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Marketing Strategy Research > For Test > Flashcards

For Test Flashcards

1
Q

What is the 5 step framework for linear regression?

A

Examing the data
Formulating the model
Estimating the model
Validating the model
Making predictions

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2
Q

What is multi collinearity?

A

When two variables contain the same information

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3
Q

How do we detect multi collinearity?

A

With the VIF function, >10 means high collinearity

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4
Q

What does r squared imply?

A

How good the prediction is going to be, the model fit to the data
When R squared is higher this indicates better prediction because of a better fit

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5
Q

What do we use to see to validate a model?

A

F stats

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6
Q

What is a naive prediction?

A

A prediction with only intercepts, no other independent vaiables

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7
Q

What is product cannibalization?

A

New product eats up sales of another brand line

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8
Q

What is a confounding variable?

A

A third variable that influences both other variables

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9
Q

How do we get rid of confounding variables?

A

Add them to the regression as a control variable

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10
Q

For what do we use conjoint analysis?

A

When we want to know what separate attributes should be present in a product

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11
Q

What is the full profiles approach in conjoint analysis?

A

All attributes are included in the analysis

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12
Q

What is it called when only a part of the attributes are used in the design

A

Fractional factorial design

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13
Q

What is an orthogonal design of conjoint analysis?

A

Use a limiting amount profile to answer as much as you can

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14
Q

What is a path worth?

A

The worth of a specific product to customers

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15
Q

What are the three rules in deciding on the value of pathworths?

A

Baseline pathworth = 0
Pathworth of insignificant levels = 0
Pathworth of significant levels = coeffients

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16
Q

How is the importance of a partworth defined?

A

The range of the part worths across the levels, this into a percentage of all ranges combined

17
Q

What are the three parameters if the bass model?

A

Innovation propensity p
Market size M
Imitation propensity Q

18
Q

What is immitation propensity

A

How susceptible you are to friends decisions, how much do you imitatie them

19
Q

Innovation propensity what is it?

A

Own preferences of customers

20
Q

What us the difference between n(t) and N(t) in the bass model

A

N is cumulative adoptions

21
Q

What does a higher p mean?

A

More early adopters because of more intrinsic motivation

22
Q

What does higher Q mean

A

More people adapt each time

23
Q

What are criteria of good clusters?

A

Heterogeneity between clusters they need to be different
Homogeneity within clusters you want it to be the same

24
Q

What are the five steps of cluster analysis?

A
  1. Select a distance measure
  2. Select a clustering procedure
  3. Decide the number of clusters
  4. Validate the clustering
  5. Interpret the clusters
25
Q

Does the variance need to be high or low with the variance method?

A

Small, so low

26
Q

What are the disadvantages of hierarchical clustering?

A

High complexity
Not usable with big data

27
Q

What are the advantages of hierarchical clustering?

A

Don’t have to know the number of clusters
Fairly stable

28
Q

What are good cluster names characteristics?

A

Accurate, reflecting the features of the cluster
Catchy

29
Q

What is STRESS’s definition?

A

Differences between the observed and predicted distances between brands

30
Q

When is a control variable good?

A

Influences both the iv and the dv

31
Q

What is the hypothesis of a KS (kolmogorov-Smirnov) test?

A

The residuals are distributed normally

32
Q

What does the mds use as input for the predictions?

A

The distances between brands

33
Q

What are the observations of the mds?

A

Observations are the differences between brands that are collected from the mds survey

34
Q

What are the predictions of the mds?

A

They are calculated differences like euclidean distance

35
Q

How does the MDS procedure obtain the predictions?

A

Calculates distances between brands with certain distance measures like Euclidean measure

Marketing Strategy Research (1 decks)

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