Flashcards in Final Review Ch. 5 Deck (21):
What is SECONDARY DATA?
Information that already exists
What is SAMPLING ERROR? Solution?
Small samples from large populations. Just increase sample size. (2000+)
What is MEASUREMENT ERROR? Solution?
Asking the wrong questions. Just ask the right questions.
What is COVERAGE ERROR? Solution?
Questions asked to the wrong people. Screening questions.
What is NON-RESPONSE ERROR? Solution?
People who abandon their surveys or refuse to answer. Compare non/late respondents and respondents.
Describe CROSS TABULATIONS (research analysis)
Based on frequency count. Specific attitudes or behaviors that occur more often than expected.
Describe ANALYSIS OF VARIANCE (research analysis)
Based on averages and variability around an average. Looking for averages that differ beyond what variability would suggest.
Describe REGRESSION (research analysis)
Divides variables into predictors and outcomes. Estimates how changes in a predictor impact changes in an outcome.
Describe FACTOR ANALYSIS (research analysis)
Groups together highly correlated variables. Simplifying a data set by identifying correlated variables and grouping them into factors.
Describe CLUSTER ANALYSIS (research analysis)
Groups together respondents that answer survey questions in similar ways, have similar demographic profiles, or have similar behaviors. Used to divide markets into segments.
Describe DISCRIMINANT ANALYSIS (research analysis)
Combines factor analysis and cluster analysis. Used to generate perceptual maps depicting relationships between brands and brand attributes.
Describe MAX-DIFF ANALYSIS (& TURF analysis)
Presents a set of attributes or alternatives for which respondents indicate most/least important or most/least appealing. Used to determine choice preferences. Can also be used for TURF analysis (provides info for allocating media spending for optimal reach and frequency)
Describe CONJOINT ANALYSIS (research analysis)
Deconstructs products into component attributes, estimates the value of each component attribute, and then reconstructs existing and potential products in a way that allows researchers to estimate the value of each product. Used to aid in product development and pricing.
What is the PRIMARY FUNCTION OF MARKETING RESEARCH? (GOAL)
To support marketing decisions
What are the 5 steps to GOOD MARKETING RESEARCH?
1. Specific and relevant questions
2. The data sample is relevant
3. Analytical methods give clear answers
4. Recommendations support marketing decisions
5. Research report is flavored with the "voice of the customer."
Explain MARKETING = ART + SCIENCE
ART is golden gut (your own intuition)
Science is marketing research
True or false? If the cost of a wrong assumption is less than the cost of research, you should not do the research.
What is CAUSALITY?
A causes B
What is CORRELATION?
A and B occur simultaneously
What are the 3 Causality & Correlation "Rules?"
1. Causality typically leads to correlation
2. Correlation does not load to causality
3. Correlation does not even imply causality
*Believing correlation does imply causality is a shamefully common mistake among managers