MKT 450 Final Exam

When do you generally use Tables?

- A lot of charts over and over again then use a table - When the focus is on the exact numbers

What are the common mistakes with graphing?

- Clear Title - Not having data labels - Control the axis (7.4-8.5 not good) - No legend - Category labels clear - Font size - Too many decimal places - Not sorted data (Descending order or ascending order)

What is included in the graphing checklist?

- Consistent Scales (no defaults) - Control the Axis? - Order (results or categories) - Data labels - Font size - Delete the legend - Graph is full size - Title: Correct, clear & simple - Truncated & meaningful data labels - Correct & consistent number of decimal places

· When do you generally use radar charts?

- Different and Unique - Good when lots of Variation in the Data (Hi's and low's in %'s)

· When do you generally use Bubble charts?

- Good when we are trying to look at 2-3 different types of data

· When do you generally use scatter plots?

- Good when we are trying to look at 2-3 different types of data - Show datapoints and relationship between two variables (Importance vs Performance)

· When do you generally use pie charts?

- Great when dealing with %'s and everything adds up to 100% - Careful of data overload - No more than 5-7 Categories

· When do you generally use line charts?

- Great when were looking at Data over time (Stock market) - Performance over time - Combo charts using line graph as secondary axis

· When do you generally use column or bar charts?

- Most versatile (Perfect for many CX applications) - Great for Attribute Mean Scores and %'s

· When do you generally use Funnel charts?

- Perfect for showing progressions of customers - Customer life cycle, Different services, Churn - 100% then to different levels

· When do you generally use Combo charts?

- Similar to scatter plots (Two different types of data) - Performance and Importance

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? d. What are customer processes? e. What is the customer context? f. What levels of performance are desired? g. What need-based segments exist?

- What is important to our customer, How are we performing, What should we prioritize to fix or improve

What are best practices with data visualization and when using graphs and tables?

- What's the data telling me? - Does this graph help me tell the story? - What's the message? - Does the graph communicate the message? - Easy to Understand, Simple & Elegant, "Ah, I get it!", Cool, Unique & Different (is good if the first 3 are met^)

The range of possible scores for NPS from low to high are ________ to ________.

-100, 100

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? -That respondents can talk about their experiences -That respondents want to talk about their experiences -That respondents will talk about their experiences -That respondents can talk about their experiences in a reliable and valid way

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

Which p value gives us the lowest probability of error? .01 .05 .1 .5 .90 .95 .99

.01

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

0.05

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.

10

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

10 minutes

What is the response rate given the information below? Please round to 1 decimal place. ______________% Email Invitations to take the survey = 5,000 Email Bounce Backs = 500 Responses = 500 Low 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

Concerning sample size for predicting results with very large size of populations (Presidential elections in the USA), _________ to _________ or more responses would yield confidence in the findings for these research studies.

1500 or 2000

Top box customers on NPS ( 9s and 10s) buy ______________ times more in revenue than other customers.

2.5

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? No commas in answers ______________ 100,000 customers in the database. 10% project "clean" response rate We need a final sample size of 300

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

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

48hrs

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

90%

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

All of the following are part of a market orientation

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? -Do they have experience with the topic -Do they have expertise with the topic -Is the topic "sensitive in nature" that would influence people to lie -Are the people in our study prone to social desirability bias -Is the behavior a latent, subconscious behavior? -Are memory problems likely due to time or other factors -All of the above are important to consider

All the above are important to consider

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

Attribute Importance Performance or Satisfaction (SW) Improvement Priorities

What are the key aspects of the final summary?

Be redundant: Discuss major findings, look across all of the results, give us the meaning again and make a call for action.

Why does Coach Garver NOT like the 4 Ps?

Because students and practitioners usually start with the 4P first Because the focus is on "us" and not the understanding the marketplace first Because it ignores customer acquisition and retention strategies Because it ignores customer relationships

What are the key aspects of research objectives?

