Module 4: Market Research, Metrics and Analytics

Question 1

marketers gather info they need to gain insight and implement well-designed and executed marketing programs through

Answer 1

market research

Question 2

used to track performance

Answer 2

metrics

Question 3

used to analyze and interpret data

Answer 3

analytics

Question 4

the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation

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market research

Question 5

market research can be conducted either

Answer 5

internally or externally

Question 6

is not perfect at explaining consumer behaviour

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market research

Question 7

reduces the risk and uncertainty of making poor business decisions

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market research

Question 8

set of procedures and processes for collecting, sorting, analyzing and summarizing marketing info on an ongoing basis to help manage data

Answer 8

marketing information system (MIS)

Question 9

numeric data collected and grouped to track performance

Answer 9

metrics

Question 10

help track the success of a marketing program

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metrics

Question 11

what makes marketing a science rather than a suppersitition

Answer 11

measurement

Question 12

metrics give you insights to overcome

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unpredictability

Question 13

metrics are selected based on

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company protocols

Question 14

percentage of sales volume for a product relative to the entire sale volume of the category in which it competes

Answer 14

market share

Question 15

shows how well a brand’s sales are developed in a region relative to the region’s pop size

Answer 15

brand devlopment index (BDI)

Question 16

percentage of total brand sales in a particular region relative to the percentage of the country’s pop in that region

Answer 16

brand development index

Question 17

massive amount of data from traditional and online sources that are used for ongoing analysis

Answer 17

big data

Question 18

big data is broken into 4 dimensions

Answer 18

volume, velocity, variety, veracity

Question 19

is constantly changing, in real time, making it hard for marketers to manage and use

Answer 19

big data

Question 20

shows hos customer behave on the oath-to-purchase

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data

Question 21

2 main types of data

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structured data

unstructured data

Question 22

easily tagged and stored in a uniform database

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structured data

Question 23

can’t be easily categorized as it comes from images, videos, audios, etc.

Answer 23

unstructured data

Question 24

stats, numbers, dates, ages, financial info, and fixed survey responses are examples of

Answer 24

structured data

Question 25

process of taking metrics and applying smart thinking and technology to make better business decisions

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analytics

Question 26

helps answer questions, provide customer insight and predict patterns

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analytics

Question 27

simplest form of analytics

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descriptive analytics

Question 28

focuses on what happened in the past

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descriptive analytics

Question 29

measurement and analysis of website data

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web analytics

Question 30

gain insights from social media interactions

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social analytics

Question 31

uses automated software to classify customers on recency, frequency or purchases and their monetary value

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RFM analysis

Question 32

3 examples of descriptive analytics

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web analytics social analytics RFM analysis

Question 33

RFM analysis refers to

Answer 33

recency, frequency of purchases, and monetary value

Question 34

combines data to show patterns to predict what might happen in the future

Answer 34

predictive analytics

Question 35

can be used to predict future consumer behaviour and to customize offers for specific grouping

Answer 35

predictive analytics

Question 36

processing large amounts of data using software to find insightful correlations and patterns that lead to better business decisions

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data mining

Question 37

swapping out products displayed to customers

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assortment rotation

Question 38

assortment rotation is a popular business strategy for these 2 types of businesses

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brick-and-mortar | online stores

Question 39

when consumer is likely to purchase several items

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concealment is positive

Question 40

when consumer is likely to purchase only 1 item

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concealment is negative

Question 41

can help identify consumer trends, future business opportunities, new product ideas, and determine purchases intent

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market research studies/projects

Question 42

3 types of market research

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exploratory research descriptive research causal research

Question 43

preliminary research used to clarify the scope and nature of a marketing problem/opportunity

Answer 43

exploratory research

Question 44

provides researcher with better understanding of issue and subsequent research is expected to follow

Answer 44

exploratory research

Question 45

used to describe basic characteristics of a population or clarify their usage and attitudes

Answer 45

descriptive research

Question 46

researcher has understanding of the marketing problem/opportunity and is seeking answers to particular question

Answer 46

descriptive research

Question 47

causal research is designed to identify _________ among variables

Answer 47

cause-and-effect relationships

Question 48

purpose is to explain a relationship between 2 variables

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causal research

Question 49

6 steps to the market research process

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1. define problem, issue, or opportunity 2. design research plan 3. conduct exploratory and qualitative research 4. conduct quantitative research 5. compile, analyze and interpret data 6. generate reports and recommendations

Question 50

clarifying the research objectives (should be specific, measurable, and achievable)

Answer 50

define the problem, issue, or opportunity

Question 51

includes an overview of what info us needed to solve the problem, how it will be collected, and if sampling plan is needed

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research plan

Question 52

process of gathering data from a subset of the total population

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sampling

Question 53

collected using precise rules so the probability of a specific element of the population being selected is known

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probability sampling

Question 54

using arbitrary judgement to select a sample with the chance of selecting particular element of the population being unknown or 0

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non-probability sampling

Question 55

marketers collect 2 types of research data

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secondary and primary

Question 56

new data collected

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primary data

Question 57

data that is readily available at low cost

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secondary data

Question 58

secondary data can include

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external and internal data

Question 59

informal interview where group of ppl are brought together to discuss topics surrounding market research problem

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focus groups

Question 60

interviews where researcher discusses topics with an individual in a conversation

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in-depth interview

Question 61

private online forums where respondents can post their responses to questions

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online research bulletin boards

Question 62

provides insightful and descriptive info

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qualitative research

Question 63

not measurable and gathered from small proportion of the consumer base

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qualitative research

Question 64

4 types of qualitative research

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focus groups, in-depth interviews, online research bulletin boards or communities, social listening

Question 65

process of monitoring social media for mentions of your brand, competitors, or products

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social listening

Question 66

generates numerical data that quantifies consumer attitude, opinions and behaviours

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quantitative research

Question 67

designed to be statistically accurate and less open to interpretation

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quantitative research

Question 68

3 principle ways of collecting quantitative research:

Answer 68

observation, surveys, experiments

Question 69

reflects actual behaviour but doesn't allow consumer to provide rationale for their behaviour

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observation

Question 70

measuring changes in consumer behaviour over time to determine reactions to new product intros or new promotional offers

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experiments

Question 71

most common marketing research mistake

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confirmation bias

Question 72

when we interpret customer feedback and we interpret the data in a way consistent with what we already believe

Answer 72

confirmation bias

Question 73

once data has been analyzed, researcher will discuss the results with a

Answer 73

marketing manager