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100 Cards in this Set
- Front
- Back
Marketing
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The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
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Needs
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States of felt deprivation
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Wants
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The form human needs to take as shaped by culture and individual personality
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Demands
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Human wants that are backed by buying power
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Market Offering
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Some combination of products, services, information, or experiences offered to a market to satisfy a need or want
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Marketing Myopia
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The mistake of paying more attention to specific products a company offers than to the benefits and experiences produced by these products
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Exchange
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The act of obtaining a desired object from someone by offering something in return
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Market
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The set of all actual and potential buyers of a product or service
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Marketing Management
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The art and science of choosing target markets and building profitable relationships among them
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Production Concept
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The idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency.
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Product Concept
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The idea that consumers will favor products that offer the most quality, performance, and features that the organization should therefore devote its energy to making continuous product improvements
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Selling Concept
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The idea that consumers will not buy enough of the firms products unless it undertakes a large scale selling and promotion effort
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Marketing Concept
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The marketing mgt philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
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Societal Marking Concept
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the idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests
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Customer Relationship Management
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The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
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Customer-Perceived Value
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The customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.
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Customer Satisfaction
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The extent to which a product's perceived performance matches a buyer's expectations.
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Partner Relationship management
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Working closely with partners in other company departments and outside the company to jointly bring greater value to customers
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Consumer Generated marketing
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Marketing messages, ads, and other brand exchanges created by consumers themselves, both invited and uninvited.
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Customer Lifetime Value
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The value of the entire stream of purchases that the customer would make over a lifetime exchange
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Share of Customer
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the portion of the customer's purchasing that a company gets in its product categories
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customer equity
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the total combined customer lifetime values of all of the company's customers
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Strategic Planning
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The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities
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Mission Statement
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A statement of the organization's purpose- what it wants to accomplish in the larger environment
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Business Portfolio
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The collection of businesses and products that make up the company
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Portfolio Analysis
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The process by which management evaluates the products and businesses that make up the company
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Growth-Share Matrix
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A portfolio planning method that evaluates a company's strategic business units in terms of its market growth rate and relative market share. SBU's are classified as stars, cash cows, question marks, or dogs
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Product/Market Expansion Grid
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A portfolio planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification
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Market Penetration
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A strategy for company growth by increasing sales of current products to current market segments without changing the product
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Market Development
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A strategy for company growth by identifying and developing new market segments for current company products
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Product Development
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A strategy for company growth by offering modified or new products to current market segments
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Diversification
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A strategy for company growth through starting up or acquiring businesses outside the company's current products and markets
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Downsizing
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Reducing the business portfolio by eliminating products of business units that are not profitable or that no longer fit the company's overall strategy.
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Value Chain
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The series of departments that carry out value creating activities to design, produce, market, deliver, and support a firm's products.
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Value Delivery Network
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The network made up of the company, suppliers, distributors, and ultimately, customers who partner with each other to improve the performance of the entire system.
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Marketing Strategy
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The marketing logic by which the business unit hopes to create customer value and achieve profitable customer relationships
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Market Segmentation
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Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs
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Market Segment
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A group of consumers who respond in a similar way to a given set of marketing efforts.
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Market Targeting
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The process of evaluating each market segment's attractiveness and selecting one or more segments to enter
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Positioning
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arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
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Differentiation
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Actually differentiating the market offering to create superior customer value
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marketing mix
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the set of controllable tactical marketing tools, product, price, place, and promotion, that the firm blends to produce the response it wants in the target market.
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SWOT Analysis
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An overall evaluation of the company's strengths, weaknesses, opportunities, and threats
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Marketing Implementation
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The process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives
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Marketing Control
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The process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved.
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Return on Marketing Investment
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The net return from a marketing investment divided by the costs of the mkt investment
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Customer Driving Marketing
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Understanding customer needs even better than customers themselves do and creating products that meet existing and latent needs
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JNJ Credo
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Company document which stresses integrity, honesty and putting people before profits
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Selective relationship Mgt
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Companies use profitability analysis to weed out unprofitable customers and focus on pampering its most profitable clients
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SBU/Strategic Business Unit
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A company division, product line, or single product
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Boston Consulting Group (BCG) Approach
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Company classifies all its SBUs according to growth share matrix
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problems with matrix approaches
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can be difficult, time consuming, costly to implement, only focuses on current business, not future planning
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Functional Organization
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Different marketing activities are headed by a functional specialist, such as sales manager, advertising manager
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geographic organization
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sells worldwide, uses sales+mkt people assigned to specific locations or countries
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product mgt organization
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product manager develops and implements a complete strategy and mkt program for a specific product or brand
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Operating Control
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Involves checking ongoing performance against the annual plan and taking corrective action when necessary
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Marketing Dashboards
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Meaningful sets of marketing performance measures in a single display used to monitor strategic marketing performance
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Peter Drucker
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"Marketing is so basic that it cannot be considered a separate function. it is the whole business seen frmo the point of view of its final result, that is, from the customer's point of view."
