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MR Midterm 1
Study Guide
| Term | Definition |
|---|---|
| Business intelligence | the ability to access data from multiple sources within an organization and deliver it to business users for analysis |
| Marketing intelligence | the process of acquiring and analyzing information |
| Applications of marketing intelligence | -understand the customers (existing and potential) -determine the current and future needs and preferences, attitudes and behavior of the market -assess changes in the business environment that may affect the size and nature of the market in future |
| Role of marketing research in managerial decision making | – Situation Analysis – Strategy development – Marketing program development – Implementation |
| Marketing research | the planning, collection, and analysis of data relevant to marketing decision making and the communication of the results of this analysis to management (link between firm and market through info) |
| Steps in the marketing process | - research purpose (problems and opportunities) - research objectives (question and hypotheses( - value of the research (value of the information vs cost) |
| Components of research objectives | research questions, research hypotheses, research scope |
| Sources of information to develop hypotheses | - draw from previous research efforts - borrow from other disciplines (psychology, sociology, economics, etc.) -manager's experience with related problems, coupled with knowledge and the use of judgment |
| Exploratory Research | - used when seeking insights into the general nature of a problem, the possible decision alternatives, and the relevant variables that need to be considered - hypotheses –vague, ill-defined, or don’t exist |
| Descriptive Research | - provides an accurate snapshot of some aspect of the market environment - hypotheses –exists, not necessarily causal, may be tentative and speculative |
| Causal Research | - used when it is necessary to show that one variable causes or determines the values of other variables - hypotheses –well-defined and very specific |
| Secondary Data | already available |
| Primary Data | collected for a specific research objective |
| Sampling error | Difference between a measure obtained from a sample of population and the true measure that can be obtained only from the entire population |
| Non-sampling error | All other errors associated with a research project |
| Key Uses of Secondary Data | - act as a prerequisite to collected primary data - help in designing the data collection process - help in defining the population / sample / parameters - can serve as a reference base to compare validity of primary data |
| Key Uses of Secondary Data (contd.) | - identify consumer trend - obtain industry information - estimating demand - selection of target market, trade areas, and facility locations |
| Geocoding data | involves combining geographic information with demographic and psychographic information (secondary data) |
| Benefits of secondary data | - quick - less expensive – sometimes only way to obtain data |
| Limitations of secondary data | - not meet the current data requirements - questionable accuracy and reliability – old |
| Internal Records | Data originated in the organization |
| Selection bias | the bias introduced by the selection of individuals, groups, or data for analysis in such a way that proper randomization is not achieved, thereby failing to ensure that the sample obtained is representative of the population intended to be analyzed |
| Mortality effect | a problem that arises when employing a longitudinal design and participants who start the research process are unable to complete the process |
| Testing effect | the finding that taking a test on previously studied material leads to better retention than does restudying that material for an equivalent amount of time. |
| Standardized sources of marketing data | consist of data that have been collected and compiled according to some standardized procedure |
| Pros of standardized sources of marketing data | - multitude of information users having common information needs - when cost of satisfying individual user's need is prohibitive - the increasing use of scanner systems at the check out points |
| Retail store audits | every two months, a team of auditors from a research firm visits a sample of stores to count the inventory on hand and record deliveries to the store since the last visit; used to measure a retailer's effectiveness and efficiency |
| Information from Retail Store Audits | store audits can tell you what’s happening ‘on the ground’; how much product is moving and observable information (shelf prices, display space, special displays, etc) |
| Nielsen’s auditing services cover four reporting groups: | - grocery products - drugs - other merchandise - alcoholic beverages |
| Contents of Nielsen Audit Report | • Sales • Distribution • Selling prices • Retailer support • Media advertising • Special analysis |
| Consumer Purchase Panels | cover the gap between store audits/warehouse withdrawal services and actual purchases |
