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MKT 352 Market Research > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

Why does marketing research matter?

A

provides info on consumers’ needs/wants, competitors

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2
Q

What is marketing research?

A

inform marketing processes

gathering, analyzing, and interpreting data about consumers to make decisions

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3
Q

When do we NOT need to research?

A

When there isn’t enough time
Limited resources
cost outweighs the value

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4
Q

Business Problem

A

the real issue that needs to be addressed

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5
Q

Research Problem

A

a question that needs to be answered to solve a business problem

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6
Q

Steps of Marketing research

Phase 1

A

Determine the research problem

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7
Q

Step of research

Phase 2

A

Select research design

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8
Q

Step of research

Phase 3

A

Execute the Research Design

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9
Q

Step of research

Phase 4

A

Communicate the Results

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10
Q

Step of research

Phase 5

A

Identify Information Types and Sources

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11
Q

Step of research

Phase 6

A

Determine Methods of Accessing Data

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12
Q

Step of research

Phase 7

A

Design Data Collection Forms

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13
Q

Step of research

Phase 8

A

Determine the Sample Plan and Size

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14
Q

Step of research

Phase 9

A

Collect Data

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15
Q

Step of research

Phase 10

A

Analyze Data

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16
Q

Step of research

Phase 11

A

Prepare and Present the Final Research Report

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17
Q

By Source

Primary data

A

first-hand data (you gather yourself)
ex. surveys, observation, focus groups interview

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18
Q

By Source

Secondary data

A

existing data
ex. gov stats, articles, publications
Con: outdated, not 100% accurate
Pro: available, quick acquisition

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19
Q

Qualitative research

A

observe and interpret

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20
Q

Quantitative

A

numerically measure and test

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21
Q

Exploratory research

A

develop an idea further
conducted to clarify and define the nature of a problem
Qualitative

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22
Q

Descriptive research

A

describe an element of an idea precisely
provide answers to specific questions on WHO,WHAT,WHEN
QUANTATIVE

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23
Q

Causal (or experimental) research

A

cause and effect
test relationships between specifically defined marketing variables

24
Q

What can I obtain from ISBNWorld?

A

contains US industry profiles, sources, surveys, statistical modeling

25
What can Claritas Zipcode Lookup obtain?
demographics, lifestyle, and purchase behaviors
26
What is syndicated data?
refers to market research data that are collected, packaged, and sold to many different firms secondary data collected by companies that sell the data to multiple companies
27
What info does Google Trends obtain?
people are searching for, in real time. Measure search interest in a particular topic, place, and time
28
What info does Google Scholar obtain?
research papers, grey literature, non-peer-reviewed papers, reports
29
Literature Review?
secondary info for a research topic
30
Descriptive hypotheses
answers to the specific applied research problem
31
Predictive hypotheses
theoretical statement about relationships between variables.
32
What is FGI?
qualitative research method 8-12 individuals group discussion A well-prepared and skilled moderator\ Group: Homogeneous Similar interests and experiences
33
In-depth Interview
One-on-one conversations between interviewer and participant develop in the participant's thoughts
34
Case study
one or several existing situations that are similar to the current problem/opportunity situation -recent change - new trend
35
Projective Techniques
indirect method of questioning feelings onto a third party, into a task situation, or onto an inanimate object useful when the topic involves social desirability or personally sensitive issues.
36
Ethnography
qualitative research that studies subjects in a natural setting
37
Netnography
ethnography conducted online social media
38
Longitudinal Study
Repeated measures of variables from panel over specific time periods.
39
Cross-Sectional Study (Survey)
Studying variables from a population of interest, measured at a single point in time.
40
What are two types of descriptive research?
Longitudinal and Cross-Sectional Study
41
Recognition test
show the respondents the target object (e.g., brand, company, product attributes) and ask them to tell us whether or not they remember it. a relatively shallow memory trace
42
Recall test
you ask the respondent to reproduce the target object a relatively deep memory trace.
43
What is "Top of Mind (T.O.M)"?
measures how well a brand is known by consumer
44
How to calculate "T.O.M"?
add up the number of times the brand was mentioned in the first column, divide by the total number of respondents, and multiply by 100.
45
Calculate "Share of Mind"?
0.10 and is exposed to 300,000 people, its share of mind would be 30,000, or 10%
46
Calculate "recall intensity ratio"?
divide the T.O.M. percentage for the brand by the overall recall percentage of the brand.
47
Independent variable (x)
The presumed cause variable
48
Dependent Variable (y)
The presumed resulting outcome
49
Are Correlation vs. Causation the same thing?
No
50
Experiment
Scientific investigation in which an investigator manipulates one or more independent variables (X) and observes the degree to which the dependent variables (Y) change.
51
Field Experiment
realistic situation where one or more independent variables are manipulated by the experimenter
52
Laboratory Experiment
investigators create a situation with exact conditions in order to control some variables and manipulate others.
53
Internal Validity
attributed to an experimental variable
54
External Validity
can be generalized, or extended
55
A/B Testing
two versions randomly assigned to subjects and then compared on outcomes of interest.
56
3 Types of Test Markets
Standard Test Market Controlled Test Market Simulated Test Market

MKT 352 Market Research (1 decks)

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