Midterm Flashcards
1
Q
Marketing (American Marketing Association definition)
A
Activity, set of instructions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large
2
Q
Purposes of marketing
A
identifies core competencies
cultivates relationships with customers by creating value that meets their specific needs
collects feedback form the market, learns from that feedback and improves the value offered to the public based on it
3
Q
Crowdsourcing
A
practice of obtaining services or ideas by asking for assistance from a large group of people, generally online communities
4
Q
Marketing Concept
A
Business philosophy that holds that the key to achieving organizational goals consists of the company being more effective than competitors in creating, delivering and communicating customer value to its chosen target markets
Puts consumer first
5
Q
Marketing Research
A
process of designing, gathering, analyzing and reposting info that may be used to solve a specific marketing problem
6
Q
Marketing Research (AMA)
A
function that links the consumer, customer, and public to the marketer through info - used to identify and define marketing opportunities and problems, generate , refine and evaluate marketing actions, monitor marketing performance and improve the understanding of marketing as a process
7
Q
Market research
A
Any organized effort to gather info about markets or customers
8
Q
Function of marketing research
A
to link the consumer to the marketer by providing info that cam be used in making marketing decisions
9
Q
Uses of marketing research
A
- Identifying market opportunities and problems
- generating, refining and evaluating potential market actions,
- monitoring marketing performance
10
Q
Potential marketing actions
A
Strategies, campaigns, programs or tactics
11
Q
Basic research
A
“research on research”
research used to establish best practices in research
12
Q
Applied research
A
research conducted to solve specific problems
13
Q
Marketing information system (MIS)
A
structure consisting of people, equipment and procedures designed to gather sort analyze evaluate and distribute needed timely and accurate info to marketing decision makers
14
Q
Role of MIS
A
Determine decision makers info need, acquire the needed info and distribute that info to the decision makers in a form and at the time when they can best use it
15
Q
Components of an MIS
A
Internal reports system
Marketing intelligence
Marketing decision support
Marketing research
16
Q
Internal reports system
A
gather info generated within a firm including orders, billing, receivables, inventory levels, stock-outs… etc
17
Q
Marketing intelligence system
A
Set of procedures an sources used by managers to obtain everyday info about pertinent developments in the environment
focuses on bringing in info generated outside the firm
18
Q
marketing decisions support system (DSS)
A
collected data that may be accessed and analyzed using tools and techniques that assist managers in decision making
19
Q
How are Marketing research and an MIS different
A
Marketing research system gather info not gathered by other MIS component subsystems (conducted for a specific situation facing the company)
Also, not continuous, has a beginning and an end, other components are available for use on an ongoing basis
20
Q
First continuous and organized research conducted in … by … to …
A
1911, Charles Coolidge Parlin, gather information and markets by the Curtis Publishing company
21
Q
Who revolutionized the marketing research industry in the 1950’s? Why did this allow the industry to extend so rapidly?
A
Computers, automation of data management and analysis for larger firms
22
Q
Who first introduced focus groups? What type of research are they considered to be?
A
Robert Merton, qualitative marketing research
23
Q
Difference between client-side and supply side research
What other terms are used to refer to companies that are involved in supply-side research?
A
Supply-side research is conducted by an outside firm to fulfill a company’s marketing research needs (client-side research is conducted within an organization)
referred to as an agency or simply a supplier
24
Q
Advantages and disadvantages of DIY research
A
(firm conducting their own marketing research)
Adv: Cost effective, can provide info needed to solve users problem, tools developed for firms to conduct their own marketing research
Dis: business owners and managers typically do not have the time or expertise to feel confident about using DIY for important issues
25
Top 3 firms in marketing research based on revenue? What is their revenue?
Nielsen Holdings $6.31 Billion
Kantar $3.38 Billion
IQVIA $3.30 Billion
26
What are full-service firms? What types of services do they provide?
Full-service firms have capability to conduct the entire marketing research project for buyer firms.
- define the problem
- specify research design
- collect and analyze the data
- prepare the final written report
27
List and describe 2 types of marketing research services. What firms offer those services?
Syndicated data services - Analyze trends and consumer behavior within an industry and sell to many companies (Nielsen)
Packaged services - use proprietary process to conduct a service such as test marketing or measuring satisfaction (GfK)
28
Explain the meaning of: "Marketing research industry thrives off derived demand"
derived demand: demand for a good/service that results from demand of another good/service
client firms develop new products/ expand into new markets, need info to guide their decisions - info provided by marketing research
29
Fastest-growing region for marketing research? What 5 markets are currently the largest?
