Chapter 10 - 10.2 Conducting Research

hypothesis

• an idea for starting a business

• a statement that can be tested and proven either true or false

• a statement about your competitors

data mining

• collecting primary data to use

• analyzing data through the use of graphs and charts

• searching through large amounts of digital data to find useful trends

trend

• a traditional basic pattern in the market

• an emerging pattern of change

• a pattern of change that is specific to a specific group of people

marketing trend

• a pattern that must be followed when deciding on a price point

• a pattern of product innovation

• pattern of change in consumer behavior that leads to changes in the marketing mix

social trend

• patterns of change in society

• often lead to changes in consumer behavior

• more than one of these answers is correct

demographics

• not important to the marketing mix

• age, gender, income, etc. of a specific group of people

• changes the size of different segments of the population

demographic trends

• often mean changes in product preferences

• changes the size of different segments of the population

• both answers are correct

product trends

• a product that is popular for a short time and dies out quickly

• product trends are the same as fads

• marketers need to know product trends to give customers what they need and want

fad

• a sudden short change in products being developed

• something that is very popular for a short time and then dies out quickly

• involve "new and improved" products

Marketing-Information System (MkIS)

• both other choices are correct

• company records, competitor information (SWOT), and customer databases (Cusomter relationship Management CRM) are part of the MkIS

• organized system of gathering, sorting, analyzing, evaluating and distributing information for marketing purposes.