MKT 232 Exam 1

What is a problem statement? Be able to discuss and identify problem statements.

A concise description of the problem or issues a project seeks to address.

What is the primary difference between cross-sectional studies and longitudinal studies? Explain in detail.

A cross sectional study is an observational study that analyzes data from a population at a single point in time. Longitudinal study is when researchers repeatedly examine the same individuals to detect any changes that might occur over a period of time.

What are the elements of a marketing research proposal? (Statement of the problem, the research objectives, the research method, statement of deliverables, cost, and timetable).

A marketing research proposal includes a summary, objectives, existing knowledge, intended outcomes, target demographics, data collection methods, a detailed research methodology, a project timeline, proposed budget, ethical considerations, and further outcomes.

Pricing research

A research method that aims to discover customers' willingness to pay for a product or a service

What is a variable? How do variables differ from constructs?

A variable is a measurable factor. Constructs are abstract and theoretical.

Discuss in detail these important aspects of secondary data for consideration: what was the purpose of the study, who collected the information, what information was collected, how the information was obtained, and how consistent is the information with other information.

All these pieces of information can impact the research and the way that the researcher utilizes the findings.

What is experiment design? What relationship do researchers want to generate between independent variables, dependent variables, and extraneous variables?

An experiment design is the process of carrying out research in an objective and controlled fashion. The researcher wants to make sure that the manipulation of the independent variable influences the dependent variable.

What is the key difference between an independent variable and a dependant variable? Provide examples for each type of variable.

An independent variable is a variable whose variation does not depend on that of another. An example would be someone's age. A dependent variable is a variable whose variation does depend on the other variables. An example would be a test score.

Promotion research

Any research that helps in the development, execution or evaluation of advertising and promotion

What is Big Data? How much data is gathered daily?

Big data is large, diverse sets of information that grow at ever-increasing rates.

What is Customer Relationship Management (CRM) and internal databases? How are each used today in industry?

CRM is a technology for managing all your company's relationships and interactions with customers. Internal databases are any collection of business data compiled using the internal networks.

What is causal research?

Causal research is researching cause and effect relationships.

Who is considered the "Father of Marketing Research"?

Charles Coolidge Parlin

Differentiate between client-side research, supply-side research, and DIY research.

Client-side research is when organizations that supply their own marketing research information. DIY research is facilitated by internet, firms have access to secondary data, online survey platforms and better knowledge of data analysis software such as SPSS. Supply-side research is when external suppliers hired to fulfill a company's marketing research needs.

How are control groups used by researchers to understand independent variables?

Control groups are used to establish causality by isolating the effect of an independent variable.

What is data mining and micromarketing? According to Kotler and Keller, what are the five primary ways companies use their databases?

Data mining is a special software to sift through a data warehouse to uncover patterns and relationships among different factors. Micromarketing is when the company uses differentiated marketing techniques and develops focused strategies for specific companies.Identify prospects, decide which customers should receive a particular offer, deepen customer loyalty, reactivate customer purchases, and avoid serious customer mistakes

What is descriptive research? What types of questions are answered by descriptive research? (Who, what, where, when, and how).

Descriptive research is research that can describe characteristics or people accurately. Who, what, where, when, and how.

How is digital data tracked? Discuss cookies and device ID

Digital data is tracked by cookies and user accounts. Cookies are text files with small pieces of data.

Review Insight 2.3 on page 31. What must researchers do in terms of Duty of Care and their Responsibilities to Clients? Duty

Duty of care is a legal obligation that is imposed on an individual. Researches must make sure that all the information is communicated, the rules are clear, and that everyone's emotions are accounted for.

What are extraneous variables? Provide examples of extraneous variables.

Extraneous variables are variables that may or may not affect the outcome of the experiment. An example could be time of day.

What are geolocation data? Why is this often at the base of segmentation a market?

Geolocation data is information that can be used to identify an electronic devices physical location

How did researcher A.C. Nielsen and George Gallup use marketing research?

George Gallup was the pioneer of survey sampling techniques. A.C. Nielsen began radio audience research.

Differentiate between the services provided by GreenBook, Blue Book, and Quick's Researcher SourceBook.

