Flashcards
MARS 601
Cards in this deck (58)
- 1Marketing definitionis the activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large.
- 2Marketing strategyConsists of selecting a segment of the market as the company's target market and designing the proper 'mix' of the four p's, to meet the wants and needs of consumers.
- 3What do you get from marketing research?Size of the market
Profile of consumers
Consumers wants and desires
Product design
Decisions on pricing, distribution and promotion - 4Retail researchMystery shopping
Service levels
Location research
Evaluating the competition
Atmospherics
Instore research - 5Advertising researchRecall/Recognition
Audience measurement
Brand research
Measures of persuasion
Creative concept tests - 6Sales researchForecasting
Measuring customer profitability
Customer loyalty
Customer satisfaction
Supplier research - 7Uses of marketing research- Identifying market opportunities and problems
- Generating, refining, and evaluating potential marketing 'actions'.
- Monitoring marketing performance - 8Marketing research process1. Establish the need for marketing research
2. define the problem
3. Establish objectives
4. Determine research design
5. Identify information types and sources
6. Determine methods of accessing data
7. Design data collection forms
8. Determine sample plan and size
9. Collect data
10. Analyse data
11. Prepare and present the final research report - 9HypothesesResearch objectives worded as statements that can be proven or disproven.
- 10What information can you gather from Google Analytics?- Number of visits to each page of your website
- Number of unique visitors
- What websites they have come from prior to visiting your site
- How long they stayed on each page
- % of new visits - 11What SPSS command produces a table like this *** ?Analysis --> Descriptive statistics --> Cross tabulation or Frequencies
- 12What does Social Media Monitoring allow you to do?- Acquire customer knowledge
- Gain a competitive advantage
- Monitor business influencers - 13Social media data definitionAlso termed 'user generated content' (UGC) is any information that is created by users of online systems and intended to be shared with others.
- 14Advantages of Social Media data- It's current
- Relatively inexpensive
- Represents the unprompted, unfiltered and authentic voice of the consumer
- Social media platforms provide the best means to trace trends and track big themes that influence consumers. - 15Disadvantages of social media data- SM commenters may not represent a brands target audience, information provided could then be misleading.
- Demographic and geographic info of consumers may not be identifiable
- Lots of social media material is useless or irrelevant. - 16Sentiment definitionThe ratio of positive to negative comments posted about products and brands on the web.
- 17Internal secondary dataData that has been collected within the firm, such as sales records, purchase requisitions, and invoices.
- 18Database marketingThe process of building, maintaining customer (internal) databases and other (internal) databases for the purpose of contacting, transacting, and building relationships. i.e. data mining
- 19Internal databasesConsist of information gathered by a company typically during the normal course of business transactions. Companies use internal databases for purposes of direct marketing and to strengthen relationships with customers which is referred as 'customer relationship management' (CRM). Supermarkets are spying on you.
- 20Observation techniquesDirect
Indirect
Covert
Overt
Structured
Unstructured - 21Direct observationObserving behaviour as it occurs i.e. supermarket scan data
- 22Indirect observationObserving the effects or results of the behaviour i.e. Garbology
- 23Covert observationSubject is unaware that he or she is being observed i.e. mystery shopping
- 24Overt observationRespondent is aware of observation e.g. Nielsens people meters to monitor television viewing.
- 25Structured observationResearcher identifies beforehand which behaviours are to be observed and recorded.
- 26Unstructured observationAll behaviour is observed and the observer determines that is to be recorded.
- 27Questionnaire design steps1. Examine your research objectives
2. Determine response format
3. Develop question wording
4. Consider question sequence
5. Examine physical appearance
6. Pretest - 28Ranking testRank things in order of preference
- 29Rating scaleAsks respondents to indicate the extent to which they agree or disagree with a series of beliefs about an object.
- 30Four types of DataNominal
Ordinal
Interval
Ratio - 31NominalLabel objects i.e. please indicate your marital status. If a nominal scale is used cite the mode.
- 32OrdinalIndicates only relative size differences between objectives i.e. approx how long have you lived at your current address? If an ordinal scale is used, cite the median
- 33IntervalUsed to measure unobservable constructs e.g. In which of the following categories does your current age fall? If interval scale is used, analysis of data can be done through the use of means.
