must know for exam

Question 1

six steps of the marketing research process

Answer 1

1) Ascertain the decision makers objective
2) Understand the background of the problem
3) Isolate and identify the problem, not the symptoms
4) Determine unit of analysis
5) Determine relevant variables
6) State the research questions and research objectives

Question 2

Problem definition defined

Answer 2

Stating the general problem and identifying the specific components of the marketing research problem

Question 3

Why is problem definition important

Answer 3

• Critical in setting the directions for all subsequent phases of the marketing research process
• Inadequate problem definition is a leading cause of failure in marketing research projects

Question 4

Advantages of big data

Answer 4

Allows businesses to make more informed data driven decisions that can lead to advantage and growth

Question 5

Random sampling error

Answer 5

The natural variation that occurs by chance when a sample (rather then a full population) is selected

Question 6

95% confidence interval analysis

Answer 6

• We can be at least 95% confident that the true population mean lies between (), as shown by the 95% CI.
• Because the entire CI lies above the neutral value of… this indicates, on average…
• The p value of …. is well below the standard significance level of 0.05 meaning that the results are statistically significant

Question 7

what if the sample increases to 1000?

Answer 7

• the standard error would decrease, resulting in a narrower confidence interval around the mean.
• this would provide a more precise estimate of the population mean
• however the mean itself may not change, so the … would remain the same, but with greater confidence and accuracy

Question 8

critical p value

Answer 8

The typical critical p-value (significance level) in marketing research is 0.05. This means results are considered statistically significant if p < 0.05.

Question 9

chi-square test of independence

Answer 9

Used to determine whether there is a significant association between two categorical variables

Question 10

what is the null hypothesis

Answer 10

The null hypothesis always states that there is no relationship or no difference between the variables being tested.

Question 11

tests of association analysis

Answer 11

• we are at least 95% confident in this finding because the p value (0.004) is far below the critical value of 0.05, indicating a very low probability that the observed association is due to random sampling error

Question 12

chi square test analysis

Answer 12

• there is strong evidence of ____ as the chi-square value is___ with a p-value of ___ which is well below the 0.05 threshold, indicating a significant association

Question 13

True/False: There is strong evidence that there is a relationship between the independent and dependent variables in the analysis table below.

Answer 13

The ANOVA table shows an F-value of 164.61 with a p-value less than 0.0001. This is well below the standard significance threshold of 0.05, providing very strong evidence of a statistically significant relationship between entertainment value (independent variable) and recommendation likelihood (dependent variable). Therefore, we reject the null hypothesis and conclude that a significant relationship exists.

Question 14

Using complete sentences, how would you communicate the meaning of this R-squared statistic to clients?

Answer 14

The R-squared value of 0.4540 means that approximately 45.4% of the variation in users’ likelihood to recommend the app can be explained by how entertaining they find the app. This suggests a moderately strong relationship: entertainment value is an important predictor of whether users will recommend the app to friends and family, although other factors may also contribute.