3.4 - Market Mapping Flashcards
What is Market Mapping?
Analyses market conditions to identify the position of one product or brand relative to others in the market in terms of given criteria
What will managers use various tools to do?
To interpret marketing data
What are Confidence Levels?
The probability that the research findings are correct
What is an Confidence Interval?
The possible range of outcomes for a given confidence level
What does Confidence Levels give an indication of?
How certain they are of the results
What will the degree of confidence depend on the focus of?
Size of sample
How sample was constructed
It can also depend on margin of error that the researchers provide
Describe the precise of prediction in relation to researchers
The more precise you want prediction to be, the less certain researchers can be
Describe the confidence level in relation to confidence interval
The higher the confidence level required, the wider the confidence interval they will give (or margin of error)
Describe Correlation
It’s identified between different factors and the demand for a product
It occurs when there is an apparent relationship between one factor and another
It is given as a value between -1 and +1 - Higher the figure (regardless of sign), the stronger the correlation
What does the values -1, 0 and +1 represent on a correlation graph?
-1 = Perfect negative correlation 0 = No correlation \+1 = Perfect positive correlation
How is Technology used in Marketing? (Give example)
- Market Research requires the collection of a lot of data (both quantitative and qualitative)
- Information Communication Technology can help collecting and analysing this data
Example - Google Analytics
What is Extrapolation?
Forecasting sales by looking out what has been happening in the past and to continue this trend in the future
