MGMT 321-Chapter 12 Flashcards
Marketing research
Systematic collection and interpretation of data to support future marketing decisions
Primary research
New information collected to solve a problem at hand or answer current questions; gathered through observation, focus groups/questionnaires
Ethnographic research
Data gathered by simple observation - seeing what customers do, rather than asking them
Secondary research
Information already collected for some other purpose other than the current problem or questions ; internet, library, etc.
Focus group
Form of data gathering using a small group led by a moderator
Scalar questions
Questions that are answered by some sort of scale; ex: on a scale of 1-10 how pretty am I?
Dichotomous questions
Questions that have only two choices
Bot
Web-based program that uses artificial intelligence techniques to automate tasks such as searches
Differential advantage
Characteristic that separates one company from another in product, price, promotion, and/or distribution
Why is a mktg plan important
-Helps you ariticulate how you are going to sell your product/service
Major methods for conducting mkt research
-Primary & secondary data
Critical components of a mktg plan
- target market
- current situation?
- specific plans
- needs to be written
- revised regularly
