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Market Research > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

Marketing concept

A

focuses on how a firm provides value to customers more than on the physical product or production process

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2
Q

A marketing oriented firm must…. (3)

A

be customer oriented
emphasize long run-profitability
adopt a cross functional perspective

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3
Q

Applied marketing research

A

conducted to address a specific marketing decision for a specific firm or organization.
example: should green mountain coffee add cola to its pod-based beverages? How much should I charge for this new feature?

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4
Q

Basic marketing research

A

conducted without a specific decision in mind and usually does not address needs for a specific organization. Can test the validity of a general marketing theory or learn more about market phenomenon (ex: social networking)

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5
Q

product research

A

desinged to evaluate and develop new products and to learn how to adapt existing product lines.

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6
Q

product research examples

A

concept testing
product testing
brand-name evaluation
package testing

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7
Q

pricing research

A

involves finding the amount of monetary sacrifice that best represents the value customers perceive in a product after considering various market constraints

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8
Q

integrated marketing

A

all promotional efforts (advertising, PR, personal selling, event marketing) are coordinated to communicate a consistent image

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9
Q

performance-monitoring research

A

research that regularly, sometimes routinely, provides feedback for evaluation and control of marketing activity. most common forms: market share analysis and sales analysis

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10
Q

marketing metrics

A

quantitative ways of monitoring and measuring marketing performance.

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11
Q

Backward marketing research

A

start with the end in mind, peel the onion until you can articulate a feasible business decision, start with small and initial decisions and build more specific insights.

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12
Q

2 tips tightly connected in backwards marketing

A

ask the right questions right away will lead to decisions made and implemented

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13
Q

steps on how to ask the right questions

A

symptoms, problem, options, decision, information needed, the right question.

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14
Q

data strategy

A

data inventory and describe characteristics
data readiness
integrated designs

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15
Q

what does smart use of big data provide?

A

more data means more insight
more opportunities to validation
more opportunities for real-timeliness

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16
Q

4 components for data value

A

relevance, quality, timeliness, completeness

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17
Q

Decision support system

A

help decision makers confront problems through direct interaction with computerized databases and analytical software programs

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18
Q

what are two functions of DSS?

A

store data and transform them into organized information that is easily accessible to marketing managers

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19
Q

Marketing analytics

A

general term that refers to efforts to measure relevant data and apply analytical tools in effort to better understand how a firm can enhance marketing performance

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20
Q

Predictive analytics

A

a system linking computerized data mined from multiple sources to statistical tools that can search for predictive relationships and trends

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21
Q

geolocation technologies

A

allow whereabouts and/or movement of a consumer or object to be known through digital identification of some kind

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22
Q

interpolation

A

method of constructing new data points within the range of a discrete set of known data points.

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23
Q

extrapolation

A

is the process of estimating, beyond the original observation range, the value of a variable on the basis of its relationship with another variable

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24
Q

Market dynamics

A

what markets will grow/shrink and what drives this?

25
Q

Market share dynamics

A

how can I take market share from my competitor

26
Q

marketing dynamics

A

how well do the various advertising channels work

27
Q

customer dynamics

A

what customer are most likely to defect/respond to my offer

28
Q

The analytical process

A
  1. review data quality
  2. univariate and bivariate analysis
  3. multivariate analyses
  4. integrate across data sources
    Integrate with qualitative insights
29
Q

Types of market research (experimental)

A

Nonexperimental, quasi experimental, experimental

30
Q

Explorative

A 
qualitative focus groups
idea generation
observation
problem scoping
ambiguous situations: from symptom to problem
31
Q

descriptive

A

U&A, segmentation, tracking studies, we have considerable understanding of the situation

32
Q

conformity, predictive and causal

A

driver models, forecasting, causal analysis, groups, marketing mix models, conjoint, experiments, list segmentation.

33
Q

3 main types of descriptive research

A

U&A’s, segmentation studies, tracking

34
Q

Nonexperimental market research

A

survey, qualitative, observation

35
Q

Quasi experimental

A

field experiment, conjoint

36
Q

Segmentation

A

dividing people in distinct groups with distinct characteristics to target them with different makreting mixes

37
Q

key criteria for segmentation

A

exist, distinctive, targetable, profitable, respond, stable

38
Q

Criteria (EXIST)

A

the segment must represent a real situation that exists in the market, not a data only situation

39
Q

Criteria (DISTINCTIVE)

A

are sufficiently different on the relevant variables

40
Q

Criteria (TARGETABLE)

A

Can be reached by a market intervention

41
Q

Criteria (PROFITABLE)

A

segments need to be big and valuable enough to go after

42
Q

Criteria (RESPOND)

A

respond differently to a different marketing mix

43
Q

Criteria (STABLE)

A

presents an on going situation which lasts for a sufficient amount of time such to allow to extract value from it

44
Q

Difficulty of segmentation

A

scale often very large (thousands of survey respondents, 30+ questions)
Not a well-defined process
How to find actionable business outcomes

45
Q

Confirmatory and predictive research

A

factor analyses, driver modeling, list segmentation/customer base analysis, experiments

46
Q

Brand funnel

A

Preference, consideration, awareness

47
Q

causality requirements

A

allows causal inferences to be made–they identify cause and effect relationships.

48
Q

Temporal sequence

A

the appropriate causal order of events

49
Q

concomitant variation

A

two phenomena vary together–>there needs to be a relationship

50
Q

nonspurious association

A

an absence of alternative plausible explanations

51
Q

types of relationships

A 
non-linear effects
indirect effects
lagged effects
interaction effects
surround sound effects
feedback effects
secondary effects
52
Q

indirect effects

A

product quality–> overall satisfaction. BUT could be a middle factor like quality of technical support being an effect

53
Q

reverse causility

A

dependent variable (customer satisfaction) causes independent variables

54
Q

dependent variable

A

the variable you are trying to predict

55
Q

independent variable

A

variables that you want to use to make the prediction

56
Q

coefficient or regression coefficient

A

weight given to a variable to make the prediction

57
Q

statistical significance

A

whether or not the coefficient statistically speaking is not zero

58
Q

fit of the model or R-squared

A

the amount of explained variance in the dependent variable

59
Q

best fit line is used to

A

minimize the sum of errors and the line can predict what we can interpolate and what we can extrapolate

Market Research (3 decks)

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