MKT 450 - Exam #1

0.05

A p value of ______________is the cut off for being significant in this class?

A, B, and C

As stated in the "What is Marketing Strategy" video, what are the three outcomes of a great marketing strategy? Please select the 3 correct answers. a: Satisfied customers b: Competitive advantage c: Financial performance d: 4 Ps e: Understanding of customers f: Market research g: Demographics h: Market Orientation i: Organizational culture

A - too many

Did the researcher ask too many, not enough, or the right number of questions? Customers: Executives buying car 50 Survey Questions a: Too many questions b: Right number of questions c: Not enough questions

Companies really understand a lot less than we think. It is important to learn from what you don't know. Research to validate your assumptions! Many companies can be very wrong about their assumptions. Research gets everyone on the same page in the company.

Do we need market research?

48

Every _ hours, if we don't work with the material, then we forget about 50% of the material.

No

Is the XYZ company market oriented? The XYZ company has a tag line: "Thinking of you" (referring to their customers) The XYZ company has embraced and developed 2 new product and service ideas put forth by customers. Executives of the XYZ company meet with their top salespeople to discuss their perspective of the marketplace. The XYZ company rewards their executives on market share, customer acquisition, new revenues, and profitability. yes or no

1. client objectives (what do they want to know?) 2. design research plan (qualitative or quantitative) 3. collect data 4. analyze data (see what is going on) 5. present results (engage our audience) 6. ensure learning and action (make sure the client gets it, inspire action)

What is the process for conducting market research?

False

Below is the market research process? 1. Objectives 2. Design research plan 3. Collect data 4. Analyze data5. Present Results. T or F

Acceptable

Acceptable or Not? The market research team did a great job of working with their last client. They started off by truly understanding the client's needs and getting a good handle on the objectives of the research. These objectives drove every aspect of the research process. They designed and planned the research to meet these objectives, then collected the data and analyzed the data to meet these objectives. Finally, their research presentation was very Presentation Zen.

Yes

Can customers talk about it? Management wants to know what is most important to customers when making a choice to a buy a new car. In addition, they want to know the decision making process customers undertake.

Yes

Can they talk about it? Management wants to know how to improve their products and services. They want customers to give feedback on what they are doing right, and feedback on how to improve what they are not doing right. Yes or No

No

Can they talk about it? Management wants to know if customers would buy twice as much product if they cut the price in half. Yes or no

Retention

Coach Garver believes that strategy has two parts, which includes a choice strategy and a ____ strategy.

90

Coach Garver believes that students should talk about _% of the time in class.

f - Would you give a $1 to a homeless man? g - All of the above are examples of how respondents were NOT able to talk about their experiences

Coach Garver gave a number of examples where respondents were NOT able to accurately talk about their experiences. Which of the following is NOT an example fem my videos on this topic. a: Marriage counseling, turning up the heat b: Mother's grocery shopping with their little angels c: Coach Garver plays with his hair d: Proposal A, B, or C? e: Would you go to the Opera? f: Would you give a $1 to a homeless man? g: All of the above are examples of how respondents were NOT able to talk about their experiences

In depth interviews are best to be used when you want honest answers from one single person. In depth interviews usually have good energy. They are fast to set up and cheap. Focus groups is best for larger group activities or getting opinions, used with around 6-12 people. You would use focus groups when you want to talk about which bar you should go to on the weekend.

Compare and contrast in-depth interviews to focus groups. Under what circumstances should you use in-depth interviews? Under what circumstances should you use focus groups?

10

Concerning the number of scale points to measure satisfaction or any attitudes, the ______________ point scale is used by U of M CSI and JD Powers.

1. best lecturer = worst active learning. This is important because the students are not really taking anything away from the class/lecture. Active learner is a better way to learn. This is crucial for teachers to know so that their students can do better in the class, in future jobs, etc. 2. Understanding and remembering is one thing, but it is very important to DO and CRITIQUE! 3. Competition drives us. This is a fun way for students to learn the material and remember it. Students can learn so much from one another. 4. 95% of students remember the information that they teach to others. This is great for teachers to use for group activities so students can recall crucial information, making learning more fun essentially. Letting the student be the one to learn the information then have to teach it to another is something that will benefit BOTH students in my opinion.

Given the topics in the podcasts, which ones do you think are the most important for teachers to remember? Why?

