MKT 232 Exam 1

What is a Extraneous Variable

Factors that can influence the results but are not being studied (e.g., weather conditions in a marketing experiment).

What are Panels

Groups of participants who provide data over time.

Methods of Exploratory Research

Includes secondary data analysis, experience surveys, case analysis, and focus groups.

What are External Data Sources

Includes sources like government reports, industry publications, and syndicated research from companies like Nielsen.

Independent vs. Dependent Variables

Independent Variable: The variable that is manipulated (e.g., price). Dependent Variable: The variable that changes in response (e.g., sales).

The four components of a Marketing Information System (MIS)?

Internal Reports System: Tracks internal data on sales and costs. Marketing Intelligence System: Gathers external everyday marketing information. Marketing Decision Support System (MDSS): Tools to support decision-making based on data. Marketing Research System: Formal studies conducted to address specific marketing problems.

What is marketing? What is the marketing concept?

Marketing: The activity of creating, communicating, delivering, and exchanging offerings that have value for customers and society. Marketing Concept: A philosophy where businesses aim to satisfy customer needs and wants while meeting organizational goals.

Primary vs. Secondary Data:

Primary Data: Collected directly from sources for a specific study (e.g., surveys, experiments). Secondary Data: Already collected data used for another purpose (e.g., government reports).

What is the Transparency Initiative

A movement in the marketing research industry to promote transparency in how data is collected, analyzed, and reported to improve trust.

What is a Marketing Information System (MIS)?

A structured arrangement of processes for collecting and analyzing marketing data.

A.C. Nielsen and George Gallup

A.C. Nielsen founded Nielsen Ratings, specializing in media research, while George Gallup developed public opinion polling techniques

What is the difference between basic research and applied research?

Basic research: Aimed at gaining a deeper understanding of a concept without specific commercial objectives. Applied research: Aimed at solving specific practical problems or answering concrete business questions. (A good example of basic research would be studying the fundamental processes of how cells divide in a lab, while applied research would be using that knowledge to develop a new cancer treatment based on those cell division mechanisms)

What are examples of Key Performance Indicators (KPIs):

Brand awareness: Measured through surveys or recognition tests. Engagement: Metrics like click-through rates and social media interactions. Sales: Dollar value of units sold. Return on Investment (ROI): Profit generated relative to marketing costs. Quality control: Measures related to product defects and service satisfaction.

"Father of Marketing Research"

Charles Coolidge Parlin

Client-side, supply-side, and DIY research

Client-side: Research conducted by in-house teams within a company. Supply-side: Research outsourced to external marketing research firms. DIY Research: Companies conduct their own research, often using online tools

What are Nielsen Ratings

Collect viewership data to measure TV and media consumption.

What are the two types of panels:

Continuous panels: Same measurements taken repeatedly. Discontinuous panels: Different questions asked over time.

Cross-sectional vs. Longitudinal Studies:

Cross-sectional: Collects data at a single point in time. Longitudinal: Collects data over time to observe changes.

What is Data Mining and Micromarketing

Data mining uncovers patterns in large datasets, while micromarketing targets small, specific segments.

What is Geolocation Data:

Data that tracks a person's location, often used for location-based marketing.

11 Steps in the Marketing Research Process

Establish the need for marketing research: Determine if research is necessary. Define the problem: Clarify the issue needing investigation. Establish research objectives: Specific goals of the research. Determine the research design: Decide on the research approach (exploratory, descriptive, causal). Identify information types and sources: Determine what data is needed and where to get it. Determine methods of accessing data: Choose how to collect data (e.g., surveys, interviews). Design data collection forms: Create instruments like surveys or interview guides. Determine the sample plan and size: Decide who to collect data from and how many. Collect data: Gather the required data Analyze data: Apply statistical methods to draw insights from the data. Communicate the insights: Report findings to decision-makers.

Three types of research design:

Exploratory Research: Used to gather preliminary information. Descriptive Research: Describes characteristics of a population or phenomenon. Causal Research: Investigates cause-and-effect relationships.

What is a Problem, Symptom, Marketing Opportunity:

Problem: An issue hindering the company's performance. Symptom: An indicator or result of the problem (e.g., declining sales). Marketing Opportunity: A potential for company growth or improvement.

GreenBook, Blue Book, Quick's Researcher SourceBook:

Publications that provide directories and resources for finding marketing research suppliers and tools

Differentiate the following aspects of marketing research: Selecting target markets Product research Pricing research Promotion research Distribution research

Selecting target markets: Identifying which groups of customers to serve. Product research: Investigates how a product meets customer needs (e.g., design, quality). Pricing research: Determines the optimal price for products based on market conditions. Promotion research: any research that helps with the development of advertising and promotion Distribution research: Examines the best methods to distribute products to consumers.

What are the three types of test markets

Standard Test Market: Launching in a few cities. Controlled Test Market: Using specific retailers to test. Simulated Test Market: A virtual market environment.

Sugging vs. Frugging:

Sugging: Selling under the guise of research. Frugging: Fundraising under the guise of research.

What is Customer Relationship Management (CRM)

Systems that manage a company's interactions with current and potential customers.

What is Test Marketing

Testing a product or marketing strategy in a limited market.

What is crowdsourcing?

The practice of obtaining input or information by enlisting the services of a large group of people

What is Big Data

Vast data sets that are collected and analyzed to understand trends. Over 2.5 quintillion bytes of data are generated daily

Earliest known study of marketing research:

conducted in 1879 by the advertising agency N.W. Ayer and Son to investigate grain and flour buying habits

Define marketing research (AMA definition)

the gathering of consumer data and insights, such as their preferences or needs