Exam 1

Question 1

Marketing concept

Answer 1

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

Question 2

A marketing oriented firm must…. (3)

Answer 2

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

Question 3

Applied marketing research

Answer 3

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?

Question 4

Basic marketing research

Answer 4

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)

Question 5

product research

Answer 5

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

Question 6

product research examples

Answer 6

concept testing
product testing
brand-name evaluation
package testing

Question 7

pricing research

Answer 7

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

Question 8

integrated marketing

Answer 8

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

Question 9

performance-monitoring research

Answer 9

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

Question 10

marketing metrics

Answer 10

quantitative ways of monitoring and measuring marketing performance.

Question 11

Backward marketing research

Answer 11

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.

Question 12

2 tips tightly connected in backwards marketing

Answer 12

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

Question 13

steps on how to ask the right questions

Answer 13

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

Question 14

data strategy

Answer 14

data inventory and describe characteristics
data readiness
integrated designs

Question 15

what does smart use of big data provide?

Answer 15

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

Question 16

4 components for data value

Answer 16

relevance, quality, timeliness, completeness

Question 17

Decision support system

Answer 17

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

Question 18

what are two functions of DSS?

Answer 18

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

Question 19

Marketing analytics

Answer 19

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

Question 20

Predictive analytics

Answer 20

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

Question 21

geolocation technologies

Answer 21

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

Question 22

interpolation

Answer 22

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

Question 23

extrapolation

Answer 23

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

Question 24

Market dynamics

Answer 24

what markets will grow/shrink and what drives this?

Question 25

Market share dynamics

Answer 25

how can I take market share from my competitor

Question 26

marketing dynamics

Answer 26

how well do the various advertising channels work

Question 27

customer dynamics

Answer 27

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

Question 28

The analytical process

Answer 28

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

Question 29

Types of market research (experimental)

Answer 29

Nonexperimental, quasi experimental, experimental

Question 30

Explorative

Answer 30

``` qualitative focus groups idea generation observation problem scoping ambiguous situations: from symptom to problem ```

Question 31

descriptive

Answer 31

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

Question 32

conformity, predictive and causal

Answer 32

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

Question 33

3 main types of descriptive research

Answer 33

U&A's, segmentation studies, tracking

Question 34

Nonexperimental market research

Answer 34

survey, qualitative, observation

Question 35

Quasi experimental

Answer 35

field experiment, conjoint

Question 36

Segmentation

Answer 36

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

Question 37

key criteria for segmentation

Answer 37

exist, distinctive, targetable, profitable, respond, stable

Question 38

Criteria (EXIST)

Answer 38

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

Question 39

Criteria (DISTINCTIVE)

Answer 39

are sufficiently different on the relevant variables

Question 40

Criteria (TARGETABLE)

Answer 40

Can be reached by a market intervention

Question 41

Criteria (PROFITABLE)

Answer 41

segments need to be big and valuable enough to go after

Question 42

Criteria (RESPOND)

Answer 42

respond differently to a different marketing mix

Question 43

Criteria (STABLE)

Answer 43

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

Question 44

Difficulty of segmentation

Answer 44

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

Question 45

Confirmatory and predictive research

Answer 45

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

Question 46

Brand funnel

Answer 46

Preference, consideration, awareness

Question 47

causality requirements

Answer 47

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

Question 48

Temporal sequence

Answer 48

the appropriate causal order of events

Question 49

concomitant variation

Answer 49

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

Question 50

nonspurious association

Answer 50

an absence of alternative plausible explanations

Question 51

types of relationships

Answer 51

``` non-linear effects indirect effects lagged effects interaction effects surround sound effects feedback effects secondary effects ```

Question 52

indirect effects

Answer 52

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

Question 53

reverse causility

Answer 53

dependent variable (customer satisfaction) causes independent variables

Question 54

dependent variable

Answer 54

the variable you are trying to predict

Question 55

independent variable

Answer 55

variables that you want to use to make the prediction

Question 56

coefficient or regression coefficient

Answer 56

weight given to a variable to make the prediction

Question 57

statistical significance

Answer 57

whether or not the coefficient statistically speaking is not zero

Question 58

fit of the model or R-squared

Answer 58

the amount of explained variance in the dependent variable

Question 59

best fit line is used to

Answer 59

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