1. Talent is over rated! Your work ethic is most important. If you are passionate about something, you will go far. Not everyone starts off as being the best in whatever subject they are in, but with hard work and dedication, you can become the best. 2. We are hardwired to remember stories! I have so many experiences with this and think it has helped me tremendously in my academic career, even as a young girl.

Given the topics in the podcasts, which ones do you think are the most important for you as a student to improve your own learning? Why?

Defines learning as "A year later what do you know?".

How does Coach Garver define learning?

a - MR provides understanding of customers in the marketplace d - MR results should drive the development of marketing strategy

How does market research (MR) fit with marketing strategy? a: MR provides understanding of customers in the marketplace b: MR leads to higher market share c: MR is based on demographics but should drive the development of marketing strategy d: MR results should drive the development of marketing strategy e: All of the above are correct f: None of the above are correct

market research will provide us with the information and insight we need to formulate a strong marketing strategy that retains customers, gains new ones, and makes a profit.

How does market research fit in with market strategies?

If you want a deep understanding of your customers it takes market research, time, and money to do so. Your marketing strategy relies on how well your market research is. If you don't research and understand your customer at a deep level, your strategy will not be as strong as it could and your outcome will be poor. Poor marketing research leads to poor marketing strategy which then could result in unsatisfied customers.

How does market research fit with marketing strategy?

Hybrid assignments and competitions ??

How many assignments are worth the most points?

0

How many points do you get for just showing up?

Ask enough questions to fulfill your objectives Respect your customers! Its a balancing act If they are interested in the topic, they will give you their time! Busy people = low responses People's jobs will influence this number! EX: Liberians vs. Construction workers

How many questions can we ask, and what influences this number?

B - False

In the feedback & revise part of the survey development process, you will need to take your time and do a number of revisions. Get both positive and negative feedback from people taking your surveys. I like to sit down with them when they are taking the survey (kind of like observation), and I look for their reactions, and I have them verbalize what they are thinking as they are taking the survey. For example, I might ask, "what's missing?" "What's confusing?" The one thing I usually don't do is to get internal employees' or internal customers' perspective. After all, this is about our customers and I want to stay focused on the marketplace. T or F

It is important for companies to have both because they equally help the company. There is usually pressure for businesses to grow. They do this by getting new customers. In order to get new customers, companies can use their current customer base to leave reviews on products or services which can lead to new customers buying their products or services. Research is needed to support these strategies.

Is it really important for companies to have both choice and retention strategies? Why or why not?

No

Is the ABC company market oriented? The executives make their market orientation claims based on the following events and data that support and discuss at their meetings: They now regularly collect (once a quarter) customer satisfaction data that addresses customer needs and their company performance. They conduct focus groups with the customers to gain their perspectives of the marketplace Each executive individually visits a customer once a monthThey review customer complaint analysis on a quarterly basis. Yes or no

No

Is the information provided critical to management in guiding their decisions? A leading-edge software company has been the market leader in a niche market for at least a decade. Yet, times are changing rapidly! A merger in the industry now makes them #2 in the industry, and their once dominant product is now a "me-too" product.Internal managers are arguing over how to regain their dominant position. Some believe that resources should be targeted to improve the software, while still others believe technical support needs improvement. Still others say the price is too high.The CEO suggests that there road back to greatness starts with a deep understanding of the customer, and that the voice of the customer should help guide internal decisions as to what needs improvement. Their market research department has given them the following research results on the road to better understanding customers.Current Customer Base•19% small school districts•72% medium school district•9% large school districts•Average revenue per school = $5,000•60% of decisions are district based•40% of decision are individual school based•Current market share 37%Media•50% of librarians read "Libraries Today"•25% of librarians go to "State Conferences"•30% of District Administrators go to the national conference Yes or No

Not Acceptable

Is the survey question below acceptable or Not acceptable?Did you vote in the last election? Yes or No

No

Is this company company market oriented? •Executives think about customers when setting prices. •Executives always look for efficiencies in their logistics processes. •Executives utilize statistical process control when manufacturing their products so as to satisfy customers. •Executives place real customers in their print ads.

Observation

Management wants to know a detailed process of how customers assemble new furniture, specifically dinner table and chairs. The total elapsed time is approximately 3 hours.

F: all of the following

Market orientation is all of the following except: a: An organizational culture b: An external market focus c: Driven by formal research d: Using research to make decisions (data-driven decision making) e: Balanced scorecard approach f: All of the following are part of a market orientation

Quantitative

Quantitative or Qualitative? Management wants to how to improve their performance with customers. More specifically, management wants to prioritize improvement opportunities so that they can focus on fixing the top 3 improvement opportunities.

