Population total group that researchers want to study

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Population - total group that researchers want to study Types of Sample Probability Samples - gives every member of the population a chance of being selected Simple Random- every individual in the relevant universe has an equal opportunity of being selected Stratified- randomly selected subsamples of diff groups within the total sample; each subgroup is relatively homogeneous for a certain characteristic Cluster- select a sample of subgroups from which they draw respondents; each cluster reflects the diversity of the whole population sampled Nonprobability Samples - involves personal judgment somewhere in the selection process Convenience- selected from among readily available respondents Quota- divided to maintain the proportion of certain characteristics among diff segments or groups seen in the population as a whole Marketing Information System (MIS)- planned, computer-based system designed to provide managers with a continuous flow of info relevant to their specific decisions & areas of responsibility Marketing Decision Support System (MDSS)- marketing info system component that links a decision maker with relevant databases & analysis tools Data Mining- process of searching through customer databases to detect patterns that guide marketing decision-making Sales Forecast - estimate of a firm’s revenue for a specified future period Qualitative - use of subjective techniques to forecast sales, such as the Delphi Quantitative- use of statistical forecasting techniques such as trend analysis & exponential smoothing Business Intelligence - the process of gathering info & analyzing it to improve business strategy, tactics, & daily operations Competitive Intelligence - focuses on finding info about competitors using published sources, interviews, observations by salespeople & suppliers in the industry Jury of Executive Opinion - combines & averages the outlooks of top executives from areas such as marketing, finance, production, & purchasing Delphi Technique - solicits opinions from several people buy also includes input from experts outside the firm
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Exponential Smoothing - weighs each year’s sales data, giving greater weight to results from the most recent years Focus Group- simultaneous personal interview of a small group or individuals that relies on group discussion about a certain topic Chapter 9 Market- group of people with sufficient purchasing power, authority, & willingness to buy Target Market - group of people to whom a firm decides to direct its marketing efforts & ultimately its goods & services Cohort Effect- tendency of members of a generation to be influenced & bound together by events occurring during their key formative years, ages 17-22 Engel’s Law- a smaller % goes for food; % spent on housing, operations, & clothing remains constant; % spent on other items (recreation) increase Consumer Products- products bought by ultimate consumers for personal use Business Products- goods & services purchased for use either directly or indirectly in the production of other goods & services for resale Segmentation is the key to deciding a marketing strategy.
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