MKT 352 Exam 2

What are the key types of unstructured data?

-social data -mobile data -omni-channel transactional data

What are the three V's of big data?

-volume -velocity -variety -there could be a fourth dimension: VALUE (usually considered when implementing not analyzing)

How do you profile customers in standardized marketing information?

GEODEMOGRAPHY -The availability of demographic, consumer behavior, and lifestyle data by arbitrary geographic boundaries that are typically quite small. --Tabulating Census data by Area --Updating Census data through extrapolation --Performing analysis on census data.

What is a cross-sectional study?

Investigation involving a sample of elements selected from the population of interest that are measured at a single point in time.

What are the advantages and disadvantages of stimulated test marketing?

(includes virtual test markets) Advantages: they protect a marketer from competitors, they are faster and cheaper than full-scale tests, and they are good for spotting weak products. disadvantages: cannot provide information about firms ability to secure trade support for a product or indicate what competitive reaction is likely to be.

What is social data?

-"Voice of the Customer" Data: unstructured posts on social media networks such as Facebook, Twitter, Google+, YouTube, Instagram, LinkedIn, Tumblr, Pinterest, etc. -Social Network Analysis: a popular tool for studying the social connections between people.

How do you measure product sales/market share in standardized marketing information?

-(Online) Diary Panels --Products purchased by households. --Keep track of purchases over a period of time -Scanners --electronic device that automatically reads the bar code imprinted on a product --Retailers rather than panels of customers --Vast majority of transactions tracked via scanners.

What are the key challenges of big data integration?

-Access to and retrieval of data (including data integration) -Analytic skills -Firm integration of big data

What are the attitudes?

-An attitude is an individual's overall evaluation of something. --Marketers often measure people's attitudes toward companies, products, and services. They also measure many "attitude-like" variables including value, quality, and satisfaction.

What are intentions?

-Anticipated or planned future behavior. --Marketers often need this type of information to assess demand for a product or service. --Estimating demand for products and services accurately is one of the most difficult tasks a marketing researcher faces.

What is the value of big data?

-Companies around the world are investing in big data analytics to improve services and increase revenues. -In a 2012 study of business executives and managers across 18 countries, --91% of companies were working with big data --75% planned to make additional investments --73% had increased revenues due to big data

What is the evidence of casualty?

-Consistent variation—evidence of the extent to which X and Y occur together or vary together in the way predicted by the hypothesis -Time order—evidence that shows X occurs before Y -Elimination of other explanations—evidence that allows the elimination of factors other than X as the cause of Y X—the cause Y—the effect -Because we can never know for certain that we have eliminated all other possible causes of an effect, we can never state with certainty that X caused Y. Therefore, we cannot prove causality.

What is omni-channel transactional data?

-Data that are connected to a particular purchaser across multiple purchasing channels. Data across different platforms in potentially different formats are collected and tied together.

What is structured data?

-Data that can be written into rows on a spreadsheet or database based on standard column headings -Examples: transactional data, customer profile information obtained from registration materials or other souces

What are the key issues for collecting information by observation?

-Degree of structure (structure or unstructured) -degree of disguise (disguised or undisguised) -setting (natural or contrived) -method of administration (human or mechanical)

What types of primary data are there?

-Demographic/socioeconomic characteristics -Personality/lifestyle characteristics -Attitudes -Awareness/knowledge -Intentions -Motivation -Behavior

What are the three types of big data analyses?

-Descriptive -predictive -prescriptive

Secondary Data: Consumer Panel Data EXAMPLE

-Detailed records of purchasing activity by the same people (household) over an extended period of time -Scanner system -NPD / IRI Consumer Panel / AC Nielsen -Geographically and demographically balanced to provide an accurate picture of today's market place

What are the three types of primary data research?

-Exploratory Research -Descriptive Research -Casual Research -They do not have to go in any order

What are the awareness/knowledge?

-Insight into, or understanding of facts about, some object or phenomenon. --Marketers often want to know what individuals know or believe about products, brands, companies, advertisements, and so on.

Why use observation research?

-Observation is often the best method for generating valid data about individuals' behavior. -It does not need to be sophisticated to be effective! For example, using communication methods we can ask a consumer to estimate how many jars of peanut butter he purchased at a particular store in the past year. With observation research, we can KNOW how many jars he purchased at that store in the past year.

What are the demographic/socioeconomic characteristics?

-Often used to divide a population into groups (for example, for market segmentation purposes) -some commonly measured variables: age, education, gender, income, occupation, ethnicity, social class, marital status

What are the three common uses of information supplied by standardized marketing information services?

-profile customers -measure product sales and market share -measure advertising exposure and effectiveness

What is exploratory research?

-Research conducted to gain ideas and insights to better define the problem or opportunity confronting a manager. examples: Take vague questions and turn them into research questions. Our market share of sales is slipping? Why? Gather insights and develop research problems.