Qualitative

Quantitative or Qualitative? Management wants to know all the details about how to improve their performance with customers. They would like an in-depth understanding of why and how to improve their performance with customers.

Quantitative

Quantitative or Qualitative? Management wants to know their firm's strengths and weaknesses for conducting a SWOT analysis. Management would like a ranking of their SWs. Based on this SWOT analysis, management will likely invest over 25 Million $.

A - In-Depth Interviews with students

Researchers want to investigate students selecting a university.

You should use an odd number of scale points because it allows them to be neutral. Even forces them to be positive or negative. Odd lets them sit in the middle on the fence.

Should you use odd or even number of scale points? Why or why not?

What do you think of my survey? Come back to me when you have clear survey objectives. You aren't able to evaluate a survey unless you know these objectives. Survey Mapping Before you write a question, write the objectives clearly in mind. Give the objectives (EX: #1, #2). Show the survey questions that fulfill each of the objectives.

So, what do you think of my survey? Please evaluate this survey? What is my typical answer to these questions? What is survey mapping and how do you do it?

Biased questions: These type of questions usually have some type of positive wording to make the surveyor answer it in a different way. Our company has worked hard to meet your needs. Please evaluate our new product. Fix it by saying: please evaluate our new product 1-5. Don't say the first sentence. How satisfied are you with our food? Fix: satisfied has a positive meaning! Switch it to dissatisfied Wrong type of question data: The answers for this question don't make the most sense with the question. Are you satisfied with our product? Yes or no. Fix: are you satisfied with our product? Rate it from 1(poor)-5(excellent). We want to see interval data, we want levels of satisfaction Double Barreled question: EX: Please rate our food and service? 1 2 3 4 and 5 The issue is there are two questions being asked instead of one! The solution: please rate our food, please rate our service. Make these two separate questions! Not all answer choices represented: EX: what is your favorite color? Options: Red blue maroon and gold. but... What about pink and purple? The solution: put in pink and purple and then the "OTHER" option for surveyor to write in. Socially Undesirable answer choices: EX: please rate our food 1-5 (excellent - poor) A surveyor will be more tempted to just press the number 1. Switch it from 1 poor to 5 excellent. Ambiguous answer choices: How often do you eat pizza? Answers: I don't eat pizza, not very often, on a regular basis? Issue is... how much is "often"? How much is the "regular basis"? How often is different for everyone! Change to times per month. Overlapping Answer Choices: How much tv do you watch on a typical day? Answers: 15-30, 30-60, 1-2 hours, 2-3 hours This happens a lot with questions regarding age. Solution: Change it to 15-30, 31-59, etc. Make sure every minute is accounted for! NO repeats.

Survey Question Common Mistakes: What is "Biased" survey question wording and how would you fix it? What is "wrong type of question data" and how would you fix it? What is a double-barreled survey question and how would you fix it? What is "Not all answer choices represented" and how would you fix it? What does it mean to put "Socially Undesirable Answer Choices First" and how would you fix it? What does it mean to have "Ambiguous Answer Choices" and how would you fix it? What does it mean to have "Overlapping Answer Choices" and how would you fix it?

None of the above

The most points on the syllabus are awarded to? a: Exam 1 b: Quiz Totals c: Competitions d: Final Exam e: Exam 2 f: None of the above

Experiments

The only research tool that can accurately discover causation is ______________.

Generalize

The qualitative camp also has one key limitation or weakness, it does NOT ______________ to the population. The qualitative camp does not allow researchers to translate the results to the entire population or marketplace. Just because we talk to 15 customers, and we know them in-depth, we can NOT assume that the research findings will be the same for the entire marketplace.

No

The statistical test has a p value of .07, is it significant? Yes or No

False

The survey development process has the following steps, which are in the correct order. 1: Data collection method 2: Survey question development 3: Feedback & revise 4: Launch the survey 5: Analyze results. T or F

Don't reinvent the wheel, learn and follow the best practice!

There are different types of surveys, but what is the key advice I give for implementing different types of surveys?

Qualitative and Quantitate

There are two different camps of market research. There is a ______ research camp, which is basically talking to a small number of people about their ideas and opinions, where the data are spoken words and phrases. There is also a ________ research camp, which is basically surveying a large group of people and deals with analyzing survey data with statistics, where the data are numbers.