- 34RatioHave a true zero point e.g. In the past seven days, how many times have you visited a shopping mall? If ratio scale used, analysis of data can be done through the use of means.
- 35Likert ScaleAn interval scale commonly used by marketing researchers, Respondents are asked to indicate their degree of agreement or disagreement on symmetric scale for each of a series of statements.
- 36Semantic differentialA scale that contains a series of bipolar adjectives for the various properties of the object under study, and respondents indicate their impressions of each property by indicating locations along its continuum. A good way to measure a brand, company or stores image.
- One concern with this scale is the 'halo effect' in which general overall feeling about a brand or store could bias responses on its specific properties. - 37CorrelationA mutual relationship or connection between two or more things. Does not mean that the change in one variable is the cause of the change in the other variable.
- 38CausalityThe relationship between cause and effect. Means that a change in one variable is the cause of the change in the values of the other variable.
- 39Measures of central tendency- Mode is the most common value
-Median is the middle value when data is ranged from high to low.
- Mean is arithmetic average - 40Appropriate measures of central tendencyNominal scale: Cite the mode
Ordinal scale: Cite the median
Interval or ratio: Cite the mean - 41Management problemWhat the decision maker needs to decide i.e. Peter Alexander wanting to target young auckland women.
- 42Research objectiveWhat information is required to solve the problem i.e. what do young auckland women look for in comfort clothing.
- 43Advantages of secondary data1. Can be obtained quickly
2. Compared to primary data, is inexpensive to collect.
3. For almost all applications, secondary data is readily available.
4. Secondary data may enhance primary data by providing a current look at issues, trends etc.
5. Can be all that is needed to achieve the research objective. - 44Disadvantages of secondary data1. Incompatible reporting units
2. Mismatched measurement units
3. Unusable class definitions
4. Outdated data
5. Lack of information needed to assess data credibility. - 45Packaged services: definition, advantages & disadvantages and applications.A prepackaged marketing research process that is used to generate information for a particular user.
Advantages: Experience of the research firm offering the service, more cost effective for a research firm to do it than each individual business.
Disadvantages: No customisation, along with not always knowing the idiosyncrasies of a particular industry.
Applications: - Measuring consumers attitudes and opinions
- Market segmentation
- Monitoring media usage and promotion
- Market tracking studies. - 46What information is provided by Nielsen Answers?Detailed information on the volume and value of sales in NZ. For any product category info is available on volume of sales, dollar of sales, by brand, by product variant, by region, by outlet type.
- 47What information is provided by Nielsen television audience?Provides data on the size and composition of audiences for every programme screen on the free-to-air channels, including size of audience, % of total audience
- 48Big data definitionRefers to datasets whose size if beyond the ability of typical database software tools to capture, store, manage and analyse.
- 49Five ways big data creates value1. Creating transparency
2. Enabling experimentation to discover needs, expose variability and improve performance.
3. Segmenting populations to customise actions
4. Replacing/supporting human decision making with automated algorithms.
5. Innovating new business models, products and services. - 50Five techniques that can be used to analyse big data1. A/B testing
2. Crowdsourcing
3. Visualisation
4. Spatial analysis
5. Optimisation - 51Three ways in which visualisation can be used to interpret big data1. Tag cloud
2. Cluster gram
3. Spatial information flow - 52Data mining definitionIs the process of analysing data from different perspectives and summarising it into useful information.
- 53What can data mining do?Used by companies with a strong consumer focus.
Enables companies to determine relationships between internal factors (price, product positioning) and external factors (economic indicators, competition, customer demographics). Then enables them to determine the impact on sales, customer satisfaction and corporate profits. Lastly enables them to drill down into summary information to view detail transactional data. - 54Data mining techniques1. Artificial neural networks
2. Decision trees
3. Rule induction - 55Purchasing propensityInternal database customer purchases --> Data mining model --> List of current underperforming customers --> Focus marketing efforts on understanding why they aren't buying like they "should".
- 56What are the advantages of surveys?- Provides standardisation
- Is easy to administer
- Gets beneath the surface
- Is easy to analyse
- Reveals subgroup differences - 57Cross sectional survey designMeasures units from a sample population at one point in time
- 58Longitudinal survey designRepeatedly measure the same sample units of a population over a period of time.
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- Marketing Flashcards on MARS 601, created by Jana Gallagher on 23/10/2017.
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- Jana Gallagher
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