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MKTG 305

Chapter 8 - Marketing Research: From Customer Insights to Actions

TermDefinition
Constraints in a decision, the restrictions placed on potential solutions to a problem
Data the facts and figures related to the problem that are divided into two main parts: secondary data and primary data
Data Mining the extraction of hidden predictive information from large databases to find statistical links between consumer purchasing patterns and marketing actions
Information Technology involves operating computer networks that can store and process data
Marketing Research the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions
Measures of Success criteria or standards used in evaluating proposed solutions to the problem
Observational Data facts and figures obtained by watching, either mechanically or in person, how people actually behave
Primary Data facts and figures that are newly collected for the project
Questionnaire Data facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors
Sales Forecast the total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions an its own marketing efforts
Secondary Data facts and figures that have already been recorded before the project at hand
Created by: Danielle0051
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