-"The business enterprise has two functions: marketing and innovation. Marketing and innovation product results, all the rests are costs". |
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Philip Kotler
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"Marketing takes a day to learn, unfortunately it takes a lifetime to master"
-"Your company does not belong in any market where it cannot be the best" |
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Marketing Environment
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The actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers
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Microenvironment
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The actors close to the company that affect its ability to serve its customers- the company, suppliers, marketing intermediaries, etc
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Macroenvironment
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the larger societal forces that affect the microenvironment
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Marketing Intermediaries
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Firms that help the company promote, sell, and distribute its goods to final buyers
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Public
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Any group that has an actual or potential interest in or impact on an organization's ability to achieve it's objectives
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Demography
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Study of human populations in terms of size, density, location, age, gender, race
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Baby Boomers
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The 78 mil people born after WWII, until 1964
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GenerationX
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45mil people born btwn 1965 and 1976
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Millennials(Gen Y)
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83 mil people born 1977-2000
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Economic Environment
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Factors that affect consumer buying power and spending patterns
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engel's laws
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differences noted over a century ago by Ernst Engel, in how people shift their spending across food, housing, transportation, etc as family income rises
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Natural Environment
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Natural resources that are needed as inputs by markets or that are affected by marketing activities
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Environmental Sustainability
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developing strategies and practices that create a world economy that the planet can support indefinitely
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Technological Environment
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forces that create new technologies creating new product and market opportunities
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Political Environment
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laws, government agencies, and pressure groups that influence various organizations and individuals in a given society.
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Cultural Environment
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insitutions and other forces that affect society's basic values, perceptions, preferences, and behaviors
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Marketing Services Agencies
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Mkt research firms, advertising agencies, media firms, and marketing consulting firms that help the company target and promote it's products to the right markets
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Customer Insights
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Fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships
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Marketing Information System(MIS)
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People and procedures for assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights.
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Internal Databases
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Electronic collections of consumer and market information obtained from data sources within the company network
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Marketing Intelligence
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The systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.
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Marketing research
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the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
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Exploratory research
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marketing research to gather preliminary information that will help define problems and suggest hypotheses.
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Descriptive Research
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Marketing research to better describe marketing programs, situations, or markets such as the market potential for a product
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Casual research
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marketing research to test hypotheses about cause and effect relationships
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Secondary data
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information that already exists somewhere, having been collected for another purpose
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Primary Data
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information collected for the specific purpose at hand
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Commercial Online Databases
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Computerized collections of information available from online commercial sources or via the internet
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Observational Research
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gathering primary data by observing relevant people, actions, situations
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Ethnographic Research
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a form of observational research that involves sending trained observers to watch and interact with consumers in their "natural habitat"
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Survey research
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Gathering primary data by asking people questions
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Experimental research
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gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling factors, and checking for differences in group responses
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Focus group interviewing
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personal interviewing that involves inviting 6-10 people to gather for a few hours with a trained interviewer to talk about a product, service, or organization.
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Online Marketing research
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collecting primary data online through internet surveys, online focus groups, web based experiments, or tracking consumer's online behavior
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Online Focus Groups
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gathering a small group of people online with a trained moderator to chat about a product, service, or organization and gain qualitative insights about consumer attitudes and behavior
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Sample
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a segment of the population selected for marketing research to represent the population as a whole
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Simple Random Sample
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every member of the population has a known and equal chance of selection
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Stratified random sample
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the population is divided into mutually exclusive groups and random samples are drawn from each group
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Convenience Sample
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the researcher selects the easier population members from which to obtain information
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Judgment sample
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the researcher uses his or her judgment to select population members who are good prospect for accurate information
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Quota Sample
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the researcher finds and interviews a prescribed number of people in each of several categories
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