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Ch 8 Marketing
Chapter 8 Marketing Lecture Notes Pt 2
| Question | Answer |
|---|---|
| What is Data | facts and figures related to the problem, are divided into two main parts: secondary data and primary data. |
| What is secondary data | are facts and figures that have already been recorded before the project at hand. |
| What is primary data | are facts and figures that are newly collected for the project |
| What is internal secondary data | depending on whether the data come from inside or outside the organization needing the research. Includes product sales data and customer inquiries and complaints. |
| What is external secondary data | Published data from outside the organization are external secondary data. Includes data published by the U.S. Census Bureau: |
| The latest is the 2007 Economic Census. | These reports are vital to business firms selling products and services to organizations. Contains data on the number & size of establishments in the U.S. that produce a good or service on the basis of its geography, industry sector & NAICS. |
| Advantages of secondary data are: | Time savings if data have already been collected or exist internally. Low cost, such as free or inexpensive Census reports. Greater level of detail, especially in Census data. |
| Disadvantages of secondary data are: | May be out of date,if Census data it is collected every 5 or 10 yrs. Census Bureau developed the annual American Community Survey. Defs or categories may not be right for the project. Data are collected for another purpose & may not be specific enough. |
| The two ways to collect new or primary data for a marketing study are by | observing people and asking them questions. |
| What is observational data | Facts and figures obtained by watching, either mechanically or in person, how people actually behave |
| Nielsen Media Research national TV ratings are an example of mechanical observational data collected by a “people meter,” which is a box that | Is attached to TV sets, VCRs, cable boxes, and satellite dishes in over 14,000 homes across the country. Has a remote that operates the meter when a viewer begins and finishes watching a TV program. |
| On the basis of all these observational data, Nielsen Media Research then calculates the rating and share of each TV program: | A single ratings point equals 1 percent, or 1,128,000 TV households. A share point is the percentage of TV sets tuned to a particular program. A 1% change in a rating point means gaining or losing up to $70 million in ad revenue. |
| TV advertisers today have a special problem: | Three out of four TV viewers skipping ads with TiVo or channel surfing during commercials. Nielsen Media Research and Media Check offer advertisers minute-by-minute measurement of how many viewers stay tuned during TV ads. |
| What is personal observation | Other observational data collection methods include watching consumers in person and videotaping them. |
| What is myster shoppers | Posing as a customer and observing their behaviors. |
| What is Ethnographic research | When trained observers seek to discover subtle emotional reactions as consumers encounter products in their “natural use environment,” such as in their home, car, etc. |
| What is questionnaire data | which are facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors. |
| What is Individual interviews | Involve a single researcher asking questions of one respondent |
| What is Depth interviews | Are a special kind of individual interview in which researchers ask lengthy, free-flowing questions to probe for underlying ideas and feelings. |
| What is Focus Groups | Are informal sessions of 6 to 10 past, present, or prospective customers in which a discussion leader, or moderator, asks their opinions about the firm’s and its competitors’ products, how they use them, and special needs that they don’t address. |
| Personal interview surveys | Are flexible in asking probing questions or getting reactions to visual materials. Are very costly to conduct. |
| Mail Surveys | Are easy to conduct. Are relatively inexpensive. Are usually biased because those most likely to respond have specially positive or negative experiences with the product or brand. |
| Telephone Interviews | Allow flexibility. Respondents are likely to hang up on the interviewer. |
| E-mail, fax, and Internet surveys. | Are easy to conduct. Are relatively inexpensive. Are restricted to respondents having the technologies, which are expanding rapidly in consumer households. |
| What is experiments | Obtaining data by manipulating factors under tightly controlled conditions to test cause and effect. The interest is in whether changing one of the independent variables will change the behavior of the dependent variable that is studied (the result). |
| The independent variables of interest | sometimes called the marketing drivers—are often one or more of the marketing mix elements. |
| The dependent variable usually is | a change in purchases (incremental unit or dollar sales) of individuals, households, or organizations. |
| What is test market | offers a product for sale on a limited basis in a defined area, are used to help decide the likely effectiveness of potential marketing actions. |
| Problems with experiments | Is that outside factors (such as actions of competitors) can distort the results of an experiment and affect the dependent variable (such as sales). |
| Advantage of Primary Data | more timely and specific to the problem being studied |
| Disadvantage of Primary Data | far more costly and time consuming to collect than secondary data. |
| What is the difference between observational and questionnaire data? | Observational data are facts and figures obtained by watching, either mechanically or in person, how people actually behave. Questionnaire data are facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors. |
| Which survey provides the greatest flexibility for asking probing questions: mail, telephone, or personal interview? | personal interview survey |
| What is the difference between a panel and an experiment? | A panel is a sample of consumers or stores from which researchers take a series of measurements. An experiment involves changing a variable in a customer purchase and seeing what happens. |
| Sales Drivers include: | The controllable marketing mix factors like product and distribution. The uncontrollable factors like competition and the changing tastes of households or organizational buyers. |
| Informational Technology | involves operating computer networks that collect, store, and process data. |
| What is Data Mining | The extraction of hidden predictive info from large databases to find statistical links that suggest marketing actions. The success in data mining depends on humans—the marketing managers and researchers in how to select, analyze, & interpret the info. |
| Make Action Recommendations | Data analysis and findings must lead to recommendations that trigger marketing actions (an ad campaign, a special event promotion, etc.). |
| Implement the Action Recommendations | Marketing actions that resolve the marketing problem include developing or refining one or more of the marketing mix elements or redefining the target market. |
| How does data mining differ from traditional marketing research? | Data mining is the extraction of hidden predictive information from large databases to find statistical links that suggest marketing actions. Marketing research identifies possible drivers and then collects data. |
| What is a Sales Forecast | Refers to the total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts. |
| Marketers use three main sales forecasting techniques: | judgments of the decision maker, surveys of knowledgeable groups, and statistical methods. |
| survey of buyers’ intentions forecast | Involves asking prospective customers if they are likely to buy the product during some future time period |
| salesforce survey forecast | involves asking the firm’s salespeople to estimate sales during a coming period. |
| How do you make a lost-horse forecast? | To make a lost-horse forecast, begin with the last known value of the item being forecast, list the factors that could affect the forecast, assess whether they have a positive or negative impact, and then make the final forecast. |
Created by:
kkolsch