Africa
US, UK, Germany, France, Japan
30
3 challenges facing marketing research industry
Need to incorporate innovative and evolving sources of data and methods
Need to effectively communicate insights
Need to hire talented and skilled employees
31
National Do Not Call registry? What type of communication is exempt from it?
Allows US residents to register their telephone numbers to be protected from receiving unsolicited telemarketing calls
calling US residents to conduct surveys is exempt
32
Sugging and example
Selling under the guise of research - telemarketers using an opinion survery as a lead-in for a sales pitch
33
Frugging, example
fund raising under the guise of research, Survey sent to Americans asking them to return survey with donation to political party
34
3 important marketing research codes and explain what purpose they are intended to serve
be honest, transparent and straight-forward in all interactions
Respect the rights and well-bring of data subjects and make all reasonable efforts to ensure that data subjects are not harmed, disadvantages or harassed as a result of their participation in research
Distinguish between research and non-research activities so as to maintain public confidence in the integrity of research
35
What is PRC, and what is it designed to do?
Professional researcher certification, designed to recognize the qualifications and expertise of marketing and opinion research professionals
36
Steps in Marketing Research Process?
1. Establish need for marketing research
2. define the problem
3. establish research objectives
4. determine research design
5. Identify info types and sources
6. determine methods of accessing data
7. design data collection forms
8. determine the sample plan and size
9. collect data
10. analyze data
11. communicate the insights
37
Are all steps in marketing research process always followed in order?
Why or why not? (example of situation in which a step might be skipped)
No, sometimes review of secondary research alone may achieve research objectives, sometimes after gathering data may be determined that research objectives should be changed
38
Name and give an example of three situations where marketing research in not the best solution
1. Info is already available (provided by other components of MIS)
2. timing is wrong (product near end of life cycle)
3. costs outweigh the value (research may not result in much of an impact when done in small component of sales)
39
What is meant by problem? Explain two sources of marketing problems
situations that call for managers to make choices among various alternatives
Select new products, choose among advertising copy alternatives, determine price of their products of services
40
Why is defining the problem the most important step in the marketing research process? What negative outcomes could results from not properly defining the problem?
If problem is defined incorrectly, rest of the steps in research process will be fundamentally flawed
41
What is a key performance indicator? Give 5 examples of KPIs
Measures that provide scores of how well a company is performing relative to its objectives
As recall, Unique visitors, Likes, Market share, revenue, returns, review scores,
42
Define a marketing opportunity. Give an example of a company taking advantage of an opportunity.
potentially favorable circumstance in which a company can perform successfully
Google - uses the opportunity to communicate with millions to promote certain searches
43
What is the role of symptoms in problem recognition?
Observable sign that indicates that a problem exists
44
How does the role of researcher change with the extent to which a manager has defined a problem? How can a researcher add value to a manager's decision?
Researcher has an obligation to be sure the problem is defined correctly.
supplying a fresh view, unhindered by biases of recent events, trends or influences. Use experience and knowledge to advice managers on how to approach the problem
45
Provide examples of decision alternatives. How might these alternatives affect the the outcome of the research?
Price changes, Product modification or improvement, new promotional campaigns, adjustments in channels of distribution
research on each alternative will help determine which is the best choice
46
What is the role of a hypothesis in defining the problem?
to guide the process of developing research objectives, test validity of hypothesis and compare to evidence
"statement thought to be true for the purposes of a marketing research investigation"
47
What are two ways you can format a research objective? Give an example of each.
Statements or questions
To determine what college students see as benefits of donating blood
What do college students see as benefits of donating blood?
48
Define a construct. what are some questions to ask that will help formulate constructs?
Abstract idea or concept composed of a set of attitudes or behaviors that are though to be related. "what info will tell us which alternative is best? Most relevant? Most believable? Most likable?"
49
Why is it imperative to measure the correct construct? What could go wrong if correct constructs are not used in a research project?
ensure info collected is relevant to the decision - info may not provide basis for making a decision
50
What is an action standard? How might defining action standards lead to better results?
designated quantity of a measurable attribute or characteristic that must be achieved for a predetermined action to take place
Determined what the criteria would be to conclude that one of these decision alternatives should be selected
51
Example of an impediment to problem definition
- lack of close communication between managers and researchers
52
elements of marketing research proposal
1. Statement of the problem
2. Research objectives
3. research method
4. statement of deliverables
5. cost
6. timetable
53
What is research design?
