mkt 450 exam 2
Which of the following MR presentation sections contains how you will hook the audience?
B - introduction
Why is market research experiencing so much growth?
Because of data driven decision making and big data
What type of CX survey is strategic in nature? Please select all that apply.
C - Competitive benchmark survey D - Relationship survey
You just got promoted to the executive team of your company and your product is Library automation software. In short, your customers use ONLY your software and thus it's hard to get a true best other competitor because of this. But that is exactly what you. You want to find out your firms Strengths and Weaknesses relative to other Library automation software providers with their customers. What CX survey would you recommend?
Competitive Benchmark Survey
What type of CX survey samples the overall marketplace? Please select all that apply.
Competitive benchmark survey
What other names are used for CX research? What does CX stand for?
Customer experience research
CX research objectives include the following:
A - What is important to our customers? B - How are we performing? C - What should we prioritize to fix or improve?
What is a panel sample? What are the advantages and disadvantages to panel samples? Are panel samples random samples?
A panel are paid people to take surveys. Adv: works for a lot of different kinds of surveys and different categories Disadvantage: not a random sample and it cost money and no they are not random samples.
What is the basic format of a CX survey?
Introduction= thank you for your time and a graphic Priming and classification ( get them thinking about it?) Best competitor (who would you use) Our NPS score Our attribute improvement open end (what they like best) Thank you for your time
What type of CX survey samples our customers? Please select all that apply
D - Relationship survey E - Transaction survey
What are the key sections in a market research presentation?
Executive summary introduction research objectives research method results summary questions
The NPS or Net Promoter Score is a dependent variable in CX research. The NPS allows us to compare our overall performance to different companies, within and outside of our industry. It is a single question that assesses loyalty via a recommendation question. The NPS is NOT an mean score, but instead the percentage of customers falling into different loyalty groups. More specifically, it adds up the % of Promoters and Passives and subtracts the % of Detractors.
False
How do you write the NPS question?
How likely would you recommend our company to a friend or colleague ?
What is a response rate and how do you calculate a response rate (formula)?
IT is the the rate that people response. you take: how many we invited - emails bounce back = clean invites how my respond - low quality response = clean responses clean responses / clean invites
How many respondents do we need to invite to take our survey? How do you calculate this?
To calculate you take a sampling frame multiply it by a response rate and then you get the sample size
What are key aspects in the research methodology section?
To get credibility and convince them in the results you have. Talk about the limitations and what went well and what did not go well.
What type of CX survey is tactical in nature? Please select all that apply.
Transaction survey
What type of CX survey is typical administered on a continual basis? Please select all that apply.
Transaction survey
A Representative sample means getting the right person to take our survey.
True
Concerning market research, US labor statistics predicts 32% job growth, while CNN Money predicts 42% job growth. CNN Money has market research as the #7 job while US News and World Reports has it as a #15 job overall, but the #1 job in business.
True
Concerning the value of visualization, where data meets design, they numbers stand out by changing their color, size, angle, orientation, and they even made the numbers flicker.
True
Getting the right attributes for CX research is critical. When determining the CX attributes, I first look at it from my own perspective. Then, I look at it from the customers" and managers' perspective. Then, I like to directly to customers, asking them if I got the right attributes with the right wording so that they are being interpreted the right way. I also ask if I missed any attributes.
True
In the Dewey Vs. Truman presidential election, a sampling blunder occurred. What happened? They used a phone survey method to get their data and results. At that time, only the wealthy American had phones, so the researchers did not get a representative sample. They got a sample that did not look like the population, and thus their predication was wrong.
True
These are the sections in a market presentation that we will use for every market research presentation in MKT450? 1. executive summary 2. introduction 3. research objectives 4. research method 5. research results 6 summary 7. questions
True
When evaluating CX performance, it is common that we compare ourselves to a best competitor as well as across time.
True
Dear Customer, Each year, our company does an annual survey and we need your help. The survey will assess your needs and provide feedback on how we can improve. The survey will take approximately 8 minutes and can be accessed by clicking on the link below. Rest assured that your responses will be confidential. Survey link.com/6443234 Sincerely,Bob JonesMarket Research Team
Not Appropriate
What does the market look like for a market research career?
