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Market Research
Midterm Review
59
Marketing
Undergraduate 3
03/05/2011

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Term
Define market research
Definition
a systematic and objective process of generating information to aid in making marketing decisions
Term
Define Custom Research...aka Primary Research
Definition
Asks a specific research question. When a researcher starts a survey versus collecting Nielson data which is syndicated/secondary research
Term
Explain how a population's characteristics can be described.
Definition
1. Demographics (age, income, education, etc.)
2. Pyschographics (lifestyle)
3. Purchase habits (frequency of purchases, where you shop, brands)
4. Future purchase decisions - intent to buy something
Term
Contrast individual data vs. aggregate data
Definition
Individual data = person, household, store
Aggregate data = can't identify an individual
Term
Define cross sectional data
Definition
A snapshot of whatever we are measuring at a given time t.
Term
Explain the advantages and disadvantages of cross sectional data.
Definition
Advantage: Can collect data on a large number of variables and investigate relationships

Disadvantages: Can't investigate a trend over time, if it exists
Term
Define longitudinal (time series) data.
Definition
Measuring a variable over time
Term
Explain the advantages/disadvantages of longitudinal data.
Definition
Advantages: Can detect trends or changes over time.

Disadvantages: Typically involves a few predetermined variables.
Term
Define panel data.
Definition
A group of individuals, stores, households, users of a product who agre to record and provide info on a set of variables over a period of time.
Term
What is a brand switching matrix
Definition
A two way table that indicates which brands a sample of people purchase over a period of time
Term
How do you identify switching asymmetry in a brand switching matrix?
Definition
You look at the highest %s in the table that aren't loyalty %s
Term
How do you identify the market structure of a brand switching matrix.
Definition
It is going to be either brand or attribute based so look at high groupings of numbers in either the brands or similar categories
Term
Explain syndicated panel (secondary) data.
Definition
Data that isn't collected for the purpose of market research
Term
Classify secondary data.
Definition
1. Internal - within the company (sales records, cost data, warranty cards)

2. External (printed sources, online)
* Commercial Standarized sources like Nielson
Term
Identify and define four types of syndicated panel data.
Definition
1. consumer panels a group of demographically matched households have their purchases recorded at the point of purchase with UPC codes.
2. store audits - A group of stores (matched nationally) record their sales and promotional status for each UPC on a weekly basis.
Sales = opening inventory + purchase - Closing inventory
3. media panels - each member of demographically matched households has their TV viewing behavior recorded at home (Aggregate!)
4. single source data - Combination of all three (media +consumer panel + store panel.
Term
Define central tendency
Definition
the mean or proportion of a sample
Term
Define sampling distribution
Definition
A measure of standard deviation and spread of data
Term
Define a confidence interval
Definition
The range around the observed mean (or p proportion) that the population mean (or proportion is expected to fall within a certain probability. (90%, 95%, 99%)
Term
What are the z scores for 90%, 95%, and 99% confidence intervals?
Definition
90% -> 1.645
95% -> 1.96
99% -> 2.57
Term
How do you calculate a confidence interval?
Definition
CI(sample mean) = (sample mean) (+/-) (Z of the confidence interval) * (standard deviation/square of sample size)
Term
How do you calculate an appropriate sample size?
Definition
n = ((Z of a confidence interval squared) * (standard deviation of sample squared))/(Error squared)
Term
How do you calculate the margin of error?
Definition
E = (+/-)(Z of the confidence interval)*(standard deviation/square root of sample size)
Term
What do you do if the mean is unknown?
Definition
Use the 6-sigma rule!
Max and min values of the variable lie between +/- 3 standard deviations of the mean.
Term
What if you don't have the standard deviation?
Definition
1. An estimate of the population proportion is given (pi). Standard deviation = sqrt(pi(1-pi)

2. If a specific population proportion doesn't exist use pi=.5 in the equation because its a conservative estimate.
Term
State the different types of scales.
Definition
Measurement, comparative, non comparative.

Can be comparative or non compartive
Term
Classify types of scales, scale properties, and permissible analysis.
Definition
1. Nominal Scale
* Only identifies; number has no assigned meaning.
* Use frequency and proportion
2. Ordinal
* ID+Order; distances not specified
* Frequency and proportions
3. Interval Scale
* ID + Order + Distance; 0 has no meaning
* Mean and standard deviation
4. Ratio Scale
* ID + Order + Distance; 0 HAS meaning
* mean and standard deviation
Term
Classify measurement scales.
Definition
1. Comparative
2. Non comparative
Term
State types of comparative scales.
Definition
1. Paired comparison
2. Rank Order
3. Constant Sum
4. Q-sort
Term
Define a rank order comparative scale.
Definition
Respondents are given all objects at the same time. They rank them based on criteria provided by the researcher.
*Distances between ranks may not be equal.
* When number of objects gets large, its difficult to discriminate.

