key terms chapter 5

define discretionary purchases

• retailers decide for consumers whether or not they can purchase them

• consumers can decide whether or not to purchase them.

• producers decide where to sell a product at specific distributers.

• purchases that are discretely bought by markets

define input.

• the information that goes into a decision to use as a system

• using research to make a product

• the data that is used to create a product.

• the information that goes into the system that is needed for decision making

define internal information

• information that uses insider knowledge to create statistics

• information that occurs inside of a business

• information developed from activities that occur within the organization

• information that uses insider data

define external information

• provides an understanding of factors outside of the organization

• provides an understanding of factors inside of the organization

• a lack of understanding for factors outside of the organization

• factors outside of the work place that provides no consequences for the company

_________ an organized method of collecting, storing, analyzing, and retrieving information to improve the effectiveness and efficiency of marketing decisions.

• decision making

• external information

• marketing information system

• managing information

_____ involves the resources used to maintain information, including equipment and procedures, so that it can be used when needed

• storage

• input

• analysis

• output

____ is the process of summarizing, combining, or comparing information so that decisions can be made

• input

• analysis

• storage

• output

output is the result of analysis given to decision makers

• true

• false

_____ is the procedure designed to identify solutions to a specific marketing problem through the use of scientific problem solving

• external information

• secondary data

• marketing research

• internal information

information already collected for another purpose that can be used to solve the current problem

• first stage data

• existing records

• pre-existing data

• secondary data