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MKTG 342 > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

What is Market Research?

A

A function that links consumers, customers, and the public to the marketer through information

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2
Q

What is the difference and relationship between marketing strategy and marketing research? (2)

A
  • A marketing strategy is a plan to guide the long-term use of a firm’s resources
  • A good marketing plan is based on good marketing research
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3
Q

Why to do Market Research?

A

to shift decision-makers from intuitive decisions to decisions base on information derived from systematic and objective investigations because information reduces uncertainty

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4
Q

Steps of Market Research (4)

A
  • Planning
  • Collection
  • Analysis of data
  • Communication of the result
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5
Q

What are the Steps of the Market Research Process (11)

A
  • Establish the need for marketing research
  • Define the problem
  • Establish research objectives
  • Determine research design
  • Identify secondary data sources
  • Determine methods of accessing data
  • Design your data collection forms
  • Select sample and sample size
  • Collect and process data
  • Analyze data
  • Communicate your marketing research
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6
Q

What is the management decision problem? (3)

A
  • Asks what the decision maker needs to do
  • Action-oriented
  • Focuses on symptoms
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7
Q

What is marketing research problem? (3)

A
  • Asks what information is needed
  • Information oriented
  • Focuses on the underlying causes
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8
Q

MDP or MRP?

Should a new product be introduced?

A

MDP

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9
Q

MDP or MRP?

Should the Advertising Campaign be changed?

A

MDP

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10
Q

MDP or MRP?

Should a price promotion be launched for the old generation of product?

A

MDP

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11
Q

MDP or MRP?

Should we add new features to the next gen of products

A

MDP

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12
Q

MDP or MRP?

Should we sell products at X wholesale club

A

MDP

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13
Q

MDP or MRP?

Should we bundle these two products

A

MDP

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14
Q

MDP or MRP?

To determine consumer preferences and purchase intentions for the proposed new product

A

MRP

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15
Q

MDP or MRP?

To determine the effectiveness of current campaign

A

MRP

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16
Q

MDP or MRP?

To determine the cross price elasticity of demand for the old and new products

A

MRP

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17
Q

MDP or MRP?

To determine consumer needs and wishes

A

MRP

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18
Q

MDP or MRP?

To determine consumer preferences and purchase intention at X wholesale club

A

MRP

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19
Q

MDP or MRP?

To determine the price elasticity of the demand of the bundles

A

MRP

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20
Q

What is the Iceberg Principle?

A

The tip of the iceberg is only what other can see and how you physically make your decision. Below and what is hidden deeper is why you make that decision.

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21
Q

What are its the Iceberg’s Implications? (2)

A
  • Focus of the decision maker: Symptoms
  • The focus of the researcher: underlying causes
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22
Q

What are the three types of marketing research design?

A
  • Absolute ambiguity
  • Uncertainty
  • Complete certainty
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23
Q

What is Absolute Ambiguity? (3)

A
  • Exploratory research
  • Collect background information
  • Develop hypothesis
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24
Q

What is Uncertainty? (2)

A
  • Descriptive research
  • Answers who, what, where, when, and how
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25
Q

What is complete certainty? (2)

A
  • Casual research
  • Identify a causal relationship between two variables
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26
Q

When to use Absolute Ambiguity?

A

When the problem is not clear

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27
Q

When to use Uncertainty?

A

When you are only aware of the problem

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28
Q

When to use Complete Certainty?

A

When the problem is clearly stated and defined

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29
Q

What are the 12 metrics used as the key indicators to measure the effectiveness of marketing actions?

A
  • Financial metrics
  • Customer lifetime value
  • Brand awareness
  • Test drive
  • Take rate
  • Churn
  • Customer satisfaction rate
  • Digital marketing metrics
  • Click-through rate
  • Conversion rate
  • Bounce rate
  • Word of mouth
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30
Q

What are financial metrics? (2)

A
  • Profit
  • NPV
31
Q

What is Customer lifetime value?

A

The value of a customer to the company

32
Q

Brand Awareness

A

Number of clicks per brand

33
Q

What is test Drive (2)

A
  • Evaluative stage of the purchasing cycle
  • Comparing the number of test drives to the number of customers who subsequently purchase, we can infer consumers underlying preference for the product
34
Q

What is the Take Rate

A

Number of accepted offers divided by the number of contacts

35
Q

Churn (2)

A
  • Percentage of existing customers who stopped purchasing your product
  • Failure to Renue
36
Q

Customer satisfaction rate (2)

A
  • Design Survey about satisfactory
  • How consumers feel about the product/service
37
Q

Digital marketing metrics

A

Says it in the name

38
Q

Click-through rate

A

The percentage of customers who click on a specific link to the number of total customers who view a page, email, or ad

39
Q

Conversion rate

A

The percentage of customers who purchase after clicking through your website

40
Q

Bounce rate

A

The percentage of customer who leave your web sit after spending less than five second on your site

41
Q

Word of mouth

A

volume, sentiments, emotions, text

42
Q

What is exploratory research?