What is descriptive research?

-Research in which the major emphasis is on describing characteristics of a group or the extent to which variables are related. Examples: "Typical" market research Sample surveys Rate brands along dimensions and benchmarking Estimate proportions Includes predictive analysis

What is field experiment?

-Research study in a realistic situation in which one or more independent variables are manipulated by the experimenter under as carefully controlled conditions as the situation will permit -Online retailers are in an ideal position for conducting field experiments by testing different types or levels of marketing variables simultaneously and examining actual customer response. Example: room with a view

What is an experiment?

-Scientific investigation in which an investigator manipulates one or more independent variables and observes the degree to which the dependent variables change. -The basic point of an experiment is to change the levels of one or more X variables and examine the resulting impact on Y while at the same time controlling (holding constant) other variables that might impact Y in order to support causality.

What is standardized marketing information?

-Secondary data collected by companies that sell the data to multiple companies, allowing the costs of collecting, editing, coding, and analyzing them to be shared. -The data are standardized so that they can be used by multiple companies rather than customized for a specific company.

What is mobile data?

-Smartphone and Tablet Data: data from texting, photo sharing, in-store shopping. -Location-based Services: geo-targeted text messages, mapping services, location-sharing, and location data from call records.

What is a contrived setting?

-Subjects are observed in an environment that has been specially designed for recording their behavior. --"fake" store --computer simulation

What is a natural setting?

-Subjects are observed in the environment where the behavior normally takes place. --Shopping in a store --Using or consuming a product at home

How do you measure advertising exposure and effectiveness in standardized marketing information?

-Television and Radio --Nielsen TV ratings --Arbitron radio ratings -Print Media --Starch Ad Readership (magazine) -Internet --Nielsen Digital Voice --comScore Mobile Metrix -Cross-platform Services --Simmons National Consumer Study --GfK MRI --comScore, WebTrends, Nielsen

What is casual research?

-Type of research in which the major emphasis is on determining cause-and-effect relationships. Examples: Test the effectiveness of proposed changes. Does changing the label effect sales? -the purpose of casual research is to test cause and effect relationships: condition X causes event Y (X --> Y)

What are some examples of mechanical observation?

-Video cameras -Bar code scanners -Response latency -Galvanometer -Voice-pitch analysis -Eye camera

What can we measure by observation?

-We can easily measure things like --Gender --Current Behaviors -We cannot measure things like --Attitudes --Opinions --Motivations --Social Class --Purchase Intentions

What is disguised vs. undisguised observation?

-With disguised observation, subjects are not aware that they are being observed. -Ethical considerations --> Debriefing -With undisguised observation, subjects are aware that they are being observed.

What are the two types of experiments?

-laboratory -field

What are the three purposes of descriptive research?

1. Describe the characteristics of certain groups 2. estimate the proportion of people who behave in a certain way 3. make specific predictions

How to get started when searching published sources of secondary data:

1. Identify what you want to know and what you already know about your topic. 2. develop a list of key terms and names. 3. Conduct an online search of relevant databases and web sites. 4. Compile the information you have found: re work the list of key words and authors if necessary. 5. Consult a reference librarian inside your firm, at a public library, or at a university library. 6. Identify authorities in the subject matter and consult with them.

How can you measure awareness?

1. unaided recall, in which the consumer is given no clues at all 2. aided recall, in which the consumer is given some prompting 3. recognition, in which the consumer is actually shown a stimulus and asked whether or not he or she remembers seeing it.

What is market testing?

A controlled experiment done in a limited but carefully selected sector of the marketplace.

What is observation?

A method of data collection in which the situation of interest is watched and the relevant facts, actions, or behaviors are recorded.

What is communication?

A method of data collection involving questioning respondents to secure the desired information using a data collection instrument called a questionnaire. Examples: -Telephone Interviews -Confidential Surveys -Purchase Diaries -Omnibus Panel Data

What is motivation?

A need, a want, a drive, a wish, a desire, an impulse, or any inner state that energizes, activates, moves, directs or channels behavior toward goals. If we understand what drives consumer behavior, we are in better position to anticipate consumer needs and offer products and services that satisfy those needs.

What are stimulated test markets?

A study in which consumer ratings are obtained along with likely or actual purchase data often obtained in a simulated store environment; the data are fed into computer models to produce sales and market share predictions.

What are standard test markets?

A test market in which the company sells the product through its normal distribution channels.

What are controlled test market?

An entire test program conducted by an outside service in a market in which it can guarantee distribution

Communication VS. Observation

Attribute: -versatility (Communication) -speed (communication) -cost (communication) -objectivity (observation) -accuracy (observation)

Best Western International and Big Data EXAMPLE

BWI uses both structured data (survey responses) and unstructured data (social media, travel websites) to gauge customer response to its hotels. When something negative pops up in social media, the information is matched to the particular hotel and the manager is notified.

