what to know slides

Question 1

Basic

Answer 1

conducted without specific decision in mind and isnt usually addressing needs of a specific organizaiton

Question 2

applied research

Answer 2

done to address specific marketing decisions for a specific firm

Question 3

scientific method

Answer 3

way researchers use evidence to reach objectives in the world

Question 4

4 processes in scientific method

Answer 4

use prior knowledge/idea generation
research question/hypothesis
hypothesis testing
conclusion

Question 5

strategic marketing orientation

Answer 5

a marketing orientated firm must be customer oriented, think about long-run. adopt cross functional perspectives

Question 6

tactical decision

Answer 6

short term (increasing the price of a product-you can easily decrease it)

Question 7

strategic decision

Answer 7

long term (ex: expanding a business internationally)

Question 8

when is marketing research needed?

Answer 8

time constraints
availability of data
nature of decision
benefits vs cost

Question 9

marketing concept

Answer 9

how a firm provides value to customers more than on physical product or production process

Question 10

backwards marketing research

Answer 10

start with the end goal in mind

Question 11

deductive logic approach

Answer 11

ask the right questions (peel onion until you can determine business decision)

Question 12

incremental decision-making

Answer 12

start with small decisions and build to specific insight

Question 13

data

Answer 13

facts or recorded measures of certain phenomena

Question 14

big dta

Answer 14

large quantities of data from multiple various sources that were not intended to be used together, they re available to be analytically applied to provide input to organizational decision making

Question 15

Examples of big data

Answer 15

survey, financial reports, sales, blog, online clicks

Question 16

information

Answer 16

data structured to support decision making or define relationship between two or more data points

Question 17

intelligence

Answer 17

subset of information that actually has some explanatory power enabling effective decision being made

Question 18

four characteristics that describe data

Answer 18

relevance
completeness
quality
timeliness

Question 19

DSS

Answer 19

a system that helps decision makers confront problems through direct interaction with computerized databases and systems

Question 20

benefits of DSS

Answer 20

fewer errors
simplify things
speed up answering process
easy to consider alternatives
optimization
analytical insights
decision makers become smarter

Question 21

marketing analytics

Answer 21

general term for measuring relevant data and applying analytical tools to understand how to enhance market performance

Question 22

predictive analytics

Answer 22

a system linking computerized data for multiple sources to statistical tools that can search for predictive relationships and trends

Question 23

4 primary areas where analytics can be applied

Answer 23

market dynamics
market share dynamics
marketing dynamics
consumer dynamics

Question 24

market dynamics

Answer 24

what markets will grow/shrink and what drives this?

Question 25

market share dynamics

Answer 25

how can i take market share from my competitor?

Question 26

Marketing dynamics

Answer 26

how well do the various advertising channels work?

Question 27

customer dynamics

Answer 27

what customers are most likely to defect/respond to my offer

Question 28

ethical issues with tracking

Answer 28

on consumers behavior electronically

Question 29

explorative

Answer 29

``` qualitative focus groups ideas generation observation problem solving ambiguous situations ```

Question 30

descriptive

Answer 30

U&A segmentation tracking studies we have considerable understanding of the situation

Question 31

confirmatory, predictive & causal

Answer 31

``` driver models forecasting casual analysis groups marketing mix models conjoint experiments ```

Question 32

U&A

Answer 32

usage and attitude | describes characteristics of people, objects, groups, organizations, or environments.

Question 33

why do a U&A study

Answer 33

want to address who what when where why how | want to get general understanding of market landscape

Question 34

tracking

Answer 34

want to determine if marketing campaign is working | tracks brand awareness, brand effectiveness, and brand familiarity

Question 35

NEVER ____ or _____ anything from your tracking study survey because this could influence audiences answers

Answer 35

Add or delete

Question 36

segmentation studies

Answer 36

dividing people into distinct groups with distinct characteristics to target them with different marketing mixes

Question 37

difficulty of segmentation

Answer 37

Large scale: many survey respondents many questions on survey segmentation not a well-defined process: many techniques

Question 38

causality

Answer 38

relationship between cause and effect

Question 39

causality requirements

Answer 39

1. temporal sequence: the appropriate causal order of events 2. there needs to be a relationship 3. Non Spurious association: absence of alternative plausible explanations

Question 40

prediction

Answer 40

a forecast of the future, do not need causes

Question 41

brand funnel

Answer 41

number of people aware is larger than those who consider. number of those who consider is greater than those who prefer it. Awareness --> consideration --> preferred

Question 42

predictive research includes

Answer 42

factor analyses driver modeling list segmentation/customer base analysis experiments

Question 43

validation

Answer 43

the action of checking or proving the validity or accuracy

Question 44

interpolation

Answer 44

filling in gaps from given information, within a range to estimate

Question 45

extrapolation

Answer 45

prediction based off of range of the info that you have