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MARK 201 Final > Chapter 4 > Flashcards

Chapter 4 Flashcards

1
Q

Define marketing research

A

The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions.

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2
Q

What is a decision

A

a conscious choice from among two or more alternatives

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3
Q

What are the 5 steps in the basic market research process

A
  1. define the problem
  2. develop the research plan
  3. collect relevant information
  4. develop findings
  5. take marketing actions
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4
Q

Describe step 1 (define the problem) of market research process

A
  • clearly define the problem, issue, or opportunity, an to clarify the research objectives
  • Set the research objectives and Identify possible marketing actions
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5
Q

what are research objectives

A

these are specific, measurable goals the decision maker seeks to achieve in conducting the marketing research

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6
Q

what are measures of success

A

Criteria or standards used in evaluating proposed solutions to the problem.

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7
Q

Describe step 2 (develop the research plan) of market research process

A
  • this requires that researcher:
  1. specify the constraints on the marketing research activity
  2. identify the data needed for marketing actions
  3. determine how to collect the data
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8
Q

Define constraints

A

In a decision, the restrictions placed on potential solutions to a problem

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9
Q

what are the two key elements to consider when deciding how to collect the data

A
  1. concepts - ideas about products or services (to find out about customer reactions to a potential new product, researches develop a new product concept which is a picture or verbal description of a product or service the firm might offer for sale)
  2. methods - approaches that can be used to collect data or solve all or part of a problem (can use sampling or statistical inference)
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10
Q

Describe step 3 (collect relevant information) of market research process

A

collecting information to make a rational, informed marketing decision sometimes simply means using your knowledge to decide immediately. At other times it entails collecting an enormous amount of information at great expense.

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11
Q

Describe data

A

The facts and figures related to the project that are divided into two main parts: secondary data and primary data.

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12
Q

What is secondary data

A

Facts and figures that have already been recorded by a third party

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13
Q

What is primary data

A

Data that is original and specifically collected for a project.

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14
Q

describe secondary data internal - marketing input data

A

relate to the effort expanded to make sales.

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15
Q

describe secondary data internal - marketing outcome data

A

relates to the result of the marketing efforts

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16
Q

What are syndicated panel data

A

external secondary data - marketing research companies pay households and businesses to record all their purchases using a paper or electronic diary

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17
Q

What are the advantages of secondary data

A
  1. the tremendous time savings because that data has already been collected and published or exists internally
  2. the low cost, such as free or inexpensive census reports
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18
Q

What are the disadvantages of secondary data

A
  1. secondary data may be out of date
  2. definitions or categories might not be quite right for a researchers project
  3. because the data has been collected for another purpose they may not be specific enough for the project.
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19
Q

what should generally be obtained first, secondary or primary data

A

secondary data

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20
Q

what is ethnographic research

A

specialized observational approach in which trained observers seek to discover subtle behavioral and emotional reactions as consumers encounter products in their natural use environment –> ex. researching consumers in their kitchens

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21
Q

How is observational data obtained

A

by watching how people actually behave, either in person or by using mechanical (like electronic), personal (watching consumers in person) or neuromarketing methods (observe responses to unconscious stimuli)

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22
Q

primary data collection is divided into

A

idea generation methods, idea evaluation methods

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23
Q

Describe idea generation methods

A

collecting data to generate ideas

–> can use in depth interviews - which are Detailed interviews where a researcher questions an individual at length in a free-flowing conversational style in order to discover information that may help solve a marketing problem.

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24
Q

What are focus groups

A

A qualitative research technique where a small group of people (usually six to ten) meet for a few hours with a trained moderator to discuss predetermined areas. these are present, past, or prospective customers

25
Q

Describe idea evaluation methods

A

the marketing researcher tries to test ideas discovered earlier to help the marketing manager recommend marketing actions

  • these methods often involve conventional questionnaires using personal, amil, telephone, and online surveys of a large sample of past present or prospective consumers
26
Q

what are open ended questions

A

allow respondents to express opinions, ideas, or behaviors in their own words - it captures the voice of respondents

27
Q

What are closed end or fixed alternative questions

A

require respondents to select one or more responses from a set of predetermined options

28
Q

dichotomous quesion

A

yes or no

29
Q

semantic differential scale

A

five point scale in which the opposite ends have one or two word adjectives that have opposite meanings

30
Q

likert scale

A

extent to which they agree or disagree

31
Q

describe a panel

A

A large sample of respondents that voluntarily complete questionnaires on a regular basis so that researchers can assess changes in behaviour and attitudes.

