SOBA 202 final exam

◦There's too much evidence ◦There's not enough good evidence ◦The evidence doesn't quite apply ◦People are trying to mislead you ◦You are trying to mislead you ◦The side effects outweigh the cure ◦Stories are more persuasive anyway

What Makes It Hard to Be Evidence Based?

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Why teamwork works

Directive people are efficient, logical, practical, and systematic in their approach to solving problems action oriented, decisive, and like to focus on facts Analytical considers more information and alternatives Conceptual takes a broad perspective to problem solving likes to consider many options and future possibilities Behavioral supportive, receptive to suggestions, show warmth prefer verbal to written information

decision making styles

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• How should one enhance cohesiveness in Teams?

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• Identify the roles within the buying center

•Devil's advocacy •process of assigning someone to play the role of critic to voice possible objections to a proposal and thereby generate critical thinking and reality testing •Dialectic method •process of having two people or groups play opposing roles in a debate in order to better understand a proposal

what is programmed conflict?

Compensatory decision rules assume that the consumer, when evaluating alternatives, trades off one characteristic against another, such that good characteristics compensate for bad characteristics. Sometimes consumers use non-compensatory decision rules in which they choose a product or service on the basis of a subset of its characteristics, regardless of the values of its other attributes.

· Be able to evaluate alternatives based on compensatory and non compensatory models

1. need recognition 2.information 3. evaluation of alternatives 4. purchase •Increase Conversion rate •Reduce real or virtual abandoned carts •Merchandise in stock •Reduce the actual wait time) 5. post-purchase experience Firm's attempt to reduce dissonance by reinforcing the decision Thank you letters, congratulations letters, quality ratings demonstrating correct product use, building realistic expectations, providing a money back guarantee, encouraging feedback, and periodically making contact with customers.

· Describe the phases of the consumer decision making process? Be able to identify which activities belong to each phase?

Firm's attempt to reduce dissonance by reinforcing the decision Thank you letters, congratulations letters, quality ratings demonstrating correct product use, building realistic expectations, providing a money back guarantee, encouraging feedback, and periodically making contact with customers.

· How do marketers try to achieve customer satisfaction and loyalty?

Marketers know by observing human behavior, by talking to people, by measuring human responses to various stimuli

· How do marketing researchers find out about customers?

•Define the Objectives and Research needs(•What information is needed to answer specific research questions?/•How should that information be obtained?) •Design the Research Project •Collect Data •Analyzing data and developing insight •Develop and implement an action plan

· Know the phases of the marketing research process- what each entail?

-focus groups -in depth interviews(•to obtain detailed insights and personal thoughts •to probe informants' motivations, feelings or beliefs) -projective techniques -observation

· Know the types and differences between the four main qualitative research methods

1. functional{performance of product}/psychological{personal gratification}) 2. internal{the buyer examines his or her own memory and knowledge about the product or service}/external, the buyer seeks information outside his or her personal knowledge base 3. internal(more search activities) external (fate) 4.Universal sets include all possible choices for a product category. A subset of the universal set is the retrieval set, which are those brands or stores that can be readily brought forth from memory. Another is an evoked set, which comprises the alternative brands or stores that the consumer states he or she would consider when making a purchase decision.) 5. Evaluative criteria consist of a set of important attributes about a particular product. Determinant attributes are product or service features that are important to the buyer and on which competing brands or stores are perceived to differ.

· The difference functional and psychological needs, internal and external search; internal and external locus of control ; universal, retrieval and evoked set; evaluative criteria and determinant attributes

◦Reference group(s) ◦Any group that positively or negatively affects values, attitudes, or behavior: Actual Aspirant Dissociative ◦Opinion Leader--A knowledgeable, accessible individual who provides information about a specific sphere of interests to followers ◦Family decision making: Autonomic—equally shared decision-making Husband-dominant—husband makes decisions Wife-dominant—wife makes decisions Syncratic—decisions made jointly

· The types of social influences ( reference group (actual, aspirant, dissociative opinion leaders), family decision making types

Primary = data collected directly from respondents Secondary = at some other time, for some other purpose, but is relevant to the current investigation Quantitative data is information about quantities, and therefore numbers. qualitative data is descriptive, and regards phenomenon which can be observed but not measured, such as language.

