Chapter 2

• Data is recorded facts or measures of certain phenomena (things or events).
• Marketing research involves defining the problem, gathering information, analyzing data, and drawing conclusions.
• Marketing Analytics is the process of analyzing data to understand the behavior of customers.
• Intranet is a company’s private data network that uses Internet standards and technology.
• A Firewall is a network security device that monitors incoming and outgoing network traffic and decides whether to allow or block specific traffic based on a defined set of security rules.
• HIPAA stands for Health Insurance Portability and Accountability Act.
• Distributing and Using Marketing Information involves entering information into databases and making it available in a time-usable manner.
• NFC stands for near-field communication or Wi-Fi-like systems communicating with specific devices within a defined space like inside of a retail unit or near a poster billboard.
• Information distribution involves entering information into databases and making it available in a time-usable manner.
• Big data is large quantities of data taken from multiple, varied sources that were not intended to be used together and are available to be analytically applied to provide input to organizational decision making.
• The role of Marketing Research is to gather information to aid in decision making, reduce uncertainty, and gather market intelligence.
• Marketing Information Systems (MkIS) are a project-based approach to gathering market intelligence.
• Decision Support Systems (DSS) are technology tools that help make marketing decisions.
• Major databases and how they are accessed are a part of marketing research.
• Marketing analytics has the potential to enhance decision making.
• Ethical issues of tracking consumers’ behavior electronically are a part of marketing research.
• Data, information, and intelligence represent equal value.
• Marketers obtain information from various sources such as scanners, inventory systems, and analysts.
• Data, information, and intelligence are different concepts with different meanings.
• Keyword Search takes place as the Search Engine searches through millions of Webpages for documents containing the keywords.
• A combination of a worldwide communication system and the world’s largest library is known as the World Wide Web (WWW).
• Uniform Resource Locator (URL) is a Website address that Web browsers recognize.
• Content Providers are parties that furnish information on the World Wide Web.
• Interactive Medium is a medium, such as the Internet, that a person can use to communicate with and interact with other users.
• Intranet is a private data network that uses internet standards and technology and provides firewalls for security.
• Environmental Scanning entails all information gathering designed to detect changes in the external operating environment of the firm.
• Search Engines are computerized directories used to search the World Wide Web.
• Selected Websites include Marketing Information, Author’s Home Page, and others.
• The four characteristics that describe data are: it is recorded, it is facts or measures of certain phenomena, it is available to be analytically applied to provide input to organizational decision making, and it represents value.
• A Decision Support System (DSS) is a technology tool that helps make marketing decisions.
• Examples of financial databases include CompuStat.
• Financial databases are statistical databases that specialize in financial data and include competitors and customers’ financial data, such as income statements and balance sheets.
• Statistical databases contain numerical data for market analysis and forecasting and are often sourced from scanner data.
• Examples of video databases include YouTube.
• Examples of statistical databases include PRIZM, CIA Factbook, Datastream and PolicyMap.
• Video databases and streaming media are having a major impact on the marketing of many goods and services.
• Geographic Information Systems use geographical databases and powerful software to prepare computer maps of relevant variables.
• There is an important difference between the database, data marts and data warehouses.
• Data warehouses are created to form a single view of the 'truth' for the organization as a whole and consolidate data marts.
• Input in a decision support system is all numerical, text, voice, behavioral, and image data entered into the system.