Essentials of Marketing Chapter 7

Marketing research
Procedures that develop and analyze new information about a market
Marketing information system
An organized way of continually gathering, accessing, and analyzing information
Intranet
System for linking computers within a company
Data warehouse
Place where databases are stored so that they are available when needed
Decision support system
Computer program that makes it easy for a marketing manager to get and use information as he is making decisions
Marketing dashboard
Displays up-to-the-minute marketing data in an easy to read format
Marketing model
A statement of relationships among marketing variables
Scientific method
Decision making approach that focuses on being objective and orderly in testing ideas
Hypotheses
Educated guess about the relationship between things or what will happen in the future
Marketing research process
5 step application of the scientific method

1. Defining the problem
2. Analyzing the situation
3. Getting problem spec. data
4. Interpreting the data
5. Solving the problem

Situation analysis
Informal study of what information is already available in the problem area
Secondary data
Information that has been collected or published already
Primary data
Information specifically collected to solve a current problem
Research proposal
A plan that specifies what information will be obtained and how
Qualitative research
Seeks in-depth, open-ended responses, not yes or no answers
Focus group review
Interviewing 6-10 people in an informal group setting
Quantitative research
Seeks structured responses that can be summarized in numbers (percentages, averages, other stats)
Response rate
Percentage of people contacted who complete the questionnaire
Consumer panels
Group of consumers who provide information on a continuing basis
Experimental method
Where researchers compare two or more groups that are similar except on the characteristic being tested
Statistical packages
Easy-to-use computer programs that analyze data
Population
The total group of people that marketing managers are interested in
Sample
Only a part of the relevant population
Confidence intervals
The range on either side of an estimate that is likely to contain the true value for the population
Validity
The extent to which data measure what they are intended to measure