Midterm 1 Flashcards
Cross Tabs
Frequency counts Conditions, attitudes, and/or behaviors that occur most often
Analysis of variance
Variability around an average Averages that differ beyond expected variability (Cereal placement and shelf width)
Regression analysis
Relationship between a dependent variable and one or more independent or predictor variables (weekend ticket sales at ski resort)
Factor analysis
Data reduction techniques Identify highly correlated variables, group into factors (14 items measured, reduced into four factors)
Cluster Analysis
Grouping objects or people into groups based on similarities Divide markets into segments
Discriminant analysis
Ability of predictor variables to discriminate between categories Generate perceptual maps depicting brands (perceptual map of auto industry, soda industry)
MaxDiff analysis
Measure most/least important or most/least appealing Determine choice preferences TURF analysis (total Unduplicated Reach and Frequency) (ice cream example)
ConJoint analysis
Estimates the value of component attributes given tradeoffs Develop new products and identify pricing alternatives Deconstruct products into their component parts (factors and levels) Measure the value (utility) of component parts by forcing customers to consider the value of the parts jointly (tradeoffs) Simulate customer response and make choice predictions (Golf ball example)
Marketing Research Process
Define Problem Design research project Collect data Analyze data Take action
The Fraud Triangle
Rationalization Opportunity Pressure
Global Marketing Entry Strategies
The Marketing Mix
Product
Promotion
Price
Distribution
The Marketing Environment
Porter’s Five Forces Model
Blaine has decided to buy a new exotic sports car and has begun the Consumer Behavior Process. What kind of decision is Blaine involved in?
High involvement
While grocery shopping, Ted remembered that he was out of toothpaste and promptly put a tube of his favorite brand of toothpaste in the shopping cart. To Ted, toothpaste purchases are what kind of decision?
Low Involvement
While economists view markets as structures that allow buyers and sellers to engage in exchange, marketers focus on:
People of the exchange - buyers and sellers
_________ helps us understand the demographics of a marketplace, while _________ tells us how to position, promote, design, distribute, and price the products.
Market research, marketing research
McDonalds decides to do research on its hamburgers. They collect data on how many people purchase the BigMac, how many BigMac’s they buy, what kind of people typically buy BigMacs, and how old they are. McDonalds performed what kind of research on the BigMac? Market research
Market research
Often the reason research results are invalid is because the data sample is irrelevant—coverage error. To minimize this error, marketing researchers should:
Qualify or screen respondents for the study
The number one reason new products fail is because:
They don’t deliver any function or emotional benefits to consumers
Bulgari sells fashionable and expensive jewelry, watches, and leather goods. What type of income is used to purchase expensive jewelry and other luxury products?
Discretionary Income