GreenBook provides information on how to appraise policies, programs, and projects. Bluebook provides information on credit and in-depth business information for the worldwide produce market. Quick's Researcher SourceBook provides information on specific types of data or industries.

Product research

How you validate a product idea and see if it'll be successful or not

What is a hypothesis? How are these statements typically written?

Hypothesis is proposed explanation made on limited evidence as a starting point. They are typically written as an "If...Then" statement.

By conducting one research project, a researcher may learn that he/she needs to conduct additional research. Do you agree? Why or why not?

I agree because there are different types of research and each type tells us different information.

What is the earliest known study of marketing research? Who conducted the research, why was it conducted, and what year did this occur?

In the early 1990s for the Curtis Publishing Company. The purpose was to increase advertising for Saturday Evening Post Magazine. Charles Coolidge Parlin conducted the research.

Differentiate between internal validity and external validity

Internal validity is the extent to which the observed results represent the truth in what we are studying. External validity is the extent to which you can generalize the findings of a study and other factors involved.

What are key performance indicators and what are a few examples of key performance indicators for the following: Brand awareness, engagement, sales, return on investment, and quality control?

Key performance indicators are a quantifiable measure used to evaluate the success of an organization in meeting objectives for performance. Impressions are a key performance indicator for brand awareness. Turnover rate is a key performance indicator for engagement. Average profit margin is a key performance indicator for sales. Payback period is a key performance indicator for return on investment. Time to respond is a key performance indicator for quality control.

What is a marketing information system (MIS)? What are the four components of an MIS? (Internal Reports System, Marketing Intelligence System, Marketing Decision Support System, and Marketing Research System).

MIS is a system for gathering, storing, analyzing, and distributing valuable marketing data to help marketers make better decisions. The four components of MIS are internal report systems, marketing intelligence system, marketing decision support system, and marketing research system.

How do marketers select test-market cities? Discuss the role the following concepts play in marketer's decisions on a test-market: representativeness, degree of isolation, and ability to control distribution and production.

Marketers select test-market cities where the demographics and purchasing baits mirror the overall market for the product.

What is marketing analytics? What type of data is typically gathered using marketing analytics?

Marketing analytics is the study of data to evaluate the performance of a marketing activity. Data regarding user behavior is gathered.

Define marketing research (AMA definition

Marketing research AMA definition is the function that links the consumer, customer, and public to the marketer through information that is used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve the understanding of marketing as a process

Discuss the following major types of marketing research by technique specialty (See Table 2.2): qualitative, mobile research, sampling, neuromarketing, market segmentation, social media monitoring, field services, and marketing research online communities.

Mobile research is conducting research using mobile devices. Sampling is using different sampling methods to draw samples to suit clients research objectives. Neuroimaging is observing brain activity as consumers are exposed to stimuli such as packages or ads. Market segmentation is to determine firms' target markets, locate these consumers, and determine other characteristics of these consumers. Social media Monitoring is when companies monitor for relevant buzz over the social media and attach meaning for companies and their brands. Field services collect data using a variety of methods.

Who are Nielsen Ratings? What type of data does this firm collect?

National ratings of the popularity of American television shows.

What are omnibus panels? Brand-switching studies?

Omnibus panel is a sample of respondents who are measured repeatedly over time but on variables that change. Brand-switching studies is a change in consumer buying habits in which long-term customers choose to switch to another brand.

What does the Open Data Policy provide marketers and consumers?

Open data policy helps with transparency, efficiency, and innovation.

What are panels? Differentiate the two types of panels: continuous panels and discontinuous panels.

Panels are pre-recruited group of individuals who agreed to provide feedback. Continuous panels is one which the same respondents are sampled repeatedly for successive surveys on a continuous basis. Discontinuous panels are a fixed ample of respondents who are measured repeatedly over time but one variable that change from measurement to measurement.

What is the difference between primary and secondary data? Please provide examples for each.

Primary data is data that has been generated by the researcher through different methods to solve the research problem at hand. An example is questionnaires. Secondary data is data that has previously been gathered and can be accessed by researchers. An example is journal articles.