Master plan that specifies the methods that will be used to collect and analyze the information needed for a research project
54
Why is it important for marketing researchers to be knowledgeable about research design?
Once researched knows the basic research design, series of advance decisions may be made to form a framework for the development of the research project
55
What purpose does exploratory research serve?
List 3 situations where exploratory research would be a good choice
exploratory research is unstructured informal research that is undertaken to gain background information about the general nature of the research problem
- Used to gain background info, define terms, clarify problems and hypotheses, and to establish priorities
56
In which type of research design would key-informant technique be used?
Experience surveys - gathering information from those thought to be knowledgeable on the issues relevant to the research problem
57
What is the difference between longitudinal studies and cross-sectional studies?
Longitudinal studies repeatedly measure the same sample units of a population over a period of time
Cross-sectional studies measure units from a sample of the population at one point in time
58
In what situation would a continuous panel be more suitable than a discontinuous panel?
In what situation would a discontinuous panel be more suitable than an continuous panel?
Continuous panels are samples of respondents who agree to the answer the same questions at periodic intervals - to gain insights into changes in consumers' attitudes and behaviors
Discontinuous panels vary questions from one panel measurement to the next - may be used for a variety of purposes to represent a larger group
59
What is another name for discontinuous panels? What is the primary use for this type of panel?
Omnibus panel, to represent a larger group and members are agreeable to providing marketing research information
60
Nabisco has introduced a new brand of cookies and wants to know how many of their customers purchase their cookies more than once. What type of research should they use?
Longitudinal cross-sectional with continuous panel
61
Give an example of an if-then statement. Why might used causal research enhance the accuracy of your findings?
If price of product is lowered, then more units will sell
experiments will be used to test causal relationships - change independent variable and measure dependent variable
62
Define each of the following types of variables and give an example of each in an experiment designed to determine the effects of an advertising campaign: independents, dependent, extraneous, control group and experimental group.
Independent: variables the researcher has control over and wishes to manipulate (product, price, promotion, place)
Dependent: variables measured in response to changes in independent variables (Sales, market share, customer satisfaction)
Extraneous: all variables other than independent variable that may have an effect on the dependent.
Control group: group whose subjects have not been exposed to the change in the independent variable
Experimental group: group that has been exposed to a change in the independent variable
63
Explain the two types of validity in experimentation. explain why different types of experiments are better suited for addressing one type of validity versus another.
Internal validity: extent to which a researcher can be certain that a change in the dependent variable is actually due to the independent variable (laboratory - able to control externalities better)
External validity: extent that the relationship observed between the independent and dependent variables during the experiment is generalizable to the real world (Field - more representative of population at large)
64
What is the primary use of A/B testing? What advantages and disadvantages does this test have?
Testing two alternatives (A&B) simultaneously to see which one performs better
65
You are testing two different placements for a banner ad on the internet. How can you use A/B testing to test the two alternatives?
expose each alternative to a sample group and see which results in more clicks
66
Explain two types of validity in experimentation. What types of experiments are best suited to address each?
Internal validity: extent to which a researcher can be certain that a change in the dependent variable is actually due to the independent variable (laboratory - able to control externalities better)
External validity: extent that the relationship observed between the independent and dependent variables during the experiment is generalizable to the real world (Field - more representative of population at large)
67
Provide a list of pros and cons of test marketing
Pros: results can improve a product's changes of success, can identify a failure early, measures sales potential for a new product and test variation in the marketing mix for a product or service, best method for forecasting future sales
Cons: expensive and time consuming, competitors may sabotage test market, brings exposure of the product to the competition
68
List and explain the three criteria used to select test-market cities. explain why each is important.
Representativeness, degree of isolation and ability to control distribution and promotion
69
What are big data and why do they represent both an opportunity and a challenge?
Large amounts of data from multiple sources
Large amounts of data available researchers in real time
There is too much data available for any one company to gather store analyze and report (researchers must be strategic about their use)
70
Name three sources of data for sports marketing. How might a marketer use these data?
Players, fans, league. Improve the game, attract and nurture fans, provide fans with data bet or engage with
71
What are secondary data and how do they differ from primary data?