32
Q

describe an omnibus survey

A

The voluntary participation of respondents in routine research surveys that allow marketers to add a small number of questions to an existing survey to receive cost-effective data.

33
Q

what is a marketing experiment

A

In marketing, changing a variable involved in a customer purchase to find out what happens.
- responding variable is usually marketing mix elements (these are marketing drivers)
- independent variable is usually change in the purchases

34
Q

A/B testing or split testing

A

marketing experiment wherein you split your audience to test a number of variations of a campaign an determine which performs better

35
Q

Advantages and disadvantages of primary data

A

ad - more flexible, more specific to problem being studied

dis- primary data far more costly and time consuming to collect than secondary data

36
Q

Describe step 4 (Develop findings) in the basic market research process

A
  • analyzing data often involves very sophisticated and complex methods. Examples include big data, data analytics, ai, data mining, and predictive modelling
37
Q

Describe big data

A

broad term used to describe large amounts of data collected from a variety of sources and analyzed with an increasingly sophisticated set of tech.

38
Q

Define information technology

A

Includes all of the computing resources that collect, store, and analyze data.

39
Q

We live today in an era of data ______

A

deluge (flood) - the challenge facing managers is not data collection or storage, but how to transform the huge amount of data into useful information

40
Q

data is transformed into useful information using

A

data analytics

41
Q

what is data visualization

A

the presentation of the results of the analysis

42
Q

what is an intelligent enterprise

A

an organization that successfully converts data into useful information that answers marketing questions and leads to effective marketing actions

43
Q

data mining definition

A

the processing of large amounts of data using sophisticated software to find insightful correlations and patterns that lead to better business decisions.

44
Q

what is predictive modelling

A

marketers can foresee consumer behavior Based on statistical models that use data mining and probability analysis to foretell outcomes

45
Q

Define analytics

A

the process of taking metrics data and applying smart thinking and tech to gain actionable insights that can help make better business decisions

46
Q

An analytics platforms shows what

A

where the company is today, answers questions, provides customer insights, and predicts patterns that can improve marketing performance

47
Q

What is descriptive analytics

A

A type of analytics that focuses on what has happened.

–> includes web analytics - The measurement and analysis of website data, looking at elements such as page views, time on site, bounce rate, new visitors, returning visitors, and referral traffic.

–> includes social analytics - The real-time measurement, interaction, and analysis of social media to assess social media campaign performance, message resonation and amplification, consumer sentiment, and common themes.
–> social listening - Research that monitors public online consumer conversations on social media sites such as social networks, blogs, and forums.

–>includes RFM analytics - The rating of customers on the basis of how recently products were purchased (recency), how often products were purchased (frequency), and the dollar value of the transactions (monetary value).

48
Q

What is predictive analytics

A

The combination of data from varied sources to reveal patterns that are modelled to predict what might happen in the future.

49
Q

metrics

A

numerical data that is collected and grouped to track performance

50
Q

brand development index (BDI)

A

An index that shows how well a brand’s sales are developed in a region relative to the region’s population size.

51
Q

Describe step 5 (take marketing actions) in the basic market research process

A
  • someone has to identify marketing actions, put them into effect, and monitor how the decisions turn out
    -evaluate the decision itself and the decision process used
52
Q

sales forecast

A

The total number of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts.

53
Q

Sales forecasting techniques

A
  1. judgements of the decision maker - direct or lost horse forecast
  2. surveys of knowledgeable groups - buyers intentions forecast survey, or salesforce survey forecast
  3. statistical methods - trend extrapolation
54
Q

direct forecast

A

estimating the value to be forecast without an intervening steps.

ex. how many litres of milk should i buy

55
Q

lost horse forecast

A

start with the last known value of the item being forecast, listing the factors that could affect the forecast, assessing whether they a have a positive or negative impact, and making the final forecast

56
Q

buyers intention survey forecast

A

asks prospective customers if they are likely to buy the product during some future time period

57
Q

trend extrapolation

A

involves extending a pattern observed in past data into the future. When described with a straight line it is linear trend extrapolation

58
Q
A
59
Q
A

MARK 201 Final (8 decks)

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