Broad objectives Specific objectives for each method Crystal clear on research objectives State research objectives

Which type of graph can chart 3 different types of data? (Select one answer) a. Line graph b. Pie Chart c. Column / Bar graph d. Radar Chat e. Scatterplot f. Bubble Chart g. Combo Chart h. None of the above

Bubble chart

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

Client Objectives

What type of CX survey samples the overall marketplace? Please select all that apply. a. Conjoint survey b. MD survey c. Competitive benchmark survey d. Relationship survey e. Transaction survey f. None of the above

Competitive benchmark survey

What type of CX survey is typically compared to a best competitor? Please select all that apply. a. Conjoint survey b. MD survey c. Competitive benchmark survey d. Relationship survey e. Transaction survey f. None of the above

Competitive benchmark survey, Relationship survey

What type of CX survey is strategic in nature? Please select all that apply. a. Conjoint survey b. MD survey c. Competitive benchmark survey d. Relationship survey e. Transaction survey f. None of the above

Competitive benchmark survey, Relationship survey

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? Attribute Importance Performance or Satisfaction Improvement Priorities Demographic Information All the Above

Demographic Information

The limitation or key weakness of the quantitative camp is that we don't get _______ and _______ , like we get with the other camp

Depth and Discovery

What part of the survey should you put difficult & sensitive questions to answer?

End

Randomly selected samples means that every participant would have an __________ and __________ chance to be selected in the sample.

Equal and known

What are the key sections in a market research presentation?

Executive Summary - Elevator Speech Introduction - "Why should I care?" Research Objectives - Broad Objectives Research Method - How I did the research, Who is the sample, Give audience confidence that the study was done correctly, How we went about designing the survey, Data collection, Limitations ( Results Graphs and Tables Results: Tell us what this means, What? So what? and Now what? Bring it all together: Summary Questions

Explain an Executive Summary to a 5th grader.

Executive Summary = Elevator Speech When your in an elevator with an executive and you have two minutes to talk about the things that are most important and give it some meaning. Strike home on taking action on the data.

Which of the following MR presentation sections contains your elevator speech, where you focus on looking across the key results? a. executive summary b. introduction c. research objectives d. research methods e. research results f. summary g. questions

Executive summary

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

Experiments

Below is the market research process? 1. Objectives 2. Design research plan 3. Collect data 4. Analyze data 5. Present Results T or F

False

If the sample does NOT look like the population, then we would proceed to doing the rest of the analysis. T or F

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

False

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. T or F

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

False

When analyzing the sample statistics, at the end of the analysis and presentation we always want to ask ourselves one important question: Who is the sample? T or F

False

Where do you find the objectives for each analysis class?

Find it in the first video of that YouTube playlist for that analysis class.

Do we give a What? So What? Now What? For each graph, or just in the executive summary / summary?

For each graph we answer all three questions and in the Executive Summary of the big picture

If you are graphing a customer life cycle and their progress through the on boarding process, what is the preferred type of graph you should use? (Select one answer) a. Line graph b. Pie Chart c. Column / Bar graph d. Radar Chat e. Scatterplot f. Bubble Chart g. Combo Chart h. Funnel Chart i. None of the above

Funnel Chart

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.

Generalize

What are key aspects in the research methodology section?

How did you do the research study? Give audience confidence that the research study was done right Who is the sample? How did we go about developing the survey? How we collected the data? Limitations we had

Which of the following MR presentation sections contains how you will hook the audience? a. executive summary b. introduction c. research objectives d. research methods e. research results f. summary g. questions

Introduction

Besides CX surveys, all of the following are other voices in Voice of the Customer research except: a. Won, Lost & Why? b. Compliments and Complaints c. Social Media d. Online Reviews e. Employee Insight f. Big Data g. Key Driver Modeling

Key Driver Modeling

If you are graphing data over time, what is the preferred type of graph you should use? (Select one answer) a. Line graph b. Pie Chart c. Column / Bar graph d. Radar Chat e. Scatterplot f. Bubble Chart g. Combo Chart h. Funnel Chart i. None of the above

Line graph

How does market research (MR) fit with marketing strategy?

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

What are the key aspects of the results?

Meat and potatoes of presentation 85% of time in this presentation is spent talking about all the results and how critical those results are Graphs and Tables Telling the audience what this means What? - What are the highlights of this graph/table So what? - What is your interpretation Now what? - What actions do we need to take

The statistical test has a p value of .07, is it significant?

No

What type of variable is the "outcome" variable? -Nominal -Ordinal -Interval -Ratio -None of the above

None of the above

Which type of data has equal intervals? -Nominal -Ordinal -Independent -Dependent -Significant -None of the above

None of the above

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

Not acceptable

In your MR presentation, the results section should always contain answers to 3 very important questions. Which question highlights the actions that need to be take due to the results? a. What? b. So What? c. Now What? d. None of the above

Now what?

