Exam 1 Flashcards
(57 cards)
1
Q
Conjoint Analysis: Best used when?
A
- the product or service is a complex bundle of attributes
- there is a need to test a company’s value proposition
- you need to understand which combination of attributes will appeal most to customers
2
Q
Focus group: Best used when?
A
- the issues are not well understood
- attitudes and motivations must be uncovered
- there is a need to generate ideas to be studied through quantitative research
- the subject would make group interaction useful
3
Q
In-depth interview: Best used when?
A
- the issues are not well understood
- attitudes must be uncovered
- there is a need to generate ideas to be studied through quantitative research
- a focus group would be difficult to conduct
4
Q
Internal data: Best used when?
A
- budget is small or nonexistent
- data are available in the company’s information systems
5
Q
Conjoint analysis: Weaknesses
A
- useful only when the product can be viewed as a bundle of attributes
- limited to informing product-design decisions
6
Q
Focus group: Weaknesses
A
- expensive and time-consuming
- does not provide a representative sample
- the moderator and group dynamics can skew results
7
Q
In depth interviews: Weaknesses
A
- expensive, especially face-to-face
- does not provide a representative sample
- results may not be easy to interpret or tabulate and may be vulnerable to interviewer bias
8
Q
Internal data: Weaknesses
A
- useful in describing what has happened, but not what might happen
9
Q
Observation and empathetic design: Best used when?
A
- you are trying to understand how people shop for or use products
- you are probing for unspoken needs and “pain points”
10
Q
Perceptual mapping: Best used when?
A
- there is a need to understand the structure of particular product markets and to learn how the competitors’ products are perceived
11
Q
Review of secondary research: Best used when?
A
- budget is small or nonexistent
- speed is essential
- you need to focus your primary data search through better understanding key uncertainties about the market
12
Q
Surveys: Best used when?
A
- information is need quickly
- budget is limited
- quantifying market issues
- questions can be precisely stated
13
Q
Observation and empathetic design: Weaknesses
A
- seldom a stand-alone form of research
- expensive and time consuming
- does not provide a representative sample
14
Q
Perceptual mapping: Weaknesses
A
- offers insights into perceptions only; does not address wants, preferences, and likelihood of purchase
15
Q
Review of secondary research: Weaknesses
A
- seldom provides the specific data that managers need in making marketing-mix decisions
16
Q
Surveys: Weaknesses
A
- results are only as good as the survey design and sample population surveyed
17
Q
Steps in the market research process
A
- Formulate the problem or question
- determine the sources of information and design a research process
- choose the most appropriate data collection method
- collect the data
- analyze and interpret the data
18
Q
Value
A
Decreased uncertainty
Increased likelihood of a correct decision
Improved marketing performance
19
Q
cost
A
Research expenditures
Delay of decision and possible missed opportunities
20
Q
Internal data examples
A
Accounting records CRM Prospect database Data mining Sales records Distribution network
21
Q
External data examples
A
Government sources Industry reports Press releases Competitor financial data Job postings Syndicated services Social Media aggregators Overlay data
22
Q
What is an experiment?
A
Also known as “Causal Research” in which researcher:
- Manipulates the independent variable (IV) to see its effect on the dependent variable (DV)
- Randomly assigns participants to IV conditions
- Eliminates as many confounding variables as possible
- Compares results on DV across the IV conditions
23
Q
confounding variables
A
variables other than the IV or DV
24
Q
Types of Experiments (examples)
A
Web design Promotional messaging Coupons Email campaigns Test marketing Advertising Internet advertising Packaging
25
Experimental Design Options
Pre-test / Post-test
Control group
A/B testing
Combination of these
26
Location of Experiment
- lab
| - field
27
Lab experiment
```
Lower cost
Quicker results
Confidentiality
Artificiality
Internal validity—easier to control confounding variables and claim causality
```
28
Internal validity—
easier to control confounding variables and claim causality
29
Field test
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Can be costly
Expensive set-up
Investment in prototypes
Negative impact of failed test
Competitors aware
Natural setting
External validity—confidence that results applicable to real world
```
30
External validity—
confidence that results applicable to real world
31
Test Marketing Considerations
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Strategy
- Production
- Promotion
- Distribution
- Location (isolation, representative, controllable)
- Potential competitor interference
- Long-term customer impact
Other options
- Partnering with customer tracking data
- Conjoint simulation vs. in market test
```
32
Qualitative research
often best suited to initial market explorations
| - Not oriented not to simple facts but to more fundamental, open-ended questions
33
Quantitative research
generally requires previous knowledge of that market or a good understanding of the specific issues at hand
34
When is Qualitative Used?
Exploratory stage early in product or creative development
To refine the issues and further understand the business situation
Concept testing for creative or new product development
Preliminary step to quantification of findings
35
Reliable
gets same answer over and over
36
Valid
is it the right answer or not
37
Can have ______ w/o _____, but can’t have ______ w/o
| _________
reliability; validity; validity; reliability
38
For experiments: ______ validity in lab; _______ validity in the field
internal; external
39
Types of Probability Sampling
Simple random
Systematic
Stratified (and weighting)
40
Types of Non probability Sampling
Convenience
Purposive
Snowball
Quota
41
Representativeness
*** Unrelated to sample size ***
| having more people who are the wrong people doesn’t make it better
42
Incidence
how hard is it to find people that use the product etc
43
Cooperation/response rate
have to encourage people to participate once you’ve found the right people
44
Ethical Considerations for Surveys
Treat respondents in professional manner obtaining informed consent
Adhere to promises of confidentiality/anonymity
Safeguard data security
Follow laws regarding opt-in/opt-out requests for online studies
Collect data for research purposes only to avoid “SUGGING”
45
Response rate
number of people who completed the survey divided by the number of people in the sample eligible
46
Flow of Questions on survey
- screeners
- warm up
- transition
- complicated/specific
- demographics
47
Procedural memory
(tasks) tends to be quite stable
48
Semantic memory
(facts) is highly variable, depending on how often a piece of repeated and how relevant it is
49
Episodic memory
(experiences) extremely volatile and highly subject to distortion
50
Nominal
those that use only labels
51
Ordinal
those with which the researcher can rank-order the respondents or responses
52
Scale measures
those in which the distance between each level is known
53
Interval scales
those in which the distance between each descriptor is equal
54
Ratio scales
ones in which a true zero exists
55
Research program is made up of...
research projects
56
Conjoint
- Instead of asking consumers a single value question, present two different product options each with different attributes and ask them to choose their preferred option.
- By repeatedly asking potential customers to choose or rate each of the product options, researchers can infer the value of each individual attribute.
57
Perceptual Mapping
- Visually display how customers perceive a brand in -comparison to competitors
- Effective because pictures are often more effective than words
- Maps brands or products on coordinates defined by attributes relevant for the category