· Types of data ( primary/ secondary) (qualitative / quantitative) - be able to identify which if you received a hypothetical scenario

•Physical surroundings •Social surroundings •Time •Purchase Use •Buyer's condition (mood, etc)

· What are situational factors? List some of these?

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· What are the buying decision influences?

DRIVERS: •Previous experience • Price • Level of interest • Perception of risk/consequences • Degree of social visibility

· What are the different levels of involvement? What drives involvements? how are they related to product attitudes and consumer buying decisions ?

1.The extent to which an individual conducts an external source depends on such factors as the perceived risk of purchasing a product, knowledge, prior experience, and level of interest in the good or service. The external search is also influenced by the consumer's confidence in decision making. If a consumer has prior experience, he/she will spend less time searching.

· What are the factors based on which consumers will decide to be engaged in internal or external search?

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· What are the five main types of risks ? be able to recognize each in a hypothetical scenario

•How we perceive things •How we interpret things •Motives •How we learn •Attitudes •Our personality •How we see ourselves Learning:Changes in thought processes & behavior caused by information & experience. motives:•Something that causes a person to act attitudes: Enduring evaluation of, feelings about, & behavioral tendencies toward an object or idea. Components: Affective — feeling Behavioral— acting, doing Cognitive— knowing, perceiving, reasoning

· What are the psychological influences? What is learning? Motives? Attitudes? Self concept (actual and ideal).

Exploratory Research conducted to gather more information about a problem or to make a tentative hypothesis more specific Descriptive nResearch conducted to clarify the characteristics of certain phenomena to solve a particular problem Causal nResearch in which it is assumed that a particular variable X influences a variable Y

· What are the three main types of research designs? - know the difference

Formal, systematic design, collection, interpretation & reporting Of actionable information Suitable to help marketing decision makers solve specific marketing problems or take advantage of marketing opportunities

· What is Marketing Research? (definition)

•Study of humans as buyers & consumers: •Psychology of purchase & consumption •Sociology of purchase & consumption •Culture of purchase & consumption •Decision processes involved in buying & using products •Behavior of people as they buy products for personal use

· What is consumer behavior?

Retailers use the conversion rate to measure how well they convert purchase intentions into actual purchases. •Increase Conversion rate •Reduce real or virtual abandoned carts •Merchandise in stock •Reduce the actual wait time)

· What is conversion rate? What are the factors that help decrease conversion rates?

database marketing a form of direct marketing using databases of customers or potential customers to generate personalized communications in order to promote a product or service for marketing purposes. panel research is a method for collecting data repeatedly, from a pre-recruited set of people

· What is database marketing and panel research?

Selecting, organizing, & interpreting information inputs to produce meaning Factors in pic

· What is perception and what are the factors that influence perceptions? (e.g. selective retention etc..)

§Universe—all elements, units, or individuals of interest to researchers for specific study §Sample—a limited number of units chosen to represent the characteristics of a universe

· What is sampling ?

◦Social Class = open group of individuals with similar social rank ◦ ◦Individuals in the same social class: develop & assume common behavioral patterns. have similar attitudes, values, language patterns, & possessions. ◦Influences many major life decisions ◦Influences shopping patterns & spending habits

· What is social class? How is it determined and why is it important for marketers?

1.Stay in touch with ever changing customers 2.Understand market opportunities 3.Explore feasibility of marketing strategy 4.Help develop suitable marketing mixes 5.Evaluate performance BETTER DECISION MAKING

· Why is marketing research important? What value /benefits does it offer to marketing researchers?

1.Spur competition among employees 2.Change the organization's culture & procedures 3.Bring in outsiders for new perspectives 4.Use programmed conflict

• Can conflict be constructive?