Very good, there are lots of jobs and it is still growing
Why do we use a best competitor as a comparison standard? Can we always do that? Why or why not?
We use best competitor to see where we stand with them and how we can improve, we can't always do that because sometimes there is not a best competitor.
What are the research objectives of CX Research?
What is important to our customers? how are we performing? What should we fix or improve?
What do "What, So What, and Now What" mean?
What: what key factors/ highlights so what: whats my interpretation? What does it mean? is it good or bad? Now what: what actions do we need to take?
What are the research objectives of CX Research?
Whats important to the customers? how are they performing? what should we improve?
Under what situations do I need a larger sample size (i.e., 1,500-2,000, slicing)?
When it depends on the size of the population
What are 3 commonly used scales to measure CX attributes? Why does Garver love the table to present these attributes?
all three are on a 1-10 scale Poor to excellent dissatisfied to satisfied angry to delighted
Concerning sample size for predicting results with very large size of populations (Presidential elections in the USA), <blank2> to <blank1>or more responses would yield confidence in the findings for these research studies.
blank1: 2000 blank2: 1500
The formula for the NPS is as follows:NPS = <blank2> - <blank1> (Please use words to insert into the formula
blank1: detractors blank2: promoters
Randomly selected samples means that every participant would have an ________and <_________ chance to be selected in the sample.
blank1: equal blank2: known
In your MR presentation, the results section should always contain the highlights of the results, your interpretation of the results, and what we should do with the results. I like to ask 3 questions, which includes <blank3>, <blank2>, and <blank1>.
blank1: now what blank2: So what blank3: What
In the NPS, customers who give us a 9 or 10 are called <blank1>, and customers who give us a 7 or 8 are called <blank2>, while customers who give us a 6 or below are called <blank3>.
blank1: promoters blank2: passives blank3: detractors
One of my all-time favorite students, Melissa, says that as a market researcher, she tells ______________ to her clients.
campfire stories
Which of the following MR presentation sections contains your elevator speech, where you focus on looking across the key results?
executive summary
On a 10-point scale, is a score of 8.95 a good score?
idk i got this one wrong
The most important career advice I can give you goes as follows: If you ______________ what you do, then you never work another day in your life (fill in missing word)
love
What are the key aspects of the results?
this is the meat and the potatoes of the presentation. It should contain graphs and tables, these are much easier to understand data.
What are the key aspects of research objectives?
to be crystal clear about the objectives, and a specific reason for each method that is research driven.
What are the key aspects of the final summary?
to bring it all together the key findings call for action
Market research is experiencing extreme growth as a career path. Why? In part, it is because data-driven decision making and "Big Data" are both becoming popular business concepts.
true
What type of CX survey is typically compared to a best competitor? Please select all that apply.
relationship
Which of the following MR presentation sections contains how you actually implemented the research study?
research methods
Which of the following MR presentation sections contains the broad and specific reasons why you actually conducting the research study?
research objectives
Which of the following MR presentation sections contains 85% of your presentation and would focus on using graphs and tables.
research results
What are best practices for formulating CX attributes
going to actual customers and getting there perspective internal managers perspective get the wording just right find what you missed and fix it
What is the difference between "Hired Guns" or market research consultants and in-house market researchers?
hired guns is when a company brings in people to do market research and in house are the team that the company already processes.
How do we craft an email that encourages people to take our survey?
Personalize it make sure you tell them its important vague purpose confidential please help
How many respondents do we need to have confidence in the results? What are the benchmarks of confidence with sample size?
More is better At least 30=low confidence At least 100=desired minimum and still low confidence 250= feeling groovy
The XYZ company is about to invest $15,000,000 in launching a new product and they need to get this right. The company is "betting the farm" on this launch in order to meet their future sales goals. The key decision makers on this product are purchasing agents and manufacturing directors of manufacturing companies. They have a panel of 500 purchasing agents across a number of industry sectors (retail, government, wholesale, MFG, services, etc.).
NOT Appropriate
How do we calculate and interpret the NPS question?
NPS score is the % of promoters - the % of detractors passives don't count
What is the process of continuous improvement (HINT: the cycle repeats over and over again)?
Start with measurements take data and analysis it improve on opportunities, find strengths and weaknesses fix them Make plans on what you are going to do implement the plans then do it all again later
Top box customers on NPS ( 9s and 10s) buy ______________ times more in revenue than other customers.