Client Objectives objectives Goals Defining objectives Client objective Context objective Customer objective Identify objectives Define objectives Client objectives Customer objectives

What is the most important step in the Market Research process? ______________

Anchors only is preferred, on a 5 scale. Good and excellent are psychologically close. Looking at labels makes our brain think they aren't at equal distance. We want equal intervals!

To measure attitudes or opinions, how many scale points should you use and why?

No

Was the Strategy done correctly? The CEO began their strategic planning process by focusing on their current strengths and weaknesses. To get this data, the firm interviewed and surveyed top level employees (Directors, VPs, etc.). After a thorough discussion of their strengths and weaknesses, there was widespread agreement among the different functions in the organization for about half of the strengths and weaknesses, but the remaining strengths and weaknesses found widespread disagreement. The market research team delivered their overall NPS scores, which is an overall measure of loyalty from the perspective of the marketplace. The NPS scores were good but do not supply any strengths and weaknesses from the marketplace's perspective. At this point, the CEO started the functions working on improvement plans for the software, technical support, customer service, and training. By the end of the week, each plan for each functional area was discussed, modified, and approved by the executive team. Yes or No

These critical business skills are extremely relevant and helpful. As a student, your goal is to graduate, get a job, and be successful. Going back to the basics and knowing what is necessary to do this. 1. Critical Thinking - thinking on your feet, being able to debate. This is really important and the foundation of many other skills. You need to be able to think quickly and effectively at any point of your life. 2. "DO" - this goes for any major! You learn so much when you actually DO. 3. Competitive Advantage - Winning. In any job, you will want to "win". This is important because we need to know what we are trying to accomplish. All of these skills help us win. In class, we want to be the best student we can be. We want to "win" the best grade. I do agree with this list, I believe it can be applied to our other classes, internships, jobs, and other activities we do in life.

What are Coach Garver's thoughts on Critical Business Skills that you need for a successful career? Which ones are most important? Do you agree with this list?

When we don't think people can talk about it, using an experiment will help get the answer. Any assumptions a researcher has, can most likely be answered by this method.

What are advantages to using experiments?

Instead of asking people something, just watch them. This is good if you don't think people are going to be honest.

What are advantages to using observation?

G - All of the above

What are some things to consider when deciding whether or not people can talk about their experiences accurately, and from a reliable and valid way? a: do they have experience with the topic b: do they have expertise with the topic c: is the topic "sensitive in nature" that would influence people to lie d: are the people in our study prone to social desirability bias e: is the behavior a latent, sub conscious behavior? f: are memory problems likely due to time or other factors g: All of the above are important to consider

Quantitative Research Strengths: Results deliver to the general population. Weaknesses: Don't get depth and discovery. Qualitative Research Strengths: Depth (going into depth, knowing the why) and discovery (learning about new things).Weaknesses: Not generalize to the population.

What are strengths and weaknesses of both qualitative and quantitative?

Because we want to be knowledgable so that we can do a better job at forming marketing strategies. Having a good strategy means we will make more money.

What do we do market research?

It starts with our brain. Teaching methods today aren't aligned with how the brain works. Teaching methods were invented a very long time ago and we didn't know as much about the brain as we do today.

What does coach Garver argue is the root cause of poor learning?

Experience Expertise Memory Social desirability bias Latent, sub conscious behaviors

What factors would drive customers NOT being able to talk about certain topics?

In order to do an effective job at creating marketing strategies we must always do research! That is key to understanding our customers and building a great strategy. Another key is find a way to WIN! Whatever we are selling, we want to win over the customer and winning puts us at a competitive advantage. It is also important to understand how to retain our customers and get new ones. This is why we want to be thorough with our research and understand the market.

What information do we need to know to do an effective job of creating marketing strategies?

"too important to be left up to the marketers" that means many marketers see themselves as the 4P's, but many don't recognize market orientation. Marketing is about winning, do whatever you can to win! Marketing processes help satisfy customers needs and wants and ultimately build relationships.

What is Marketing?

Market Orientation is a strategy to approach the market place. It is an organizational culture. It is how a company believes, thinks, and does something. It is externally focused and they are focused outside of the normal 4 walls.

What is a Market Orientation?

Marketing Researching is strategic and tactical decision making that provides information and wisdom.

What is market research?