What are the two types of panels in a longitudinal study?

CONTINUOUS PANEL A fixed sample of respondents who are measured repeatedly over time with respect to the same variables. DISCONTINUOUS PANEL A fixed sample of respondents who are measured repeatedly over time but on variables that change from measurement to measurement. Danger is that the sample selected is potentially non-representative.

What are the two methods of data collection?

Communication and observation

What is a sample survey?

Cross-sectional study in which the sample is selected to be representative of the target population and in which the emphasis is on the generation of summary statistics such as averages and percentages.

What is unstructured data?

Data that take the form of social media comments, blog posts, other text-based communication, photos, video, audio, or any other form that is not easily arranged in structured format.

What is predictive analysis?

Designed to aid both explanatory and forecasting abilities for the betterment of the firm. Examples: regression analysis, time series analysis, simulation

What is descriptive analysis?

Designed to enhance understanding of available data to benefit firm performance. Examples: data mining, data fusion, neural network analysis, visualization

What is prescriptive analysis?

Designed to optimize the various courses of action available to enhance firm performance. Examples: optimization tools

What are the differences between exploratory and descriptive research?

Exploratory research is very flexible; descriptive research is MUCH more rigid Descriptive research requires the clear specification of 6 elements... WHO, WHAT, WHEN, WHERE, WHY, and HOW ... before data collection can begin.

Chapter 7 intro:

In Chapter 7 we shift our focus onto retrieving existing information from external sources. Some of this external information may end up in the company's DSS; some of it may also be in the form of "big data."

What are the types of variables?

Independent Variable - The variable(s) that are changed by the researcher Dependent Variable - The variable that is effected by the independent variable. Y depends on X (Independent variable) causes a change in (Dependent Variable) and it isn't possible that (Dependent Variable) could cause a change in (Independent Variable). Age causes hair loss Hair loss causes age

What is a longitudinal study?

Investigation involving a fixed sample of elements that is measured repeatedly through time.

What are the classifications of descriptive studies?

Longitudinal (continuous and discontinuous panel) and cross-sectional (sample survey)

What is unstructured observation?

Method of observation in which the researcher has a great deal of flexibility in terms of what to note and record. (Writing a paragraph)

What are the personality/Lifestyle characteristics?

PERSONALITY Normal patterns of behavior exhibited by an individual; the attributes, traits, and mannerisms that distinguish one individual from another LIFESTYLE How individuals live, what interests them, their values, and what they like.

What is laboratory experiment?

Research investigation in which investigators create a situation with exact conditions in order to control some variables and manipulate others.

What are people meters?

People meters attempt to measure which household members are watching which television channels at what times. Each member of the family has his or her own viewing number. Whoever turns on the set, sits down to watch, or changes the channel is supposed to enter his or her number into the people meter, which is an electronic device that stores and transmits this information to a central computer for processing.

Define single-source measurement?

Single-source measurement refers to organizations that have the capability to monitor product-purchase data and advertising-exposure data by household and to relate that information to the demographic characteristics of the household. (consumer behavior, consumer exposure to marketing actions, consumer characteristics)

What are the types of test markets?

Standard, controlled, stimulated

How are stimulated, controlled, and standard test markets compared?

Stimulated - Controlled - Standard Speed: fastest <--> slowest cost: least <--> most Security: most<--> least Accuracy: least <--> most

What are the sources of big data?

Structured and unstructured data

What is disguise?

The amount of knowledge people have about a study in which they are participating.

What is structured observation?

The degree of standardization used with the data collection instrument. Method of observation in which the phenomena to be observed (typically behaviors) can be defined precisely along with the categories used to record the phenomena. (check boxes on a sheet)

What is internal validity?

The degree to which an outcome can be attributed to an experimental variable and not to other factors. Lab experiments tend to have higher levels of internal validity.

What is external validity?

The degree to which the results of an experiment can be generalized, or extended, to other situations. Field experiments tend to have higher levels of external validity.

Big Data

The process of capturing, merging, and analyzing large and varied data sets for the purpose of three key things: -Understanding current business practices -Establishing the processes to yield insightful outcomes -seeking new opportunities to enhance future performance

What is a mystery shopper?

Using disguised observation: Mystery shoppers might be used to gauge the aesthetics and appeal of baked goods displays.

What is behavior?

What subjects have done or are doing. Not what they will do! Will do is intention. Behavioral data might be obtained by observing behaviors or by asking consumers to remember and report their past behaviors.

What is human vs. mechanical observation?

With human observation, individuals are trained to systematically observe a phenomenon and to record on the observational form the specific events that take place. With electrical or mechanical observation, an electrical or mechanical device observes a phenomenon and records the events that take place.

What are the three key issues in market testing?

cost, time, control

variety

the combination of structured and unstructured data collected in "big data" systems

velocity

the pace of data flow, both into and out of a firm

volume

the sheer amount of data being collected in "big data" systems