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• Describe the different types of organizational cultures in B2B context.

•Small number of customers •Less price sensitive •Long-term relationship

• Describe the ways in which business-to-business (B2B) firms segment their markets

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• Explain the process of team development

1.Treat your organization as an unfinished prototype - Don't be concerned that your organization will be ruined by dangerous new ideas or that it is impossible to change because of employee or management resistance. 2.Follow the slogan "No brag, just facts" - Many assertions are made with complete disregard for facts; ignore them. 3.See yourself and your organization as others do - Most managers have inflated views of their own talents and prospects for success. This causes them to downplay risks and continue on the same paths despite evidence that things are not working. 4.Evidence-based management is not just for senior executives - The best organizations are those in which everyone is guided by the responsibility to gather and act on quantitative and qualitative data. 5.Like everything else, you still need to sell it - New and exciting ideas grab attention even when they are vastly inferior to old ideas. You need to grab management's attention by using vivid stories to sell preferred practices based on solid if unexciting evidence. 6.If all else fails, slow the spread of bad practices - It may be necessary for you to practice so-called "evidence-based misbehavior." 7.The best diagnostic question: what happens when people fail? - When something goes wrong, you need to: (1) Face the hard facts. (2) Learn what happened and why. (3) Keep using those facts to make the system better.

• How can we enforce effective evidence based decision making?

making a choice without the use of conscious thought or logical inference. -sources are expertise and feeling "going with your gut"

• How do intuition models work?

attitudes: affective, cognitive, and behavioral; values show what you are willing to work hard for

• How do the hidden aspects of individuals-their values and attitudes-affect employee behavior?

yes because it affects how people perceive and act within the organization; Big Five personality dimensions: extroversion, agreeableness, conscientiousness, emotional stability, openness to experience

• In the hiring process, do employers care about one's personality and individual traits?

employee engagement, job satisfaction, organizational commitment

• Is it important for managers to pay attention to employee attitudes?

•Take baby steps and manage by results •State expectations •Write it down •Communicate, but be considerate •Be aware of cultural differences •Meet regularly

• The challenge of Managing Virtual Teams?

-overly influenced by arbitrary information -thinking can be clouded by the magnetic pull of the status quo -make investments of time and money and sunk costs tether us to prior decisions -prioritize info that confirms our assumption and avoid info that challenges them -overemphasis memorable events -be to confident in our own forecast -be to wary in the face of the unknown -the way we frame a decision can lead down a path we should avoid or obscure a path we ought to take biases are greater discipline and clearer objectives -try reframing the question or seeking out contrary opinions

• What are of the traps to decision making? What are the biases?

•Relaxed Avoidance •Manager decides to take no action in the belief there will be no great negative consequences; This is a form of complacency •Relaxed Change •Manager realizes that complete inaction will have negative consequences but opts for the first available alternative that involves low risk •Defensive Avoidance •Manager can't find a good solution and follows by procrastinating, passing the buck, or denying the risk of any negative consequences •Panic •Manager is frantic to get rid of the problem that he can't deal with the situation realistically

• What are some of ineffective responses to decision making?

•Cooperating •efforts are systematically integrated to achieve a collective objective. •Trust •reciprocal faith in others' intentions and behaviors •Cohesiveness •tendency of a group or team to stick together

• What are some the important factors in building effective teams

rational assumptions: -complete informations, no uncertainty -logical, unemotional analysis -able to make best decision for org. non-rational assumptions: -decision making is always uncertain&risky making it uncertain for managers to make optimal decisions

• What are the assumptions of rational and non rational decision making?

They are less efficient. Their size affects decision quality. •Optimal group size may be 5 or 7 people. •Odd group numbers are best. They may be too confident. Knowledge counts. •Few people dominate or intimidate. •Satisficing: The "good enough" decision. •Goal displacement: Other issues may arise. •Groupthink: Agreeing for the sake of unanimity and thus avoid accurately assessing the decision situation.

