| A | B |
|---|
| step 1 | Discover and define the problem |
| Step 6 | This second to last step is to determine a solution to the problem |
| conclusions | After marketing data is gathered, researchers will look for patterns in the data and draw THESE based on those patterns. |
| market research | when information is gathered that is very specifically focused on a single target market |
| Marketing research department | Some large companies have one of THESE, but also work with outside marketing research firms. |
| algorithm | detailed set of instructions on how to sort data |
| data interpretation | Revealing patterns and measuring data are part of THIS, or finding meaning in the data. |
| hard data | Statistics gathered through valid research |
| soft data | Data based on an educated guess |
| Price points | are the range of prices charged for a category of merchandise |
| collecting and sorting data | tedious, time consuming work that is typically easier when using a database software of some sort |
| frequency table | shows how often each numerical value, response, item, or range of numbers in a set of data occurs. |
| Ethical research | respects confidentiality |
| cohort | consists of a group of people who share certain characteristics. |
| syndicated | research conducted by an independent company and then offered for sale to everyone in an industry |
| analytics | process of using computer programming and incorporating statistics to organize data into meaningful patterns |
| convergence analytics | The process of organizing data from multiple sources into usable information |
| Customer Lifetime Value | CLV or a calculation of the estimated profit a business will earn from a customer |
| Data | Once people agree to participate in market research, companies can use THIS ONLY in the way they told the respondents it would be used |
| marketing research | conducted to gather data and identify solutions to marketing problems |
| dashboard | includes most charts and graphs that visually represent data in a reader-friendly format |
| client-side | When staff researchers work with external research agencies |
| data mining | involves the use of powerful computers to “dig up” data needed for decision making |
| sample | a small number representative of the large group |
| focus groups | consist of a panel of people who answer market research questions related to their observations or opinions about a product or service. |
| Marketing information systems | set of procedures and methods used to systematically collect, analyze, distribute, and sort information needed by businesses to make decisions |
| decision making | THIS for most companies is based on a combination of gut feelings, intuition and marketing research |
| the results | The final Step of marketing research is to implement and evaluate THIS |