Primary data refers to info that is developed or gathered by the researcher specifically for the research project at hand
Secondary data have been previously gathers by someone other than the researcher for some other purposed than the research project at hand
72
Describe three uses of secondary data
forecasting economic trends and analyzing the competition, provide marketers with info about demographics that they need to help forecast size of the market, evaluate market performance
73
describe the difference between internal and external data
Internal secondary data are data that have been collected within a firm
external secondary data are data that have been obtained from outside the firm
74
Describe the relationship between a record and field, How would this look in a database.
each unit of information in a database if called a record (customer, supplier, competitive firm, product)
records are composed of subcomponents of info called fields (Name, address, telephone number, email, product purchased, dates of purchases)
75
What is meant by CRM? What are the benefits of practicing CRM?
Customer relationship management (when companies use their internal databases for purposes of direct marketing and to strengthen relationships with customers)
Identify prospects, decide which customers should receive a particular offer, deepen customer loyalty, reactivate customer purchases, avoid serious customer mistakes
76
What is the difference between data mining and micromarketing?
Data mining is software that helps managers to make sense out of seemingly senseless masses of info contained in databases
Micromarketing refers to using a differentiated marketing mix for specific customer segments
77
Give an example of a company that uses micromarketing and explain how.
Target, collects data on every person who shops at its stores and assigns a unique code then links interaction to collect demographic info on guest. Aim is to connect with consumers during major life events
78
Explain three different types of external data
Three sources of external data: published sources, official data and data aggregators
79
Provide an example of each of the following: Business Source Directories, Articles, Dictionaries and encyclopedias, Marketing directories, and Statistics and reports
Business Source Directories: BRASS business guides
Articles: ABI/Inform Complete
Dictionaries and encyclopedias: Brands and their companies
Marketing Directories: Advertising redbooks
Stats and reports: DemographicsNow
80
Five advantages of secondary data
Can be obtained quickly, inexpensive, some secondary data is readily available for any application, may enhance primary data from providing current look at issues, may be all that are needed to achieve research objective
81
Describe Open data policy and some of its limitations
makes all data collect by the government open by default, except for personal info or data related to national security
May not be specific to research objective
82
How is secondary data evaluated? Why is evaluation important?
Purpose of the study, Source of information, content of information, how info was obtained, how consistent info is with other information
to determine reliability, quality and validity of secondary info
83
What is meant by packaged information?
type of secondary data in which the data collected and or the process of collecting the data are prepackages for all users
84
What is syndicated data? Give an example of a company that provides syndicated data and describe the info it provides
secondary data that are supplied form a common database to subscribers for a service fee. Collected in a standard format and made available to all subscribers. typically detailed info that is valuable to firms in a given industry and not available in libraries
Nielsen ratings service - measures TV audience size and viewer demographics for TV programs
85
How do packaged services differ from syndicated data?
prepackaged marketing research process that is used to generate information for a particular user - differs for each client
(syndicated data is the same for each client)
86
What are advantages and disadvantages of syndicated data?
Adv: shared costs with many client firms, specialize in collection of standard data, quality of data collected is typically very high, info is disseminated very quickly to subscribers
Dis: buyers have little control over what info is collected, buyers must often commit to long-term contracts, no strategic info advantage
87
What are the advantages and disadvantages of packaged services?
Adv: experience of research firm offering the service, reduced cost of the research, speed of research, ability to obtain benchmarks for comparison
Dis: inability to customer services and service firm may not be knowledgeable about the client's industry
88
Describe geodemographics. What computer programs aid in the collection of geodemographics?
classifications of geographic areas in terms of the socioeconomic characteristics of their inhabitants. Geodemographic information systems
89
what type of info is provided through analysis of digital tracking data?
how digital offerings are being used, who is accessing their websites and apps, where they go, how much time they stay and what point they leave
Geolocation data
90
main purposes of combining digital tracking data with external data
can be used to improve effectiveness of online ads, optimize websites and apps, identify trends
91
Examples of four types of user-generated information that can be found on social media
Reviews, Tips, New uses, competitor news
92
advantages and disadvantages of the use of social media data for marketing research?
Adv: Currency, Inexpensive, unprompted unfiltered authentic voice of the consumer, one of best means to to trace trends and track big themes
Dis: commenters may not represent a brand target audience, provide misleading feedback, most vocal consumers may have a more active voice and distort the conversation, subject to manipulation, material may be shallow useless offensive or irrelevant
93
How do experts expect the internet of things to transform the marketing research industry?
transform industry from relying heavily on primary data, to truly integrating passively collected secondary data
94
Three major responsibilities for marketing researchers who collect manager analyze and communicate data? What do you think is the most important responsibility?
ensure that the use of data is not incompatible with the purpose for which the data was originally collected
ensure data was no collected in violation of restrictions imposed by laws or regulations, through deception or in ways that were not apparent to or reasonably understood or anticipated by the data subject
Ensure intended use in compatible with the consent obtained when data was collected
95
Five applications of the internet of things for a supermarket
retail layouts, stocking, pricing , promotional displays, store traffic
96
Define quantitative research. Define qualitative research. List difference between two research methods.
