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MKTG 305
Chapter 8 - Marketing Research: From Customer Insights to Actions
Term | Definition |
---|---|
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 |