Market Information
For nonessential purchases, consumers can decide whether or not to purchase them.
What are discretionary purchases?
The information that goes into the system that is needed for decision-making.
What is input?
Information collected for the first time to solve the problem.
What is primary data?
a planned set of questions to which individuals or groups of people respond.
What is a Survey?
Information is developed from activities that occur within the organization.
What is internal information?
The result of the analysis is given to decision-makers, usually written information or graphics.
What is output?
Information already collected for another purpose that can be used to solve the current problem.
What is secondary data?
Collecting information by recording actions without interacting or communicating with the participant.
What is an observation?
Provides an understanding of factors outside of the organization.
What is external information?
The process of summarizing, combining, or comparing information so that decisions can be made.
What is analysis?
All of the people in the group the company is interested in studying.
What is population?
Carefully designed and controlled situations in which all important factors are the same except the one being studied
What is an experiment?
Survey questions that offer two or more choices.
What are closed-ended questions?
Involves the resources used to maintain the information, including equipment and procedures, so that it can be used when needed.
What is storage?
A smaller group selected from the population.
Specific cities or geographic areas in which marketing experiments are conducted.
What is a test market?
Survey questions that allow respondents to develop their own answers without additional information about possible choices.
What are oped ended-questions?
An organized method of collecting, storing, analyzing, and retrieving information to improve the effectiveness and efficiency of marketing decisions.
What is marketing information systems?
Making sure a sample, at random, is representative of the larger group.
What is random sampling?
Experiments where researchers create the situation to be studied.
What is a simulation?