Marketing 201 Final Exam Study Terms (All Correct)

Marketing Research Process correct answers 1. Defining objectives and research needs 2. Designing research 3. Data collection process 4. Analyzing data and developing insights 5. Action plan and implementation Secondary data correct answers pieces of information that have already been collected from other sources and usually are readily available Primary data correct answers data collected to address specific research needs External secondary data correct answers data collected from sources outside the firm Syndicated data correct answers data available for a fee from commercial research firms such as ACNielsen, type of external secondary data Scanner data correct answers a type of syndicated external secondary data used in quantitative research that is obtained from scanner readings of UPC codes at check out counters Panel data correct answers information collected from a group of consumers Internal secondary data correct answers data collected from a firm's own data taken from their day to day operations Data warehouses correct answers large computer files that store millions and even billions of pieces of individual data Data mining correct answers the use of a variety of statistical analysis tools to uncover previously unknown patterns in the data stored in databases or relationships among variables Exploratory research correct answers a data collection technique that attempts to begin to understand the phenomenon of interest; also provides initial information when the problem lacks any clear definition Conclusive research correct answers a data collection technique that provides the information needed to confirm preliminary insights, which managers can use to pursue appropriate courses of action Observation correct answers an exploratory research method that entails examining purchase and consumption behaviors through personal or video camera scrutiny Crowdsourcing correct answers an exploratory research technique that uses social media to obtain ideas and content from a large group of people