Lecture 4: Validating your Solution Flashcards
What is hindsight bias?
When people think they were more precise than they actually were.
What is overconfidence bias?
More confident than we actually have
What is projection bias?
We believe that people are much more similar to us than they really are
What is marketing research?
Process of:
• Defining a marketing problem or opportunity
• Systematically collecting and analyzing information
• Recommending actions to improve the company’s (marketing)
activities
Difference between primary data and secondary data?
Primary = collect data for yourself (survey, observation) Secondary = get data from existing sources (transaction data, government data)
Which types of data are there?
Exploratory, Descriptive, and Causal
What is the false door test?
Offer something that doesn’t exist yet and see their response to it.
What can I A/B test?
Anything with content and presentation
- online ads
- email content
- landing pages
What does validity and reliability mean regarding marketing research?
Validity = Am I measuring what I think I'm measuring? Reliability = Am I getting consistent responses?
Why is demand effect an issue for validity testing?
Because participants change their response to what the experimenter wants to hear.
Why is asking about drugs an issue for validity testing?
Because it’s not social desirable
What is exploratory research used for? And which are the most common methods?
Used for initial insights, and interviews and focus groups
Name a descriptive research method.
Survey (internet, mail telephone)
Why would you use causal research? And what are the common methods?
If you want to see how people behave in response to different situations. Experiments