A

Information gathered by searching the internet, talking with people, observing people in a store, focus groups

43
Q

What are the methods to conduct exploratory research? (2)

A
  • Primary Research
  • Secondary Research
44
Q

what is the philosophy of using projective technique?

A

allow respondents to project their subjective or true opinions and beliefs onto other people or even objects

45
Q

Advantages of Projective Techniques (4)

A
  • Uncovers hidden insights
  • reduces bias
  • creative
  • good for sensitive topics
46
Q

Disadvantages of Projective Techniques (4)

A
  • Requires expert interpretation
  • time-consuming
  • small sample sizes
  • may confuse participants
47
Q

Advantages of Focus Groups (4)

A
  • Group dynamics stimulate ideas
  • quick insights
  • flexible
  • interactive
48
Q

Disadvantages of Focus Groups (4)

A
  • Groupthink
  • moderator bias
  • dominant participants
  • limited depth
49
Q

Advantages of In-Depth Interviews (3)

A
  • Detailed data
  • Comfortable for sensitive topics
  • tailored approach
50
Q

Disadvantages of In-Depth Interviews (3)

A
  • Time-intensive
  • high cost
  • interviewer bias
51
Q

What is primary data? (2)

A
  • Primary data originated for the specific purpose of addressing a problem
  • Collection involves all steps of the marketing research process
52
Q

What is Secondary Data

A
  • Secondary data has already been collected for other purposes (historic data)
53
Q

What is cross-sectional data? (2)

A
  • Surveyed once
  • Each individual was measured at a single point in time
54
Q

What is Longitudinal data? (4)

A
  • Surveyed multiple times
  • Same individuals over multiple points in time
  • You can get data through surveys, but it is difficult
  • Relies mostly on transaction data
55
Q

What are the descriptive statistics that can be used to describe secondary data? (4)

A
  • Mean
  • median
  • mode
  • standard deviation
56
Q

Skew Tables

A
57
Q

What are the three forms of experiments that are used in marketing?

A
  • Lab experiment
  • Field experiment
  • Natural experiment
58
Q

What is a Natural Experiment?

A

The manipulation of the independent variable happens naturally, and the measurements of the dependent variables are made on test units in their natural setting

59
Q

What is Internal validity?

A
  • The degree to which the observed change in the dependent variable is due to the independent variable
  • Lab experiment
  • Field experiment
  • Natural experiment
60
Q

What is External validity?

A

The degree to which the observed relation between the independent variable and the dependent variable in the experiment is generalizable to the real world

61
Q

What are the three conditions that establish causality?

A
  • Correlation
  • Time Order
  • The Absence for an alternative explaination
62
Q

What is Correlation Causality?

A

changes in outcome and a factor happen together or vary together

63
Q

What is Time Order Causality?

A

causing event must occur before the effect

64
Q

What are the four levels of measurement scale? (4)

A
  • Nominal Scale
  • Ordinance Scale
  • Interval Scale
  • Ratio Scale
65
Q

What is a Nominal Scale (3)

A
  • Numbers represent labels
  • No inherent order of important
  • Ex: gender, ethnicity, team number
66
Q

What is an Ordinance Scale? (4)

A
  • Numbers represent an order
  • Can determine whether an object has more or less a characteristic
  • Not how much more or less
  • Ex: tournament ranking, class grades
67
Q

What is an Interval Scale? (3)

A
  • Numbers represent a classification and order and also measure - distance in units of equal intervals
  • The researcher chooses zero point and the units of measure
  • Differences can be compared but not ratios
68
Q

What is a Ratio Scale? (3)

A
  • Possess all properties of nominal, ordinal, and interval scales, plus proportional relationship
  • Has a natural zero-point
  • The numbers from a ratio scale are exact numbers and be used to compute ratios
69
Q

What are the commonly signs of measurement scale? (4)

A
  • Likert scale
  • Semantic differential scale
  • Stapel Scale
  • Behavioral intention scale
70
Q

How to arrange questions (the funnel approach) in a survey questionnaire (4)

A
  • Establish rapport
  • Tough and important questions in the middle
  • Sensitive questions at the end
  • Avoid order bias
71
Q

What are the order biases in survey questionnaire?

A
  • Primacy bias
  • Recency bias
  • Randomization
72
Q

What is Primacy Bias (2)

A
  • respondents are primed to think about a previous issue while answering the subsequent question
  • the tendency for respondents to pick one of the first options presented to them
73
Q

What is Recency Bias

A

the tendency to pick an answer option presented at the end of a list

MKTG 342 (2 decks)

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