In constructing a marketing research study, what is a problem, symptom, and marketing opportunity? Be able to discuss the five-step process for defining a problem (Figure 3.2)

Recognize the problem or opportunity. Find out why the information is being sought. Understand the decision making environment. Use the symptoms to help clarify the problem. Translate the management problem into a marketing research problem. Determine whether the information already exists. Determine whether the question really can be answered. State the research objective.

Define research design. What are the three types of research design? (Exploratory, descriptive, and causal). How do these three types vary from one another?

Research design is the overall strategy that you choose to integrate the different components of the study in a coherent and logical way. Exploratory research is when you explore research questions that have not been previously studied. Descriptive research is research that can describe characteristics or people accurately. Causal research is researching cause and effect relationships.

What is a research objective? How do objectives differ from problem statements?

Research objectives describes what you intend your research project to accomplish.

What are the forms of internal secondary data

Sales records, purchase requisitions, invoices, and complaints.

What are methods of conducting exploratory marketing research? What is the difference between key-informant technique and a lead-user survey. Be able to discuss each method in detail.

Secondary data analysis, experience surveys, case analysis, focus groups. Key-informant techniques are when there is specific knowledge about certain aspects. Lead-user survey is a market research tool that has been developed to assist producers in doing certain tasks.

Selecting target markets

Selecting a target market means finding a group of people who have similar needs, perceptions, and interests

What is sentiment and how is the data obtained? Briefly discuss

Sentiment is the overall attitude of investors toward a particular security or financial market. The data is obtained through many different ways such as social media and customer reviews.

Provide examples of external data. List a few sources of second information sources from Table 5.1

Social media, satellite, geolocation, employment data.

Identify the 11 steps in the marketing research process in order and be able to discuss each step in detail:

Step 1: Establish the need for marketing research Step 2: Define the problem Step 3: Establish research objectives Step 4: Determine the research design Step 5: Identify information types and sources Step 6: Determine methods of accessing data Step 7: Design data collection forms Step 8: Determine the sample plan and size Step 9: Collect data Step 10: Analyze data Step 11: Communicate the insights

What is the difference between sugging and frugging?

Sugging is to sell or attempt to sell a product while conducting market research. Frugging is fund raising while conducting market research.

What is the difference between basic research and applied research?

Systematic study directed toward greater knowledge or understanding of the fundamental aspects of phenomena and of observable facts without specific applications towards processes or products

What is test marketing? Differentiate between the types of test markets: standard test market, controlled test market, and the simulated test market. Provide an example for each. What are the pros and cons for test marketing?

Test marketing is a method that aims to explore consumer response to a product or campaign by making it available on a limited basis to test markets before a bigger release. A standard test market is when a company selects a small number of representatives to trial the full marketing mix. A controlled test market is when the research suppliers offer the market a panel of stores. A simulated test market is a staged or artificial marketplace where researchers expose subjects to advertising and other marketing mix the gauge the subjects purchase intent.

Discuss the benefits and disadvantages of using packaged information. What is syndicated data?

The advantage of using packaged information is reducing costs, easier application, and it is more effective for reporting. The disadvantage is that it may cost you extra money and more time. Syndicated data is when the general market data that isn't specific to any singular client.

Discuss the potential advantages and disadvantages of secondary data

The biggest advantage is economics because the researcher does not have to spend money to gather the research. The biggest disadvantage is that it may not answer the researchers specific questions.

Distribution research

The collection and analysis of information related to the sales of a product or brand and its distribution

How is the before-after with control group design utilized to divide subjects into a control group and an experimental group? Please discuss using an example.

The control group is used as a comparison group. The experimental group is the one that is exposed to the marketing variable

What is marketing? What is the marketing concept?

The marketing concept is a business philosophy that holds the key to achieving organizational goals. Marketing is the act of promoting/selling products/services including marketing research and advertising.

What is crowdsourcing?

The practice of obtaining information by using a large number of people

What are symptoms and what role does conducting a situation analysis play in both clarifying and understanding the background of a problem?

They determine the probable cause of the symptoms.

What are the uses of exploratory research?

To gain background information, define terms, clarify problems and hypothesis, and establish research priorities.

Describe the purpose of www.data.gov.

To make the government more open and accountable and to distribute data.

What is the Transparency Initiative?

Transparency initiative is the global standard to promote the open and accountable management.