MR Test 1 Flashcards
Market Research
systematic search to produce information about market characteristics, e.g., trends, size of the market, company, industry, country information
Marketing Research
systematic research to aid marketing decisions
Statistic
a single figure E.g., drowsiness contributes to 10,000 auto deaths a year.
Statistics
a collection of figures E.g., baseball stats
What is the process for Data to Decision?
Data (raw data)-> Process (gather, organize, analyze, interpret-> information -> processing the information -> decision
How is information used?
1) Managers use information to make decisions.
2) Managers use marketing information to make marketing decisions.
How are statistics misused?
It all depends on how they are interpreted and presented.
What are the 2 broad ares of statistics?
1) Descriptive statistics
2) Inferential statistics
Descriptive statistics
gathers, organizes, analyzes, and presents numerical data.
Inferential statistics
main concern is to find out something about a population based on a sample taken from that population.
What does N stand for?
Population
Population
“N” Consists of all the individuals/ objects/ measurements we are interested in.
Census
A count or polling of the entire population
Sample
A portion or subset or part of the population of interest “n”
Sample Unit
refers to individual units or members of the sample
How should a sample be taken?
As a representative part of a population.
1) it should be selected from the population under study
2) The sample tries to estimate the population
Variable
A measurable factor that changes, or varies
Constant Variable
factor that does not change
Independent variable
a factor that causes or brings about a change (e.g., money spent on advertising)
Dependent variable
a factor that is changed (by the independent variable) (e.g., sales)
Variability
the amount of dissimilarity (e.g., in respondents’ answers to a particular question)
Qualitative variable
the characteristic or variable being studied is nonnumeric in nature eg. Gender, religious affiliation, eye color, state of birth
Quantitative variable
when the variable can be reported numerically
eg. Balance in your checking account, ages of company presidents, life of a battery, speed of cars traveling on the Interstate, number of children in a family
Demographics
Characteristics of the population under study Age Income Gender Family size Occupation Education Religion Socio-economic status
Reliable
one in which the same respondent responds in the same way to an identical or nearly identical question.
“I like the brand”
“I think it’s a good brand”
“I feel favorable toward the brand”
You’ve got to hit the dartboard consistently (reliability)
Valid
the accuracy of the measurement; a valid measure is one that is truthful
“I like the brand”
“I’m very satisfied with the brand”
hit the bull’s eye (validity)
Questions [on a survey]
need to be both reliable and valid
Measurements have to be what two things?
Reliable and Valid
Marketing
Marketing is the activity, set of institutions, and processes, for creating, capturing, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large
The focus of marketing is?
Exchange
Types of Exchanges?
Commercial Exchanges Exchange is the focus of marketing In a (commercial) exchange, people give up something of value to others, in order to receive something in return. Monetary - Consumers give up money in order to obtain goods and services Nonmonetary - Olden days – barter – exchanged one item of value for another (no money involved)
The Marketing Concept
Also known as Market Orientation, Customer Orientation, Market Driven
Key point: Put the customer first (The customer is the whole reason for our existence):
Customer Satisfaction
Customer Loyalty
Company can be more successful
Marketing Strategy
Select a suitable target segment
Design the appropriate “mix” – product, price, place, promotion
To best satisfy customer needs in the chosen segment
Success in the Marketplace=
“Right Philosophy” + the “Right Marketing Strategy”
What are the two types of Research?
Basic Research
Applied Research
Basic Research
conducted to expand our knowledge (rather than to solve a specific problem)
To improve the marketing process
Applied Research
conducted to solve specific problems: To identify market opportunities To identify market problems To generate, evaluate, and modify marketing actions To monitor marketing performance
Online Marketing Research
“The use of computer networks, including the Internet, to assist in any phase of the MR process including problem development, research design, data gathering, analysis, and report writing and distribution.”