Quantitative research - research involved administration of a set of structured questions with predetermined response options to a large number of respondents
Qualitative research involves collecting analyzing and interpreting unstructured data by observing what people do and say - free form or non-standardized because questions and observations are open ended
97
Mixed methods research? three types of mixed methods research? Example of each
integration of qualitative and quantitative research methods with the aim of gaining the advantages of both
Qualitative before Quantitative
Quantitative before Qualitative
Quantitative and Qualitative concurrently (netflix)
98
Four general ways of making observations and explain difference between them
Direct vs indirect (observing behavior as it occurs vs observing effect or results of the behavior rather than behavior itself)
Covert vs overt (subject is unaware he or she is being observed, vs aware)
Structured vs unstructured (researcher identifies beforehand exactly which behaviors are to be observed and recorded vs no restriction on what observer notes)
in situ vs invented (observes behavior exactly as it happens in a natural environment vs creates a simulated environment in order to improve understanding of a phenomenon)
99
why might job performance vary if a supervisor chooses to use overt observation vs covert observation
Employees may work harder during period they are observed to skew results during overt observation, during covert they may behave typically
100
describe a traditional focus group
Small group of 6 - 12 individuals brought together for a couple of hours in a dedicated space with a one-way mirror, guided by moderators
101
Describe a research situation for which focus groups are appropriate and one for which they're not
Work well when a company wants to know how to speak to its market
not representative of the larger population
102
Three different uses of focus groups
generate ideas, learn respondents vocabulary when relating to a product, or to gain insight into basic consumer needs and attitudes
103
How are focus group participants recruited and what is a common problem associated with focus group recruiting?
participants share homogeneous characteristics, may be recruited from customer lists, or secured lists of potential participants
104
Should the members of a focus group be similar or dissimilar? Why?
similar, with respect to demographics and other characteristics
105
How might different setting for a focus group affect the overall quality of the research?
should be comfortable and conducive to discussion. Setup in a format suitable to the research objective. quiet enough to permit a clear audio recording of the sessions.
106
State two tactics that should be used by a productive focus group moderator
Understand what information the researcher is after and why
| contribute to the development of the project's goals
107
what type of data is reported from focus groups? Can these findings be expected to represent to the population? why or why not?
consumer language, emotional and behavioral reactions to advertising lifestyle relationships the product category and specific brand, unconscious consumer motivations relative to product design, packaging promotion
No
108
Indicate the advantage and disadvantages of client interaction in the design and execution of a focus group study.
permit marketers to see and hear the market
109
Three examples of ethnographic research
detailed descriptive study of a group and its behavior
observing parents at home making dinner for the household
observing what men eat for breakfast and why
watching people use a product they were given a few days ago to find out how it fits into their routine
110
What is mobile ethnography? List three types of consumption activities that might be studied using mobile ethnography
respondents document their own experience through their mobile phones
waking up in the morning, administrating medical treatments, brushing their teeth
111
What are two words combined to make the term netnography? Why is netnography and increasingly popular research method?
internet and ethnography; Ethnographic study of online activities
used to examine the online interactions of individuals and communities on the internet as well as the relationships between people and electronics
112
What is meant by projective as in projective techniques?
situations in which participants are placed in (projected into) simulated activities in hopes they will divulge things about themselves that they might not reveal under direct questioning
113
Describe sentence-completion, word-association and balloon test.
Word association: involves reading words to a respondent who then answers with the first word that comes to mind
Sentence completion: given incomplete sentences and asked to complete them in their own words
Balloon test: subjects are instructed to write in what the actor is saying or thinking (in a picture)
114
What is neuromarketing? Give three examples of neuromarketing techniques.
physiological measurement or consumer neuroscience studying individuals involuntary responses to marketing stimuli
Neuroimaging, eye-tracking, facial coding
115
Explain why thematic analysis is a useful technique for analyzing qualitative data
involved examining qualitative data to uncover themes or common patterns across the data
