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Marketing Research > MR Test 1 > Flashcards

MR Test 1 Flashcards

(97 cards)

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1
Q

Market Research

A

systematic search to produce information about market characteristics, e.g., trends, size of the market, company, industry, country information

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2
Q

Marketing Research

A

systematic research to aid marketing decisions

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3
Q

Statistic

A

a single figure E.g., drowsiness contributes to 10,000 auto deaths a year.

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4
Q

Statistics

A

a collection of figures E.g., baseball stats

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5
Q

What is the process for Data to Decision?

A

Data (raw data)-> Process (gather, organize, analyze, interpret-> information -> processing the information -> decision

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6
Q

How is information used?

A

1) Managers use information to make decisions.

2) Managers use marketing information to make marketing decisions.

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7
Q

How are statistics misused?

A

It all depends on how they are interpreted and presented.

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8
Q

What are the 2 broad ares of statistics?

A

1) Descriptive statistics

2) Inferential statistics

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9
Q

Descriptive statistics

A

gathers, organizes, analyzes, and presents numerical data.

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10
Q

Inferential statistics

A

main concern is to find out something about a population based on a sample taken from that population.

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11
Q

What does N stand for?

A

Population

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12
Q

Population

A

“N” Consists of all the individuals/ objects/ measurements we are interested in.

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13
Q

Census

A

A count or polling of the entire population

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14
Q

Sample

A

A portion or subset or part of the population of interest “n”

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15
Q

Sample Unit

A

refers to individual units or members of the sample

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16
Q

How should a sample be taken?

A

As a representative part of a population.

1) it should be selected from the population under study
2) The sample tries to estimate the population

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17
Q

Variable

A

A measurable factor that changes, or varies

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18
Q

Constant Variable

A

factor that does not change

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19
Q

Independent variable

A

a factor that causes or brings about a change (e.g., money spent on advertising)

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20
Q

Dependent variable

A

a factor that is changed (by the independent variable) (e.g., sales)

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21
Q

Variability

A

the amount of dissimilarity (e.g., in respondents’ answers to a particular question)

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22
Q

Qualitative variable

A

the characteristic or variable being studied is nonnumeric in nature eg. Gender, religious affiliation, eye color, state of birth

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23
Q

Quantitative variable

A

when the variable can be reported numerically
eg. Balance in your checking account, ages of company presidents, life of a battery, speed of cars traveling on the Interstate, number of children in a family