Marketing strategy starts with an understanding. We want to understand our customers and people we want to be our customer. We formulate a strategy after we learn about them. The outcome will be a strong competitive advantage, customer satisfaction, and/or a good financial performance. We want to understand customers, build a strategy, then our outcome will follow.

What is marketing strategy? What's the process of doing marketing strategy? What are outcomes of marketing strategy?

The survey development process is a series of steps we need to go through in order to develop good surveys. Survey objectives - we need to be objective driven Data Collection Method (EX: Is it a mobile device survey? mail survey? etc.) Survey and Question development (create questions and answers) Feedback and Revise (we want to get internal customers feedback. They know their business better than everyone) Launch the survey (invitations to take the survey) Critical to go through these steps!

What is the survey development process, and what are key considerations within each step?

In my opinion, customers can't talk about most market research topics. They can talk but what they are saying is most likely not as reliable and valid as we would like. Majority of people do not have the experience and expertise to talk, although some people may do. As people get older, their memory is not as sharp so we cannot really trust their word. It would make sense to observe people, not so much talk to them. If a marketer was trying to research how college students enjoy online learning, it would not make since for someone that isn't currently enrolled at university to answer this information. My parents have no idea what is it like to learn online, therefore the marketer should not take into my parents results if they took a survey on this. They aren't experienced enough.

What is your opinion? Can customers talk about most market research topics? Give me some of your own examples where customers can and/or can't talk about certain research topics.

C - end

What part of the survey should you put difficult & sensitive questions to answer? a: Beginning b: Middle c: End d: You shouldn't ask difficult & sensitive questions

Observations and experiments.

What research methods would we use if they can't talk about the topic?

a - Ordinal and nominal

What two types of data have limited statistical capabilities? a: Ordinal and nominal b: Ordinal and interval c: Interval and ratio d: Nominal and independent e: None of the above

C - Attribute Importance E- Performance or Satisfaction (SW) F - Improvement Priorities

What type of information would be an input to a SWOT analysis? Please select just one answer. a: Customer Context b: Process c: Attribute Importance d: Preference Levels e: Performance or Satisfaction (SW) f: Improvement Priorities g: Price Sensitivity h: Need-Based Segments i: Demographic information j: None of the above

E - None of the above

What type of variable is the "outcome" variable? a: nominal b: Ordinal c: Interval d: ratio e: None of the above

Beginning Start with easy and interesting question Hook em into the process so they want to continue taking the survey! Middle Start with the most important objectives first Meat and potatoes If they drop out of the survey in the middle, at least they answered the more important objectives End of the survey Difficult and sensitive questions at the end They will want to finish it as soon as they can so they can be done with the survey

What types of questions should you put in the beginning, middle and end of surveys and why?

D- Demographic information

When creating a marketing strategy, there are certain types of information that are critical to have. Which one of the following is NOT critical information to have? a: Attribute Importance b: Performance or Satisfaction (SW) c: Improvement Priorities d: Demographic information e: All of the above are critical

10

When we are lecturing or speaking, we lose about 50% of our audience every _ minutes if we don't change up our delivery.

A - 0.01

Which p value gives us the lowest probability of error? a: .01 b: .05 c: .1 d: .5 e: .90 f: .95 g: . 99

F - none of the above

Which type of data has equal intervals? a: Nominal b: Ordinal c: Independent d: Dependent e: Significant f: None of the above

E - All of the above

Why does Coach Garver NOT like the 4 Ps? a: Because students and practitioners usually start with the 4P first b: Because the focus is on "us" and not the understanding the marketplace first c: Because it ignores customer acquisition and retention strategies d: Because it ignores customer relationships e: All of the above f: Coach Garver likes the 4 Ps

He cringes when he hears the word demographics because it is extremely limited understanding.

Why does Coach Garver not like demographics?

It is because many people and students don't start with understanding, they go straight into the 4 P's. Marketers need to understand the market place on a deeper level, the 4 P's will give us a basic understanding. We should start with understanding the customers and the market place then head into the 4 P's.

Why does Coach Garver not like the 4Ps?

0

You get _% of your promotion points for just "just showing up?"

d - That respondents can talk about their experiences in a reliable and valid way

what is the most basic assumption researchers make when conducting in-depth interviews, focus groups, and surveys? Which of the following answers is the most precise answer? a: That respondents can talk about their experiences b: That respondents want to talk about their experiences c: That respondents will talk about their experiences d: That respondents can talk about their experiences in a reliable and valid way