Notes: Midterm Review Flashcards
Empirical Research
Planning whom, when, how, and specific circumstances of your observation
Market Analysis
Survey of the structure and dynamics of a market segment within an industry
Marketing Analytics
Methodologies for identifying potential trends or correlation patterns by analyzing historical data
Marketing Research
Methods for collecting and analyzing information about customers
Exploratory Research
Used when looking for insights, new ideas. Often the first stage of larger research programs. Uses more flexible, inexpensive methods
Descriptive Research
Used to accurately describe the market and provide the input to marketing plans and decisions. Uses structured, planned methods
Cross Sectional Research
Type of Descriptive Research where each individual is observed only once`
Longitudinal Research
Type of Descriptive Research where each individual is observed repeatedly
Casual Research
Evaluates hypotheses about possible cause and effect relationships. Provides input for specific marketing decisions
Primary Data
Collected specifically for the issue at hand
Secondary Data
Collected independently and often prior to our current and specific research needs
Syndicated Services
A research study which is conducted and funded by a market research firm but not for any specific client
Syndicated Retail Data
Supports the analysis of trends and competitive situations, evaluation of marketing programs and strategies, planning and forecasting
Qualitative Research
Concerned with obtaining authentic, truthful, and rich descriptions of a consumer’s mental life
Quantitative Research
Concerned with uniform and replicable observations
Focus Group
Type of Qualitative Research. Group of “typical” consumers. Exploratory, and output is subjective
Focus Group - Discussion Guide
Drafted by supplier on the goal of the project, the moderator guides the discussion and makes sure to cover all the points in the guide
The Depth Interview
A professionally trained interviewer probes the “typical” consumer
Projective Techniques
Used when we assume that respondents cannot give candid answers spontaneously. Often used in conjunction with focus groups or depth-interviews
Surveys
Structured method of data collection. Provides data that is standardized, quantitative, and detailed.
Descriptive Surveys
Collect from a representative sample, results can be extrapolated to the studied population
Cost and Time is determined by
Complexity of sampling, accessibility of respondents, and the need to use field workers.
Response Rate
Measures the number of sampled individuals who accept to participate.
Concomitant Variation
In order to talk about causation, you must have data - a correlation between the proposed cause and effect - that operates in the direction you predicted
Independent Variable
Set of alternatives that are manipulated.
Stimuli
Actual object that embodies the treatment
Dependent Variable
A measure that represents the response of the test units to the treatments
Control
Procedures that ensure exclusion of all extraneous variables from having an influence over the response of the test units
Internal Validity
The control over extraneous variables
Types of Measurement Scales
Nominal, Ordinal, Interval, Ratio
Nominal Scale of Measurement
The measure consists of the particular category a respondent belongs to. It lists all the possible categories and the respondent chooses one..
Ordinal Scale of Measurement
The measure consists of the category a respondent belongs to. The range of available categories has an implicit order.
Interval Scale of Measurement
The measure consists of a particular category a respondent chooses from a set. The set is carefully constructured to have many categories which are ordered, evenly spaced, and defined to range from the possible minimum to possible maximum
Ratio Scale of Measurement
The measure consists of a number provided by the respondent, relative to a characteristic that is naturally expressed in terms of quantities
Rank Order Scaling
A set of objects to order from most preferred to least preferred; this scale is ordinal
Paired Comparison Scaling
A set of objects is organized in pairs, the respondent chooses one from each pair
Constant Sum Scaling
Objects within a set have to be evaluated by assigning points to each object representing a judgement
Likert Scale
Multi-item scale, contains a number of questions, each measuring the same idea from a slightly different angle. Popular for measuring attitudes and are thought to encourage rational responses
Semantic Differential Scale
Multi-item scale, contains a number of questions, all measuring the same idea, each question with a slightly different angle. Each item in a SD scale is a pair of opposite adjectives or descriptive sentences.
Questionnaire
A formal and structured set of questions that aims at eliciting information from respondents in the form or pre-formatted answers
Unstructured Questions
Ask for a respondent’s spontaneous expression, they are useful in exploratory research
Structured Questions
Ask respondents to choose among pre-established options, they provide data that is relatively easy to analyze
Target Population
The aggregate of all the individuals whose characteristics are the focus of the marketing research project
Census
The act of measuring the relevant characteristics of all the individuals in a population
Sample
A group of individuals drawn from a population
Sampling Error: Bias
Occurs when the error producing factor is stable and operates in a constant direction, worst type of error because it can’t be quantified
Sampling Error: Random Error
Occurs because a sample does not include all population members and may underestimate or overestimate the true average measure of a characteristic in the population
Simple Random Sample
Each sampling unit has the same chance of being sampled, and selection is based on a lottery model performed by using random numbers
Cluster Sample
Population is divided into subsets and a sample of clusters is created
Stratified Sample
Population is divided into strata and each stratum is sampled separately
Convenience Sample
Selection of sampled individuals is based on ease of access and convenience of the researcher
Judgement Sample
Selection of sampled individuals is done by the interviewer on the basis of some criterion
Quota Sample
Selection of sampled individuals is based on both the goal of including certain subgroups, and the judgement of the interviewer
Variability
The degree of differentiation between values of X for different people in the same population. A lot of differentiation -> high variability -> low accuracy