Connectivity (aided by computers)
Used in any phase of the research process
Tremendous growth, due to improved effectiveness and efficiency of technologies
Web-based research
research about Web applications – e.g., site popularity, visit duration, click-through rates of banner ads, site effectiveness, etc.,
Online survey research
collecting survey data using computer networks
Marketing Information System
A structure consisting of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers
Determine what information is needed
Acquire it
Distribute it in a timely manner
Components of an MKIS
Internal Reports System
-Gathers information generated by internal reports
-Tells a manager about what has happened within the firm in the past
Marketing Intelligence System
-Used by managers to obtain everyday information about changes in the environment (external)
-Marketing Decision Support System
Collected data that can be analyzed using tools and techniques that assist managers in decision making
-Marketing Research System
Gathers information not gathered by other subsystems
Conducted for a specific situation/ problem (“Ad hoc”)
Projects have a beginning and end
Marketing environment is?
dynamic
11 steps in MR
1) Establish the need for MR
2) Define the problem
3) Establish Research objectives
4) determine research design
5) identify information types and sources
6) determine methods of accessing data
7) design data collection forms
8) determine sample plan and size
9) Collect Data
10) Analyze
11) Prepare and present final research report
In SPSS, an “I don’t know” response to a survey question is entered is entered into SPSS as
-99 or -88
Marketing is all about bringing ___________ in the marketplace
exchange
SPSS data fl=iles have the _________ extension
.sav
________ is known as the right guidig philosophy for marketing
The marketing concept
If you were asked to summarize the job of marketing research in one word, it would be _______
information
Inferential statistics deals with trying to understand population characteristics based on a _________ from the population.
sample
Another way of stating that the marketing environment is constantly changing is that it is _________
dynamic
___________ is the process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem
Marketing Research
A plan to help me get from where I am to where I want to be, in “business language” is ___________
Strategy
“A measurable factor that changes” in marketing research is known as a _______
variable
Information
processed data
descriptive statistics
gathers, organizes, analyzes, and presents numerical data
inferential statistics
attempts to understand population characteristics based on data from a sample
census
a count of an entire population
sample
a portion of or extract from the population
sample unit
individual members of the sample
variable
a measurable factor that changes
constant
measurable factor that does not change
variability
the amount of dissimilarity
qualitative variable
the property being studied is nonnumeric in nature
quantitative variable
the property being studied can be reported numerically
demographics
variables used to describe or define the population being studied
reliable
a situation where the same respondent responds the same way to an identical or nearly identical question
valid
a measurement that is accurate (true to purpose)
problem statement
a single statement that identifies: the company or division involved, symptoms (or signals), possible causes of symptoms. and anticipated used of research information
ITBs
a formal document that the manager prepares, inviting different marketing research companies to submit proposals to do research
Model
a set of constructs with their relationships specified
symptoms
a change in behavior of a market factor that implies adverse consequences or an emerging opportunity
information gap
a discrepancy between current information level and the desired information level
research objective
these serve to close information gaps; they are specified bits of knowledge that need to be gathered.
operational definition
this describes how the researcher is going to measure the construct
construct
a marketing variable or concept that is involved in the problem to be researched
assumption
assertions that certain conditions exist or that certain reactions will occur if considered action is implemented
iceberg phenomenon
a situation where a formal monitor may not present the complete picture of the problem
possible solutions
any marketing action that the marketing manager thinks may resolve the problem
probable causes
the most likely factors giving rise to the symptoms
syndicate research
identical research supplied to all buyers by the MR supplier
custom design research
research that addresses a unique problem faced by a company or manager
marketing research proposals
a formal document that defines the problem, specifies the resaech objectives, and details the research method
uncertainty
lack of information
symptoms or problem? profits are down
symptom
symptoms or problem? headaches
symptom
symptoms or problem? poor understanding of customer needs
problem
symptoms or problem? customers are unhappy
symptoms
symptoms or problem? viral infection
problem
symptoms or problem? strong anti-brand feelings, “I hate Nike”
symptom
symptoms or problem? sales decline
symptom
symptoms or problem? food poisoning
problem
symptoms or problem? not keeping an eye on the competition
problem
symptoms or problem? declining popularity
symptoms
symptoms or problem? sore throat
symptoms
symptoms or problem? poor pricing
problem
symptoms or problem? market chare erosion
symptoms