| Home audit approach | panel member agrees to permit an auditor to check the household stocks of certain product categories at regular intervals |
| Mail diary method | panel member records the details of each purchase and returns the diary by mail at regular intervals |
| Why we call it “Panel”? | • Representative sample of households • Records all purchases made over time (cross-section/time series) |
| Applications of Standardized Data | - Measuring Promotion Effectiveness - Measuring Ad Exposure & Effectiveness - Estimation & Evaluation of Models - Measuring Product Sales & Market Share |
| Quantitative research | numbers and statistics |
| Qualitative research | deals with words and meanings |
| Individual In-depth Interviews (IDI) | • Direction of an interview is guided by the responses of the interviewee • As the interview unfolds, the interviewer thoroughly probes each answer and uses the replies as a basis for further questioning |
| Focus Group | A small number of participants who are led by a moderator in an in-depth discussion on one particular topic or concept. Usually consist of 6 to 12 participants |
| Focus Group Pros | •Getting in-depth information •Enables complex issues to be discussed •Process highlights the differences between consumers •Spontaneity •Quick |
| Focus Group Cons | •Results not directly quantifiable •Difficulty in getting attendees •Minority viewpoints may not be heard or may be exaggerated •Skilled moderator (costly) |
| Observational Method | • Infer consumers’ needs and wants by watching how they behave • Human researcher observes consumer and records notes on consumption related activity (product use, shopping, etc.) |
| Examples of Observational Method | • Direct Observation • Behavior Recording Devices • Content Analysis |
| Limitations of Observational Methods | • Cannot be used to observe motives, attitudes or intentions • More costly and time consuming • May yield biased results if there are sampling problems or if significant observant subjectivity is involved |
| Sources of error in information from respondent | - sampling error - non-response error - ambiguity of question - inaccuracy in response - interviewer error - ambiguity of answer |
| Personal Interview Methods | - door-to-door interviewing - executive interviewing - mall intercept interviews - purchase intercept technique - omnibus surveys |
| Personal Interview Pros | •Question clarification •Lower item nonresponse •More complete answers •Higher participation •Longer interviews •Visual aids |
| Personal Interview Cons | •Lack of respondent anonymity •Poor for sensitive topics •Interviewer bias •Higher cost |
| Telephone interview became... | the dominant method for obtaining information from large samples |
| Telephone interview pros | - low cost - fast |
| Telephone interview cons | •Type of information that can be collected •Screening services •Declining response rate •Declining number of landlines •Sample distortion |
| Self-Administered Survey | • No Interviewer involved • Emailed, mailed, faxed or handed • Process (identify/locate respondents, select a way to deliver questionnaire, wait for feedbacks) |
| Self-Administered Survey pros | • Low cost • Larger sample sizes • Shorter period for collecting data • More representative samples • Survey answered at respondents’ discretion |
| Self-Administered Survey cons | • The identity of the respondent • Whom the respondent consults for help in answering questions • The order in which the questions are exposed and answered • Understanding of the questions |
| Attitude | Mental states used by individuals to structure the way they perceive their environment and guide the way they respond to it |
| Components of Attitude | cognitive component, affective component, behavioral component |
| Cognitive component | - knowledge about the product - importance of assigned attributes - beliefs about the product's performance on different attributes |
| Affective component | - emotions assigned to product - overall liking of product |
| Behavioral component | - expectations of future behavior toward product - past behavior toward product (only use if reliable indicator of future behavior) |
| Nominal scale | - Objects are assigned to mutually exclusive, labeled categories - No necessary relationships among categories (no ordering or spacing are implied) - Only possible arithmetic operation is a count of each category Ex: Are you a resident of NJ? |
| Ordinal scale | - Ranks objects or arranges them in order by some common variable - Does not provide information on how much difference there is between objects - Arithmetic operations are limited to statistics such as median or mode Ex: Rank your preferences... |
| Interval scale | - Numbers used to rank objects also represent equal increments of the attribute being measured - Differences can be compared - Entire range of statistical operations can be employed for analysis Ex: On a scale of 1 to 7, how would you rate... |
