Lecture 4: Validating your Solution Flashcards

1
Q

What is hindsight bias?

A

When people think they were more precise than they actually were.

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2
Q

What is overconfidence bias?

A

More confident than we actually have

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3
Q

What is projection bias?

A

We believe that people are much more similar to us than they really are

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4
Q

What is marketing research?

A

Process of:
• Defining a marketing problem or opportunity
• Systematically collecting and analyzing information
• Recommending actions to improve the company’s (marketing)
activities

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5
Q

Difference between primary data and secondary data?

A
Primary = collect data for yourself (survey, observation)
Secondary = get data from existing sources (transaction data, government data)
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6
Q

Which types of data are there?

A

Exploratory, Descriptive, and Causal

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7
Q

What is the false door test?

A

Offer something that doesn’t exist yet and see their response to it.

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8
Q

What can I A/B test?

A

Anything with content and presentation

  • online ads
  • email content
  • landing pages
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9
Q

What does validity and reliability mean regarding marketing research?

A
Validity = Am I measuring what I think I'm measuring?
Reliability = Am I getting consistent responses?
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10
Q

Why is demand effect an issue for validity testing?

A

Because participants change their response to what the experimenter wants to hear.

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11
Q

Why is asking about drugs an issue for validity testing?

A

Because it’s not social desirable

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12
Q

What is exploratory research used for? And which are the most common methods?

A

Used for initial insights, and interviews and focus groups

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13
Q

Name a descriptive research method.

A

Survey (internet, mail telephone)

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14
Q

Why would you use causal research? And what are the common methods?

A

If you want to see how people behave in response to different situations. Experiments

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