2.5
SPAM laws? What is the quality of internal databases?
Laws that won't allow you to send random emails to anybody. and the quality is low
What is the response rate given the information below? Please round to 1 decimal place. ______________%Email Invitations to take the survey = 5,000Email Bounce Backs = 500Responses = 500Low quality responses = 20
10.7
Concerning sample size, ______________ responses would yield somewhat low confidence, and this sample size should really be the desired minimum.
100
How Many Respondents do we need to invite? A transportation company wants to understand the preferences of their customers and they want 250 as a final clean sample. They anticipate a clean response rate of 25%. How many customers need to be invited?
1000
What is the clean response rate? Round to two decimal places with a % (13%) 3,205 were invited to take the online survey. 555 respondents took our survey. 205 emails were bad or undeliverable. In addition, 55 respondents were deemed unusable.
17%
What is the clean response rate? Round to two decimal places with a % (13%) 2,205 were invited to take the online survey. 557 respondents took our survey. 452 emails were bad or undeliverable. In addition, 32 respondents were deemed unusable.
24%?
Concerning sample size, ______________ or more responses would yield confidence in the findings for many research studies.
250
Concerning sample size, we need at least ______________ responses, but this would yield low confidence (really low) and we should view the findings as exploratory in nature.
30
Given the information below, how many customers do we need to send survey invitations to take our survey? ______________100,000 customers in the database.10% project "clean" response rateWe need a final sample size of 300
3000
How Many Respondents do we need to invite? A software company wants to understand the preferences of their customers and they want 300 as a final clean sample. They anticipate a clean response rate of 10%. How many customers need to be invited?
3000
Concerning invitations to take our survey, Coach Garver discussed research that showed that response rates go up by ______________% when the email or letter is personalized.
400
The ABC company just wants to conduct a basic survey study to get a preliminary understanding of customer preferences around a new product idea. Think of this research as a starting point or hypothesis generation, very exploratory in nature, and they really want to know if this idea is worthy of future study, time, and attention. The customers they are interested in are the IT Director for 4-Year Universities. There are approximately 5,500 4-Year Universities in the USA. The sample is not a random sample but instead is a convenience sample (i.e., we had a list of 5000 IT directors at 4-year University across the nation). We have a clean sample of 91 IT directors.
Appropriate
The XYZ company is about to invest $15,000,000 in launching a new product and they need to get this right. The company is "betting the farm" on this launch in order to meet their future sales goals. The key decision makers on this product are end users of a new software solution. Within this group of customers, they believe that there are 3 need-based segments of relatively equal sizes, who the XYZ company must understand. They have a panel of 900 end users from a reputable panel. Please note, panels are not officially random samples. The panel provider is noted for producing quality panels with a number of quality checks.
Appropriate
You just got promoted to CEO, and you want to create a customer-driven culture in your organization for listening to customers, sharing data and results, using data to make decisions, and then implementing those plans. Which of the following is NOT recommended to drive the customer-driven culture.
Evaluated and compensate employee on financial performance
What does it mean to have a representative sample?
It means who do we survey? Aligned with the objective to get the right answer
Is this continuous improvement cycle correct? Continuous improvement starts with CX MeasurementWe share our CX data and results with the entire company We identify strengths, weaknesses, and improvement opportunities We create action plans to fix improvement opportunities We implement those action plans We use CX Measurement to see if actually improved
Yes
If you are managing CX research in your firm, how can you manage (what are the key concepts?) this process to get employees to use the data for decision making and implement those decisions?
You have to get the culture to buy in and listen to the customers, share and analyze the data, use the data for decision making and then implement plan. you need support from your executives, have effective communication and have someone in charge of the process
Why is CX important? What is the relationship of CX concepts (customer satisfaction and loyalty) to financial performance?
it is important because its expensive to require new customers then to retain current ones increase in customer retention equals increase in profits if customers are satisfied then they will stay with us longer and likely buy more from us
What does it mean to have a random sample?
it means an equal and known chance to be selected the sample needs to look like the population
What are the key aspects of an introduction?
the key aspects are to hook the reader and tease them, pretty much anything to get them interested and engaged.