Module 4: Market Research, Metrics and Analytics Flashcards Preview

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Flashcards in Module 4: Market Research, Metrics and Analytics Deck (73)
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1

marketers gather info they need to gain insight and implement well-designed and executed marketing programs through

market research

2

used to track performance

metrics

3

used to analyze and interpret data

analytics

4

the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation

market research

5

market research can be conducted either

internally or externally

6

is not perfect at explaining consumer behaviour

market research

7

reduces the risk and uncertainty of making poor business decisions

market research

8

set of procedures and processes for collecting, sorting, analyzing and summarizing marketing info on an ongoing basis to help manage data

marketing information system (MIS)

9

numeric data collected and grouped to track performance

metrics

10

help track the success of a marketing program

metrics

11

what makes marketing a science rather than a suppersitition

measurement

12

metrics give you insights to overcome

unpredictability

13

metrics are selected based on

company protocols

14

percentage of sales volume for a product relative to the entire sale volume of the category in which it competes

market share

15

shows how well a brand's sales are developed in a region relative to the region's pop size

brand devlopment index (BDI)

16

percentage of total brand sales in a particular region relative to the percentage of the country's pop in that region

brand development index

17

massive amount of data from traditional and online sources that are used for ongoing analysis

big data

18

big data is broken into 4 dimensions

volume, velocity, variety, veracity

19

is constantly changing, in real time, making it hard for marketers to manage and use

big data

20

shows hos customer behave on the oath-to-purchase

data

21

2 main types of data

structured data
unstructured data

22

easily tagged and stored in a uniform database

structured data

23

can't be easily categorized as it comes from images, videos, audios, etc.

unstructured data

24

stats, numbers, dates, ages, financial info, and fixed survey responses are examples of

structured data

25

process of taking metrics and applying smart thinking and technology to make better business decisions

analytics

26

helps answer questions, provide customer insight and predict patterns

analytics

27

simplest form of analytics

descriptive analytics

28

focuses on what happened in the past

descriptive analytics

29

measurement and analysis of website data

web analytics

30

gain insights from social media interactions

social analytics