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LAP Glossary 2.03
| Term | Definition |
|---|---|
| Competitive Advantage | The edge achieved by businesses that offer something better than their competitors |
| Cost-effective | Economical; good value in relation to the price, or cost |
| Data | Facts and figures |
| Data gathering | The process of collecting facts and figures |
| Data processing | Analyzing the facts and figures collected and putting them into formats useful to the business |
| Decision-oriented | Accustomed to making choices |
| Enterprise resource planning | Software applications using database technology the enable a business to manage its information about customers, products, employees, and finances |
| External data | Facts and figures available in locations outside the company |
| Information | Facts and data presented in a useful form |
| Information reporting | Moving information through the appropriate channels or making information accessible to those who need it |
| Internal data | Facts and figures located inside the company |
| intranet | An internal network similar to the internet that is accessible only by authorised personnel; used to access information and communicate with others within an organization |
| Market opportunity | Situation that occurs when an economic want exists and there is an idea for a good or service to fulfill that want; a good or service that people are willing and able to buy |
| Market share | An organizations portion of the total industry sales in a specific market |
| Marketing information | Data available from inside and outside a business that have been processed and organized so that they can be used to create, communicate, and deliver value to customers and for managing customer relations in ways that benefit the organization and its stak |
| Marketing intelligence | Marketing data that are gathered informally from internal and external sources; may or may not relate to any current issue or project |
| Marketing research | The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern |
| Marketing-information management | A marketing function that involves gathering, accessing, synthesizing, evaluating, and disseminating information |
| Marketing-information management system (MkIS) | An organized way of continuously gathering, sorting, analyzing, evaluating, and distributing marketing information |
| Primary data | Facts and figures collected specifically for the problem or project at hand |
| Primary information | Marketing information developed from data that are collected for use in one particular situation |
| Profitability | The degree or level of profit of a business or a product |
| Qualitative data | Facts and figures based on opinion and personal interpretations |
| Quantitative data | Numerical facts and figures |
| Sales forecast | A prediction of future sales over a specific period of time |
| Secondary data | Facts and figures that have been collected for purposes other than the project at hand |
| Secondary information | Marketing information developed from data that have already been collected by others |
| Situation analysis | A determination of a firm’s current business situation and the direction in which the business is headed |
Created by:
miguelflako
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