Chapter 8 Marketing Lecture Notes Pt 2
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| What is Data | show 🗑
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| show | are facts and figures that have already been recorded before the project at hand.
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| What is primary data | show 🗑
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| What is internal secondary data | show 🗑
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| show | Published data from outside the organization are external secondary data. Includes data published by the U.S. Census Bureau:
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| The latest is the 2007 Economic Census. | show 🗑
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| Advantages of secondary data are: | show 🗑
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| show | May be out of date,if Census data it is collected every 5 or 10 yrs. Census Bureau developed the annual American Community Survey. Defs or categories may not be right for the project. Data are collected for another purpose & may not be specific enough.
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| The two ways to collect new or primary data for a marketing study are by | show 🗑
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| show | Facts and figures obtained by watching, either mechanically or in person, how people actually behave
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| Nielsen Media Research national TV ratings are an example of mechanical observational data collected by a “people meter,” which is a box that | show 🗑
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| show | A single ratings point equals 1 percent, or 1,128,000 TV households. A share point is the percentage of TV sets tuned to a particular program. A 1% change in a rating point means gaining or losing up to $70 million in ad revenue.
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| TV advertisers today have a special problem: | show 🗑
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| show | Other observational data collection methods include watching consumers in person and videotaping them.
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| What is myster shoppers | show 🗑
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| show | When trained observers seek to discover subtle emotional reactions as consumers encounter products in their “natural use environment,” such as in their home, car, etc.
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| show | which are facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors.
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| show | Involve a single researcher asking questions of one respondent
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| What is Depth interviews | show 🗑
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| show | Are informal sessions of 6 to 10 past, present, or prospective customers in which a discussion leader, or moderator, asks their opinions about the firm’s and its competitors’ products, how they use them, and special needs that they don’t address.
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| Personal interview surveys | show 🗑
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| Mail Surveys | show 🗑
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| Telephone Interviews | show 🗑
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| E-mail, fax, and Internet surveys. | show 🗑
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| What is experiments | show 🗑
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| The independent variables of interest | show 🗑
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| The dependent variable usually is | show 🗑
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| What is test market | show 🗑
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| show | Is that outside factors (such as actions of competitors) can distort the results of an experiment and affect the dependent variable (such as sales).
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| Advantage of Primary Data | show 🗑
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| show | far more costly and time consuming to collect than secondary data.
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| What is the difference between observational and questionnaire data? | show 🗑
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| Which survey provides the greatest flexibility for asking probing questions: mail, telephone, or personal interview? | show 🗑
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| show | A panel is a sample of consumers or stores from which researchers take a series of measurements. An experiment involves changing a variable in a customer purchase and seeing what happens.
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| show | The controllable marketing mix factors like product and distribution. The uncontrollable factors like competition and the changing tastes of households or organizational buyers.
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| show | involves operating computer networks that collect, store, and process data.
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| show | The extraction of hidden predictive info from large databases to find statistical links that suggest marketing actions. The success in data mining depends on humans—the marketing managers and researchers in how to select, analyze, & interpret the info.
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| show | Data analysis and findings must lead to recommendations that trigger marketing actions (an ad campaign, a special event promotion, etc.).
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| Implement the Action Recommendations | show 🗑
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| show | Data mining is the extraction of hidden predictive information from large databases to find statistical links that suggest marketing actions. Marketing research identifies possible drivers and then collects data.
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| What is a Sales Forecast | show 🗑
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| Marketers use three main sales forecasting techniques: | show 🗑
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| survey of buyers’ intentions forecast | show 🗑
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| show | involves asking the firm’s salespeople to estimate sales during a coming period.
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| show | To make a lost-horse forecast, begin with the last known value of the item being forecast, list the factors that could affect the forecast, assess whether they have a positive or negative impact, and then make the final forecast.
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