |
| Data mining | is the process of searching through computerized data files to detect patterns |
| Business Intelligence | is the process of gathering information and analyzing it to improve business strategy, tactics and daily operations |
| Competitive intelligence | is a form of business intelligence that focuses on finding information about competitors using published sources, interviews, observations etc to uncover specific advantages. |
| Sales Forecast | estimate of a firm's revenue for a specific period |
| Qualitative forecasting | techniques that rely on subjective data that reports opinions rather than exact historical data |
| Quantitative forecasting | use statistical computations such as trend extension based on past data, computer simulations and economic models |
| Delphi Technique | solicits opinions from several people, but it also gathers inputs from experts outside the firm, such as academic researchers, rather than relying completely on company exec. |
| Sales Force Composite | technique forecasts based on the belief that organization members closest to the marketplace offers |
| Survey of Buyer Intentions | gathers inputs through mail-in questionnaires, online feedback , telephone polls, and personal interviews to determine the purchasing intentions of a representative group of present and potential customers |
| Trend analysis | develops forecasts for future sales by analyzing the historical relationship between sales and time |
| Exponential smoothing | Exponential smoothing weighs each year's sales data, giving, greater weight to results from the most recent years. |
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