AB AC AD
BC CD
CD
Term
Define a constant sum comparative scale.
Definition
Respondents allocate a fixed sum of points to the objects based on criteria provided by the research. Scale has ratio scale property.
Term
Define a Q-Sort Procedure Comparative Scale.
Definition
When the number of objects becomes very large, respondents are asked to order the objects into groups.
Term
State the types of non-comparative scales.
Definition
1. Continuous Rating Scales.
- respondents mark their ratings on a continuous line
2. Itemized Rating Scales.
- generic term that covers all types of interval scales
(likert, semantic differential scales, stapel scale)
Term
State the Kano method categories.
Definition
1. Must Haves
2. Delighters
3. Linear satisfiers
4. Indifferent Elements
5. Reverse Elements
Term
Define quadrant analysis.
Definition
When you measure 2 different things at the same time...like importance and performance.
Term
State how a company would define the scope of market research.
Definition
1. Identifying and Evaluating Opportunity
2. Selecting and Analyzing Target Markets
3. Planning and Implementing Market Mix (4Ps) - Product, Price, Promotion, Place Research
4. Monitoring Market Performance
Term
Compare/Contrast the benefits and costs of Company AXD of conducting research.
Definition
Conducting Research
*Benefits - Reduce likelihood of failure, modify product/marketing strategy
Costs: Resources (time/money/personel) and competitive reactions
Term
Compare/Contrast the benefits/costs of Company AXD NOT doing research.
Definition
Benefits: Save time, cost, retain proprietary info, avoid competitive reactions before launch.
Costs: High probability of failure, potential loss of product development cost, launch of cost.
Term
List the stages in the market research process.
Definition
1. Research Objectives
2. Research Design
3. Data Collection Method
4. Questionnaire Design/Phrase ?s
5. Sampling
6. Data Collection/Analysis
7. Report and Recommendations
Term
Identify the differences between managerial decision problems and research objectives.
Definition
Decision problems are yes/no and research objectives help solve those problems.
Term
State alternative research designs.
Definition
1. Exploratory Research
2. Descriptive Research
3. Causal Research
Term
What is exploratory research?
Definition
Usually focus groups or in-depth interviews.
Very little is known about the problem
Want emotions, feelings, thoughts,
Can diagnose problems with complaints
New product ideas
Term
What is descriptive research?
Definition
Surveys
Snapshot of a time period
We can describe in statistical terms
We know the problem and can identify relevant variables
Term
What is causal research?
Definition
Problem clearly defined.
Can isolate and control a few variables of interest
ex) promo in 2 stores. 1 uses coupons the other doesn't.
Term
Classify research designs using company newness and newness to market as criteria.
Definition
1. Company New/ Not New to Market = survey
2. Company New/New to Market - use intuition to develop prototype.
3. Company Established/New Market - focus groups

Very little is known about the problem
Want emotions, feelings, thoughts,
Can diagnose problems with complaints
New product ideas
Term
What are the characteristics of qualitative research?
Definition
1. Descriptive
2. Concerned with process rather than outcomes
3.Researches analyze their data inductively
4. "Meaning" is essential concern
Term
List the characteristics of a focus group.
Definition
8-12 people
Homogeneous
1-2 hours

A focus group is quick, inexpensive
Term
What is the purpose of a focus group?
Definition
Idea generation
Term
What are types of exploratory research methods are there?
Definition
1. Literature Search (library/web)
quick, cost efficent, develop a profile of competitors
3. In-Depth Interviews - knowledgeable person: current, former, target customers. It's flexible
3. Case Analyses - intensive study of selected examples
Term
State the different types of surveys.
Definition
1. Communication -> Verbal/Written
2. Observational -> human/mechanical
Term
State the factors to consider in survey research.
Definition
* Flexibility of administration
* Issue sensitivity
* Length of survey
* Sample control
* Response rate
* Speed and cost
Term
State/define the types of error bias in survey research
Definition
Random Sampling Bias
Systematic Error
Respondent Bias
Researcher Bias
Nonresponse Bias (ppl didn't respond)
Response Bias
Deliberate Falisification (income/age)
Unconscious Misrepresentation (can't recall)
Term
How do you calculate response rate?
Definition
# of completed surveys/# of eligible surveys
Term
What are projective methods of exploratory studies?
Definition
Word Association
Sentence Completion
Storytelling
Role Playing
Term
How do you calculate random sampling bias?
Definition
Sample mean - Population mean
Term
How do you calculate non-response bias?
Definition
Mean for those responded - Mean of original sample
Term
How do you calculate systematic response bias?
Definition
Observed mean - Sample mean
Term
What are the different types of survey methods?
Definition
Phone, mail, fax, email, web, personal
Term
State the steps in questionnaire design.
Definition
1. Specific what info is sought
2. Determine type of questionnaire/method of administration
3. Determine content of individual questions
4. Determine form of response to each question
5. Determine wording
6. Determine sequence
7. Determine physical characteristics
8. Pre test
Term
What types of info can be sought on surveys?
Definition
Past purchase/consumption experience
Awareness of new product/survey
Importance of attributes
Evaluation of competing products
New product purchase intentions
Demographics/classification variables
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