• What are the characteristics and disadvantages of group decision making?

•Value orientation - the extent to which a person focuses on either task and technical concerns or people and social concerns. •Tolerance for ambiguity - the extent to which a person has a high need for structure or control in his or her life. •Combining the two dimensions creates 4 styles of decision making.

• What are the different models of decision making?

Dysfunctional conflict conflict that hinders the organization's performance or threatens its interest Functional conflict conflict that benefits the main purposes of the organization and serves its interests •Personality conflict •interpersonal opposition based on personal dislike, disagreement, or differing styles •Intergroup conflicts •Inconsistent goals or reward systems, ambiguous jurisdictions, status differences •Multicultural conflicts occurs when different cultural values and beliefs clash

• What are the different types of conflict ?

What are the distortions in perception that can cloud one's judgement?

• What are the distortions of perception that can cloud one's judgment?

brainstorming, dialectical inquiry, nominal group, polling. rules include: dont judge, assign a moderator, change enviorments, independently prepare, identify goals, set a time limit, avoid groupthink, write everything down, work together.

• What are the four techniques of group decision making ? What are the rules is brainstorming?

-complexity -time and money constraints -imperfect information -information overload -different cognitive capacity, values, skills, habits, and unconscious reflexes -different priorities -conflicting goals

• What are the hindrances to rational decision making?

•Advice teams •created to broaden the information base for managerial decisions •Committees, review panels •Production teams •responsible for performing day-to-day operations •Assembly teams, maintenance crews •Project teams •work to do creative problem solving, often by applying the specialized knowledge of members of a cross-functional team •Task forces, research groups • •Action teams •work to accomplish tasks that require people with specialized training and a high degree of coordination •Hospital surgery teams, airline cockpit crews, police SWAT teams

• What are the purposes of teams?

•Initiator: Doctor •Influencer: Medical device supplier, pharmacy •Decider: Hospital •Buyer: Materials manager •User: Patient •Gatekeeper: Insurance company

• What are the six buying roles? example

1. Identify problem/opportunity 2. Think up alternative solutions 3. evaluate alternatives and select solution 4. implement and evaluate solution main approaches include 1. Intuitive (fast, associative, heuristics&biases) 2. reflective (slow, lazy, deliberate, reasoning, rational)

• What are the steps involved in decision making? What are the main approaches to decision making?

•Avoiding - "Maybe the problem will go away" •Accommodating - "Let's do it your way" •Forcing - "You have to do it my way" •Compromising - "Let's split the difference" •Collaborating - "Let's cooperate to reach a win-win solution that benefits both of us"

• What are the styles of handling conflict

-brainstorming(an idea-generating process that specifically encourages any and all alternatives while withholding any criticism of those alternatives) -nominal group (a group decision making method in which individual members meet face to face to pool their judgements in a systematic but independent way)

• What are the techniques of group decision making?

producers/manufacturers/service providers - convert materials to productsresellers - take product and sell to consumerinstitutions - non-profits (hospitals, schools, churches)government - use tax money to purchase goods and services

• What are the various types of B2B markets?

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• What are the various types of teams?

B2B refers to the process of buying and selling goods or services to be used in the production of other goods and services for consumption by the buying organization and/or resale by wholesalers and retailers. C2C denotes consumers engaging in commerce with each other, usually in an online environment.

• What is B2B marketing? How is it different from C2C?

-satisficing is going with the alternative that is found, but is not optimal -bounded rationality is when the ability to be rational is limited by complexity, time, money, skills, etc.

• What is satisficing and bounded rationality?

•Group •two or more freely acting individuals who share norms, share goals, and have a common identity Team small group of people with complementary skills who are committed to a common purpose, performance goals, and approach for which they hold themselves mutually accountable

• What is the difference between groups and teams?

more older people, more women, more people of color, more open LGBT, differing physical and mental abilities, mismatches between education and workforce needs

• What trends in workplace diversity should managers be aware of?