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Principles of Marketing - BUS 312, Chapter 8
Kerin, Hartley, Rudelius
17
Marketing
Undergraduate 1
01/31/2012

Additional Marketing Flashcards

 


 

Cards

Term
What is marketing research - Definition?
Definition

The process of defining a problem or opportunity, then systematically collecting and analyzing information to aid in decision making.

 

Define, collect data, analyze, make decision

 

ie. problem price of gas up/opportunity gas alternatives

Term
Why research?
Definition

Reduce uncertainty - gain information

Hard to do well (lots of bad data)

Bad research worse than no research (bad research people are mislead, no research proceed with caution)

 

ie. told pool is 10 ft deep, dive in/actually 2 ft deep w/o information would be cautious. Led to believe people will like a product, mass produce, loose money.

Term
When to perform research
Definition

If the expected benefit exceeds the expected cost.

 

cost is easier to calculate than benefits.

Term
Research Process
Definition

Define problem

Set research objectives

Develop research plan (constraints of time and money and data collection method-surveys)

Collect data

Analyze data

Make decision

Term
Questionnaires
Definition

Very hard to do well due to poor questions.

 

Non-probability samples use people because they are convenient have a known non-zero chance fo being selected.

 

ie. (mall intercepts) not generalizable

Term
Probability Sample - Simple Random Sample (SRS)
Definition

Each sample has a known and equal chance of being selected.

 

Frequently used in research; can generalize

 

ie. deck of cards always 1:52 chance of picking a card. 11 red out of population = 55% red, 45% black + - error factor 6 or 7

Term
Why probability sample?
Definition

to generalize from a probability sample to the population it was taken from.

 

ie. get the views of many people from sampling only a few using statistics to tell us what a sample reveals to us about a population.

Term
Questionaires Types
Definition

Mail survey-takes long time for returns, low return rates, can be annonymous and allows answers at convenience.

Telephone interview-quick, but needs to be short, lot of not at home, or refusals, sensitive issues are a problem.

Personal interviews-expensive can probe, explain questions, but interviewer bias and sensitive issues.

On-line-cheap, can be quick, answers at convenience, automatic tally, not anonymous, low response, self selection bias (only interested answer), sensitive issues about income.

Term
Questionnaire Problems
Definition

Leading and loaded questions lead you to an answer or use loaded words or phrases.

 

ie. does senator smith's communist background make you support unlikely? or Isn't the new safety feature a marvelous idea?

Term
Other Problems
Definition

Implied alternatives-How long has it been since you stopped caring about doing a good job at work?

Double barreled-The staff is friendly and efficient (two in one)

Ambiguous-How often do you go out?

Categories-Mutually exclusive (overlapping categories 1-5 and 5-10) and exhaustive (no place for all categories 24 and up, 12 and below)

Term
Other Sources of Primary Data
Definition

Social Networks-data mining-look what people are saying

Panels data over time, changes in response to environment - Experiments manipulate ads, see responses.

Information Technology and data mining-use technology to look at data for patterns to see what people buy together and then place them together on the shelves.

Term
Research Sales Forecast
Definition

Projects future needs, used for hiring, buying machines, etc (basis for all plans)

 

Hard to do-you will probably be wrong (use an optimistic, likely, and a pessimistic to be prepared). Hard to predict future.

 

 

Term
Sales Forecast
Definition

Too high, excess hiring, too much equipment, projects are not cost effective, excess inventory, computer chips are quickly outdated.

 

Too low, not enough people, inventory shortage-bad

ie. Apple lost lifetime customers-switched to competitor, beanie babies-no substitutes, will not switch.

Term
Methods of finding out buyer intentions
Definition

Survey of buyer intentions-ask buyers (good in volatile times, but do they know) most buyers are over-optimistic.

 

Salesforce survey-ask sales people deal with customers (may be good in volatile times but over-optimistic by nature and bias because sales people think they may be used for quotas.

Term
Jury of Executive Opinion
Definition

Ask executives-they are in charge and may have some insight but common bias get news/views from same sources.

Direct forecast-one step

Lost Horse forecast-start with last known value, add or subtract based on positive/negative market and market factors.

Term
Statistical Methods
Definition

Trend extrapolation-past sales predict future sales (good if clear trend, but not in volatile times) ie. linear trend between sales and year and trend line (/)

Regression-what factors/variables that affect sales. Find past relationships between sales and ie. price (use statistics to predict future)-good because use other factors, not just past sales.

Term
Marketing research summary
Definition

Need to gather information to make marketing decision-4P's.

 

Need to gather right people, ask right questions, or look at right secondary data.

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