MKT 4.06 Lap 2 Glossary

WF MKT Lap 2 Get the Facts Straight Glossary 1. Competitive advantage: The edge achieved by businesses that offer something better than their competitors 2. Cost-effective: Economical; good value in relation to the price, or cost 3. Data: Facts and figures 4. Data gathering: The process of collecting facts and figures 5. Data processing: Analyzing the facts and figures collected and putting them into formats useful to the business 6. Decision-oriented: Accustomed to making choices 7. Enterprise resource planning (ERP): Software applications using database technology that enable a business to manage its information about customers, products, employees, and finances 8. External data: Facts and figures available in locations outside the company 9. Information: Facts and data presented in a useful form 10. Information reporting: Moving information through the appropriate channels or making information accessible to those who need it 11. Internal data: Facts and figures located inside the company 12. Intranet: An internal network similar to the Internet that is accessible only by authorized personnel; used to access information and communicate with others within an organization 13. Market opportunity: Situation that occurs when an economic want exists and there is an idea for a good or service to fulfill that want; a good or service that people are willing and able to buy 14. Market share: An organization’s portion of the total industry sales in a specific market 15. Marketing information: Data available from inside and outside a business that have been processed and organized so that they can be used to create, communicate, and deliver value to customers and for managing customer relations in ways that benefit the organization and its stakeholders 16. Marketing-information management: A marketing function that involves gathering, accessing, synthesizing, evaluating, and disseminating information 17. Marketing-information management system (MkIS): An organized way of continuously gathering, sorting, analyzing, evaluating, and distributing marketing information 18. Marketing intelligence: Marketing data that are gathered informally from internal and external sources; may or may not relate to any current issue or project 19. Marketing research: The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern 20. Primary data: Facts and figures collected specifically for the problem or project at hand 21. Primary information: Marketing information developed from data that are collected for use in one particular situation 22. Profitability: The degree or level of profit of a business or a product 23. Qualitative data: Facts and figures based on opinion and personal interpretations 24. Quantitative data: Numerical facts and figures 25. Sales forecast: A prediction of future sales over a specific period of time 26. Secondary data: Facts and figures that have been collected for purposes other than the project at hand 27. Secondary information: Marketing information developed from data that have already been collected by others 28. Situation analysis: A determination of a firm’s current business situation and the direction in which the business is headed