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24
Q

Demographics

A 
Characteristics of the population under study
Age
Income
Gender
Family size
Occupation
Education
Religion
Socio-economic status
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25
Reliable
one in which the same respondent responds in the same way to an identical or nearly identical question. “I like the brand” “I think it’s a good brand” “I feel favorable toward the brand” You’ve got to hit the dartboard consistently (reliability)
26
Valid
the accuracy of the measurement; a valid measure is one that is truthful “I like the brand” “I’m very satisfied with the brand” hit the bull’s eye (validity)
27
Questions [on a survey]
need to be both reliable and valid
28
Measurements have to be what two things?
Reliable and Valid
29
Marketing
Marketing is the activity, set of institutions, and processes, for creating, capturing, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large
30
The focus of marketing is?
Exchange
31
Types of Exchanges?
``` Commercial Exchanges Exchange is the focus of marketing In a (commercial) exchange, people give up something of value to others, in order to receive something in return. Monetary - Consumers give up money in order to obtain goods and services Nonmonetary - Olden days – barter – exchanged one item of value for another (no money involved) ```
32
The Marketing Concept
Also known as Market Orientation, Customer Orientation, Market Driven Key point: Put the customer first (The customer is the whole reason for our existence): Customer Satisfaction Customer Loyalty Company can be more successful
33
Marketing Strategy
Select a suitable target segment Design the appropriate “mix” – product, price, place, promotion To best satisfy customer needs in the chosen segment
34
Success in the Marketplace=
“Right Philosophy” + the “Right Marketing Strategy”
35
What are the two types of Research?
Basic Research | Applied Research
36
Basic Research
conducted to expand our knowledge (rather than to solve a specific problem) To improve the marketing process
37
Applied Research
``` conducted to solve specific problems: To identify market opportunities To identify market problems To generate, evaluate, and modify marketing actions To monitor marketing performance ```
38
Online Marketing Research
“The use of computer networks, including the Internet, to assist in any phase of the MR process including problem development, research design, data gathering, analysis, and report writing and distribution.” Connectivity (aided by computers) Used in any phase of the research process Tremendous growth, due to improved effectiveness and efficiency of technologies
39
Web-based research
research about Web applications – e.g., site popularity, visit duration, click-through rates of banner ads, site effectiveness, etc.,
40
Online survey research
collecting survey data using computer networks
41
Marketing Information System
A structure consisting of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers Determine what information is needed Acquire it Distribute it in a timely manner
42
Components of an MKIS
Internal Reports System -Gathers information generated by internal reports -Tells a manager about what has happened within the firm in the past Marketing Intelligence System -Used by managers to obtain everyday information about changes in the environment (external) -Marketing Decision Support System Collected data that can be analyzed using tools and techniques that assist managers in decision making -Marketing Research System Gathers information not gathered by other subsystems Conducted for a specific situation/ problem (“Ad hoc”) Projects have a beginning and end
43
Marketing environment is?
dynamic
44
11 steps in MR
1) Establish the need for MR 2) Define the problem 3) Establish Research objectives 4) determine research design 5) identify information types and sources 6) determine methods of accessing data 7) design data collection forms 8) determine sample plan and size 9) Collect Data 10) Analyze 11) Prepare and present final research report
45
In SPSS, an "I don't know" response to a survey question is entered is entered into SPSS as
-99 or -88
46
Marketing is all about bringing ___________ in the marketplace
exchange
47
SPSS data fl=iles have the _________ extension
.sav
48
________ is known as the right guidig philosophy for marketing
The marketing concept
49
If you were asked to summarize the job of marketing research in one word, it would be _______
information
50
Inferential statistics deals with trying to understand population characteristics based on a _________ from the population.
sample
51
Another way of stating that the marketing environment is constantly changing is that it is _________
dynamic
52
___________ is the process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem
Marketing Research
53
A plan to help me get from where I am to where I want to be, in "business language" is ___________
Strategy
54
"A measurable factor that changes" in marketing research is known as a _______
variable
55
Information
processed data
56
descriptive statistics
gathers, organizes, analyzes, and presents numerical data
57
inferential statistics
attempts to understand population characteristics based on data from a sample
58
census
a count of an entire population
59
sample
a portion of or extract from the population
60
sample unit
individual members of the sample
61
variable
a measurable factor that changes
62
constant
measurable factor that does not change
63
variability
the amount of dissimilarity
64
qualitative variable
the property being studied is nonnumeric in nature
65
quantitative variable
the property being studied can be reported numerically
66
demographics
variables used to describe or define the population being studied
67
reliable
a situation where the same respondent responds the same way to an identical or nearly identical question
68
valid
a measurement that is accurate (true to purpose)
69
problem statement
a single statement that identifies: the company or division involved, symptoms (or signals), possible causes of symptoms. and anticipated used of research information
70
ITBs
a formal document that the manager prepares, inviting different marketing research companies to submit proposals to do research
71
Model
a set of constructs with their relationships specified
72
symptoms
a change in behavior of a market factor that implies adverse consequences or an emerging opportunity
73
information gap
a discrepancy between current information level and the desired information level
74
research objective
these serve to close information gaps; they are specified bits of knowledge that need to be gathered.
75
operational definition
this describes how the researcher is going to measure the construct
76
construct
a marketing variable or concept that is involved in the problem to be researched
77
assumption
assertions that certain conditions exist or that certain reactions will occur if considered action is implemented
78
iceberg phenomenon
a situation where a formal monitor may not present the complete picture of the problem
79
possible solutions
any marketing action that the marketing manager thinks may resolve the problem
80
probable causes
the most likely factors giving rise to the symptoms
81
syndicate research
identical research supplied to all buyers by the MR supplier
82
custom design research
research that addresses a unique problem faced by a company or manager
83
marketing research proposals
a formal document that defines the problem, specifies the resaech objectives, and details the research method
84
uncertainty
lack of information
85
symptoms or problem? profits are down
symptom
86
symptoms or problem? headaches
symptom
87
symptoms or problem? poor understanding of customer needs
problem
88
symptoms or problem? customers are unhappy
symptoms
89
symptoms or problem? viral infection
problem
90
symptoms or problem? strong anti-brand feelings, "I hate Nike"
symptom
91
symptoms or problem? sales decline
symptom
92
symptoms or problem? food poisoning
problem
93
symptoms or problem? not keeping an eye on the competition
problem
94
symptoms or problem? declining popularity
symptoms
95
symptoms or problem? sore throat
symptoms
96
symptoms or problem? poor pricing
problem
97
symptoms or problem? market chare erosion
symptoms

Marketing Research (2 decks)

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