Marketing Metrics Quiz 1 – Flashcards
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Production-Oriented
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describes a firm that prioritizes efficiency and effectiveness of the production processes in making decisions
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Marketing Concept
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a central idea in modern marketing thinking that focuses on how the firm provides value to customers more than on the physical product or production process
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Marketing Orientation
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the corporate culture existing for firms adopting the marking concept. it emphasizes customer orientation, long-term profitability over short-term profits, and a cross-functional perspective
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Customer-Oriented
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describes a firm in which all decisions are made with a conscious awareness of their effect on the consumer
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Relationship Marketing
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communicates the idea that a major goal of marketing is to build long-term relationships with the customers contributing to the firms success
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Total Quality Management
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a business philosophy that embodies the belief that management process must focus on integrating customer-quality throughout the organization
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Geo-Demographics
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refers to information describing the demographic profile of consumers in a particular geographic region
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Pricing
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involves finding the amount of monetary sacrifice that best represents the value customers perceive in a product after considering various market constraints
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Marketing Metrics
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quantitative ways of monitoring and measuring marketing performance
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Cultural Cross-Validate
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to verify that the empirical finding from one culture also exits and behave similarly in another culture
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Data
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facts or recorded measures of certain phenomena (things)
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Information
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data formatted to support decision making or define the relationship between two facts
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Market Intelligence
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the subset of data and information that actually has some explanatory power enabling effective decision to be made
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Relevance
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the characteristics of data reflecting how pertinent these particular facts are to the situation at hand
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Data Quality
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the degree to which data represent the true situation
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Timeliness
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means that the data are current enough to still be relevant
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Information Completenes
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having the right amount of information
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Knowledge Management
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the process of creating an inclusive, comprehensive, easily accessible organizational memory, which is often called the organization's intellectual capital
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Global Information System
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an organized collection of computer hardware, software, data and personnel designed to capture, store, update, manipulate, analyze, and immediately display information about worldwide business activity
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Decision Support System (DSS)
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a computer-based system that helps decision makers confront problems through direct interaction with databases and analytical software programs
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Customer Relationship Management (CRM)
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part of the DSS that addresses exchanges between the firm and its customers
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Database
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a collection of raw data arranged logically and organized in a form that can be stored and processed by a computer
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Data Warehousing
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the process allowing important day-to-day operational data to be stored and organized for simplified access
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Data Warehouse
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the multitiered computer store-house of current and historical data
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Proprietary Marketing Research
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the gathering of new data to investigate specific problems
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Predictive Analytics
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a system linking computerized data sources to statistical tools allowing more accurate forecasts of consumers' opinions and actions
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Content Providers
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parties that furnish information on the World Wide Web
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Search Engine
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a computerized directory that allows anyone to search the World Wide Web for information using a keyword search
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Keyword Search
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Takes place as the search engine searches through millions of web pages for documents containing the keywords
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Environmental Scanning
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entails all information gathering designed to detect changes in the external operating environment of the firm
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Smart Agent Software
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software capable of learning an internet user's preferences and automatically searching out information in selected websites and then distributing it
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Cookies
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small data files that a content provider can save onto the computer of someone who visits its website
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Intranet
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a company's private data network that uses internet standards and technology
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Decision Making
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the process of developing and deciding among alternative ways of resolving a problem or choosing from among alternative opportunities
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Market Opportunity
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A situation that makes some potential competitive advantage possible
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Market Problem
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a situation that makes some significant negative consequence more likely
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Exploratory Research
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conducted to clarify ambiguous situations or discover ideas that may be potential business opportunities
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Descriptive Research
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describes characteristics of objects, people, groups, organizations, or environments; tries to "paint a picture" of a given situation
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Diagnostic Analysis
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seeks to diagnose reasons for market outcomes and focuses specifically on the beliefs and feelings consumers have about and toward competing products
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Causal Research
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allows causal inferences to be made; seeks to identify cause-and-effect relationships
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Causal Inference
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a conclusion that when one thing happens, another specific thing will follow
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Temporal Sequence
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one of three criteria for causality; deals with the time order of events-the cause must occur before the effect
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Concomitant Variation
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one of three criteria for causality; occurs when two events "covary" meaning they vary systematically
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Nonspurious Association
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one of three criteria for causality; means any covariation between a cause and an effect is true and not simply due to some other variable
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Absolute Causality
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means the cause is necessary and sufficient to bring about the effect
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Conditional Causality
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means that a cause is necessary but not sufficient to bring about an effect
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Contributory Causality
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means that a cause need be neither necessary nor sufficient to bring about an effect
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Manipulation
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means that the researcher alters the level of the variable in specific increments
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Test-Market
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an experiment that is conducted within actual market conditions
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Steps in the Research Process
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Defining research objectives, research design, sampling, data collection, data analysis, conclusions and reporting
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Forward Linkage
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implies that the earlier stages of the research process influence the later stages
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Backword Linkage
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implies that the later steps influence earlier stages of the research process
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Pilot Study
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a small-scale research project that collects data from respondents similar to those to be used in the full study
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Focus Group
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a small group discussion about some research topic led by a moderator who guides discussions among the participants
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Hypothesis
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a formal statement explaining some outcome
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Empirical Testing
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means that something has been examined against reality using data
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Research Design
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a master plan that specifies the methods and procedures for collecting and analyzing the needed information
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Survey
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a research technique in which a sample is interviewed in some form or the behavior of respondents is observed and described in some way
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Sampling
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involves any procedure that draws conclusions based on measurements of a portions of the population
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Research Suppliers
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commercial providers of marketing research services
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Standardized Research Service
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companies that develop a unique methodology for investigating a business speciality area
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Director of Marketing Research
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this person provides leadership in research efforts an integrates all staff-level research activities into one effort. Plans executes, and controls the firm's marketing research function
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Research Analyst
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person responsible for client contact, project design, preparation of proposals
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Research Assistants
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research employees who provide technical assistance with questionnaire design, data analysis, and similar activities
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Manager of Decision Support Systems
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supervises the collection and analysis of sales, inventory, and other periodic customer relationship management CRM data
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Research Generalist
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an employee who serves as a link between management and research specialists. Acts as a problem definer, an educator, a liaison, and a communicator
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Marketing Ethic
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the application of morals to behavior related to the exchange environment
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Relativism
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the degree to which one rejects moral standards in favor of the acceptability of some action. This way of thinking rejects absolute principles in favor of situation-based evaluations
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Idealism
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a term that reflects the degree to which one bases one's morality on moral standards
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Advocacy Research
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Research undertaken to support a specific claim in a legal action or represent some advocacy group
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Pseudo-Research
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conducted not to gather information for marketing decisions but to bolster a pint of view and satisfy other needs
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Qualitative Marketing Research
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research that addresses marketing objectives through techniques that allow the researcher to provide elaborate interpretations of market phenomena without depending on numerical measurement; its focus is on discovering true inner meanings and new insights
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Quantitative Marketing Research
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marketing research that addresses research objectives through empirical assessments that involve numerical measurement and analysis
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Qualitative Data
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data that are not characterized by numbers and instead are textual, visual, or oral; focus is on stories, visual portrayals, meaningful characterizations, interpretations, and other expressive descriptions
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Quantitative Data
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represent phenomena by assigning numbers in an ordered an meaningful way
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Phenomenology
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a philosophical approach to studying human experiences based on the idea that human experience itself is inherently subjective and determined by the context in which people live
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Hermeneutics
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an approach to understanding phenomenology that relies on analysis of texts through which a person tells a story about him or herself
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Ethnography
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represents ways of studying cultures through methods that involve becoming highly active within that culture
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