Marketing Chapter 5 Vocab – Flashcards
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Input
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the information that goes into the system that is needed for decision making.
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Storage
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involves the resources used to maintain information, including equipment used procedures, so that it can be used when needed.
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Analysis
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process of summarizing, combining, or comparing information so that decisions can be made.
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Output
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the result of analysis given to decision makers.
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Marketing Research
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a procedure designed to identify solutions to a specific marketing problem through the use of scientific problem solving.
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Secondary Data
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information already collected for another purpose that can be used to solve the current problem.
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Primary Data
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information collected for the first time to solve the problem being studied.
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Population
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all of the people in the group the company is interested in studying.
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Sample
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a smaller group selected from the population.
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Random Sampling
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everyone in the population has an equal chance of being selected in the sample.
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Survey
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a planned set of questions to which individuals or groups of people respond.
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Closed-Ended Questions
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offer two or more choices as answers such as: yes or no.
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Open-Ended Questions
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allow respondents to develop their own answers without additional information about possible choices .
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Focus Group
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a small number of people brought together to discuss identified elements of an issue or problem.
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Observation
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collects information by recording actions without interacting or communicating with the participant.
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Experiments
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carefully designed and controlled situations in which all important factors are the dame except the one being studied.
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Test Markets
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specific cities or geographic ares in which marketing experiments are conducted.
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Simulations
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experiments where researchers create the situation to be studied.
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