| Ratio scale | - Naturally defined zero point - Possible to say how many times greater or smaller one object is than another - Only scale that permits comparisons of absolute magnitude Ex: what is your annual income? How old are you? |
| Attitude Rating Scales | Many ways to present a respondent with a continuum of numbered categories that represent the range of possible attitude adjustments - Classified as: single item scales, multiple item scales |
| Single Item Scales | Only have one item to measure a construct |
| Itemized-category Scales | - It’s the most widely used single-item scales - Respondent selects from a number of limited categories |
| Pictorial Scales (Graphic Rating Scale) | • Commonly used types of Picture • Design Requirement |
| Rank-order Scales | Respondents compare two or more items and rank them |
| Paired Comparison Scales | Ask respondents choose one of the two items in a set based on a specific criterion or attribute |
| Constant Sum Scales | Ask the respondent to divide a given number of point, typically 100, among two or more attributes, based on the relative importance |
| Semantic Differential Scales (SDS) | • Used to describe the set of beliefs that comprise a person’s image of an organization or brand. • Examines the strengths and weakness of a concept described by several attributes. • Respondents rate each attribute object. |
| Likert Scales | Respondent specifies a level of agreement or disagreement with statements express either a favorable or an unfavorable attitude toward the concept under study: “ I always purchase the same brand of shampoo” |
| Open-Ended Questions | • Allow respondents to answer in their own words. • Solicit recall information when researchers do not want to bias an answer by listing alternative choices. • Help identify possible response category options |
| Closed-Ended Questions | • Respondents are given a finite number of responses from which to choose. • Two main ways to ask this kind of questions – Choice from a list of responses – Appropriate single-choice rating on a scale |
| Questions to avoid: | – Leading questions – Complexity: use simple, conversational language – Making assumptions – Ambiguity: be as specific as possible – Loaded questions – Burdensome questions – Double-barreled items |
| The Process of Questionnaire Design | - Planning what to measure - Formatting the questionnaire - Question Wording and layout decisions - Pretesting and correcting problems |
| Typical Layout of a Questionnaire | • Cover letter/Introduction • Screening questions at the beginning. • Interesting and simple questions next. • Involving questions in the middle. • Possibly insert “prompters” • Sensitive questions near the end • Classification questions in the end |
| In a marketing planning process, defining the business scope, setting performance objectives, and establishing competitive advantages is | strategy development |
| Which of the following can be applications of Marketing Intelligence: | - market opportunity identification to build profitable business - marketing mix creation; acquisition and retention of customers - evaluation of market performance |
| Which of the following is not an element of the research objective? | hypotheses which are potential answers to the research questions |
| Descriptive research can be defined as | a snapshot of some aspect of the marketing environment at a particular point in time |
| Sampling error is | the difference between a true measure obtained from the population and a measure obtained from a sample representing the population |
| The most economical and fastest sources of information are generally provided by | secondary data |
| Secondary data may do all the following except | eliminate the need for primary data whenever the required data are specific and topical |
| Which of the following is not an application of the standardized data source | Identifying new international markets |
| Consumer panels make it possible to analyze all of the following except | the effectiveness of the distribution network |
| The tendency for new members of a panel to report unusual levels of purchase is the result of | testing effects |
| A small convenience sample in which there is an interviewer who keeps the discussion centered on a few predetermined topics is known as a | focus group interview |
| Which of the survey methods is least restrictive in terms of the type and form of questions that can be asked | personal interview |
| If a researcher is faced with a sample that is widely dispersed geographically and is limited in budget, the most appropriate survey method would be | mail interview |
| High refusal rates: | are a major source of error, since those who refuse to participate are likely to differ in important aspects from respondents |
| Data on company's marketing expense would be scaled as ________ for analysis | ratio |
| All of the following are true about the sequence of questions in a survey except | sensitive questions should be asked in the beginning before the respondent is tired of the interview |
Created by:
coralis
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