What two types of data have limited statistical capabilities? -Ordinal and nominal -Ordinal and interval -Interval and ratio -Nominal and independent -None of the above

Ordinal and Nominal

If you are graphing demographic data such as political party (democrat, republican, independent, other), what is the preferred type of graph you should use? (Select one answer) a. Line graph b. Pie Chart c. Column / Bar graph d. Radar Chat e. Scatterplot f. Bubble Chart g. Combo Chart h. Funnel Chart i. None of the above

Pie chart or Column/Bar Graph

In the NPS, customers who gives us a 9 or 10 called ________, and customers who give us a 7 or 8 called ________, while customers who give us a 6 or below are called ________.

Promoter, Passives, Detractors

The formula for the NPS is as follows: NPS = ___________ - _________ (Please use words to insert into the formula)

Promoters - Detractors

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.

Quantitative, Qualitative

What type of CX survey samples our customers? Please select all that apply. a. Conjoint survey b. MD survey c. Competitive benchmark survey d. Relationship survey e. Transaction survey f. None of the above

Relationship survey, Transaction survey

Which of the following MR presentation sections contains how you actually implemented the research study? a. executive summary b. introduction c. research objectives d. research methods e. research results f. summary g. questions

Research methods

Which of the following MR presentation sections contains the broad and specific reasons why you actually conducting the research study? a. executive summary b. introduction c. research objectives d. research methods e. research results f. summary g. questions

Research objectives

Which of the following MR presentation sections contains 85% of your presentation and would focus on using graphs and tables. a. executive summary b. introduction c. research objectives d. research methods e. research results f. summary g. questions

Research results

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

Retention

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.

Satisfied customers, Competitive advantage, financial performance

What type of chart can graph 2 different types of data? (Select one answer) a. Line graph b. Pie Chart c. Column / Bar graph d. Radar Chat e. Scatterplot f. Bubble Chart g. Combo Chart h. None of the above

Scatterplot, Bubble chart, Combo chart

In your MR presentation, the results section should always contain answers to 3 very important questions. Which question addresses the consequences of the results? For example, is it good or bad for our company? a. What? b. So What? c. Now What? d. None of the above

So what?

What is a "results signpost" and why do we use them?

Teach the audience how to interpret the results and what they mean. Giving an agenda in a way for what's to come for the results.

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

Too many questions

What type of CX survey is tactical in nature? Please select all that apply. a. Conjoint survey b. MD survey c. Competitive benchmark survey d. Relationship survey e. Transaction survey f. None of the above

Transaction survey

What type of CX survey is typical administered on a continual basis? Please select all that apply. a. Conjoint survey b. MD survey c. Competitive benchmark survey d. Relationship survey e. Transaction survey f. None of the above

Transaction survey

A Representative sample means getting the right person to take our survey. T or F

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. T or F

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. T or F

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. T or F

True

Interconnected CX surveys means that different types of CX surveys have the same questions, with the same exact wording of attributes, with the same exact scales and the same number of scale points. T or F

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 T or F

True

How do you avoid these mistakes when graphing?

Use the graphing checklist

What? So What? Now What? What do each of these mean in regards to interpreting the data?

What - What are the highlights of the graph (Hi and lows), That one is really shocking or interesting So what - Drawing conclusions, Is this good for us? Is this bad for us? Now what - What is the action now? What should we do

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 ____________ , ___________ , and __________ .

What, So what, Now what

In your MR presentation, the results section should always contain answers to 3 very important questions. Which question provides a highlight of the results? a. What? b. So What? c. Now What? d. None of the above

What?

What do "What, So What, and Now What" mean?

What? - What are the highlights of this graph/table So what? - What is your interpretation Now what? - What actions do we need to take

What are the key aspects of an introduction?

Why should I care? Why is this study important? How can you hook the audience Tease the audience a bit Needs to be quick but hard hitting

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 from my videos on this topic. -Marriage counseling, turning up the heat -Mother's grocery shopping with their little angels -Coach Garver plays with his hair -Proposal A, B, or C? -Would you go to the Opera? -Would you give a $1 to a homeless man? -All of the above are examples of how respondents were NOT able to talk about their experiences

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