MKTG 342 Exam #1 Study Guide
MKTG 342 Exam #1 Study Guide
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Date Created: 10/22/14
MKTG 342 EXAM 1 STUDY GUIDE 1 Marketing Concept business philosophy based on l a consumer orientation know your customer well that your product sells itself b goal orientation accomplishes corporate goals eg Long term profitability c systems cross functiona orientation departments may have different goals but need to function or operate in unison Satisfy the consumer and earn a longterm relationship 2 Why Marketing Research Enables firms to implement the philosophical idea of marketing concept a identify and define marketing opportunities and problems b Generates refines and evaluates marketing actions c Monitors marketing performance d Improves the understanding of marketing as a process 3 Marketing Research Defined Planning collection and analysis of data relevant to marketing decision making and the communication of the results to management 4 Importance of Marketing Research to Management The emphasis of marketing research is to shift decision makers from risky intuitive decisions to decisions based on information derived from systematic and objective investigations because information reduces uncertainty 5 Marketing Strategy is a plan to guide the longterm use of a firm s resources based on its existing and projected internal capabilities and on projected changes in the external environment A good strategic plan is usually based on good marketing research 6 Four Stages in Developing and Implementing a Marketing Strategy a Identifying and evaluating opportunities b Analyzing market segments and selecting target markets c Planning and implementing a marketing mix d Analyzing market performance 7 Role of Marketing Research a Descriptive gathering statements facts i Determine demographics ofleep owners learn about consumers satisfaction towards Jeep b Diagnosticexplanatory explaining marketing mix actions or data i Decide whether a specific demographic segment is targeted with the right marketing mix X explain a found trend in satisfaction towards Jeep c Predictive predicting the results of a planned marketing decision i Predict demand for a new diesel engine K find out whether more fuel efficient cars improves satisfaction 8 Types of Market Research Both types of research employ scientific method a Applied Research Conducted when a decision must be made about a specific pragmatic problem b Basic Research Attempts to expand the limits of knowledge rather than solving a pragmatic problem 9 Value and Costs of Marketing Research a M Decreased uncertainty Increased likelihood of a correct decision Improved marketing performance resulting in higher profits b E Research expenditures Delay of marketing decision Possible erroneous research results Possible disclosure of information to rivals 1 Marketing Research Process Problem definition amp Selection of basic research design Collecting the data Preparing and analyzing the data 9539 d Preparing and presenting results 2 Problem Definition Process a b c Recognize the problem or opportunity Find out why the information is being sought Understand the decision making environment Experience Surveys Expert Interviews Ask knowledgeable individuals both inside and outside the company about a particular research problem 1 Informal survey most are willing to provide information Case Analysis Intensely investigates one or a few situations similar to the researcher s situation Secondary Data Analysis Secondary data are data previously collected and assembled for some project other than the one at hand 1 They can be outdated or may not exactly fit the researcher s needs d Use the symptoms to help clarify the problem E f Symptom occurs as a result of a problem Think Iceberg Principle Focus of the Decision Maker on the symptoms 1 Eg sales softened Focus of the Researcher on the underlying causes 1 Eg Ineffective promotion strategy Lower product quality etc Translate mgt problem to marketing research problem Management Decision Problem A statement specifying the type of managerial action required to solve the problem 1 Asks what the decision maker needs to do Action oriented Focuses on symptoms 2 Eg Should advertising campaign X be introduced to turn around slow sales Marketing Research Problem A statement specifying the type of information needed by the decision maker to help solve the management decision problem and how that information can be obtained efficiently and effectively 1 Asks what information is needed Information oriented Focuses on the underlying causes 2 Eg To determine the effectiveness of advertising campaign X Marketing Research Obiective A goal statement defining the specific information needed to solve the marketing research problem Determine whether the information already exists g Determine whether the question can be answered h State the research objectives 3 Selection of Basic Research Desig master plan that specifies methods and procedures for collecting data a Exploratory research If little is known about the problem Discovery of ideas and insights eg why do sales decline b Descriptive research If the problem is somewhat clear C Describe market characteristics or functions eg how do consumers perceive our ads Causal research If the problem is very clear i Determine cause and effect relationships eg how does advertisement relate to sales 4 Descriptive amp Causal Research Methods a Observation Research Typically descriptive research that monitors respondents actions without direct interaction eg scanner data b Survey Research Used in descriptive or causal research in which interviewer interacts with respondents to obtain facts opinions etc c Experiments Research to measure causality in which the researcher changes one or more independent variables and observes the effect of the changes on the dependent variable 1 Exploratory Research Discovery of Ideas and Insiqhts Preliminary research conducted to increase understanding of a concept to clarify the exact nature of the problem to be solved or to identify important variables to be studied typically gives you qualitative data a Key methods Pilot Studies Experience Surveys Case Analyses Secondary Data 2 Pilot Studies Any small scale exploratory study with some sampling of consumers a Proiective Techniques A research technique that encourages respondents to project their underlying motivations beliefs attitudes or feelings regarding the issues of concern i Useful in situations where respondent is unwilling or unable to answer questions truthfully ii Proiective Techniques Types 1 Third person techniques 39gtS quot 5 a quotWhy would you buy a Mercedesquot b quotWhy do you think your neighbor would buy a Mercedesquot Cartoons or picture tests Word association tests Asked to respond with FIRST THING that comes to mind Sentence or story completion Sketching iii Advantages 1 2 3 Elicit responses subjects are unable or unwilling to give truthfully Information is personal sensitive or subject to social norms Information is subconscious can t be easily expressed iv Disadvantages 1 2 3 Requires highly trained interviewers and interpreters One onone time consuming and expensive Analysis is difficult and subjective serious risk of interpretation bias b Focus Group Interviews i General structure Group dynamics interaction participants build on each other s ideas Unstructured and free flowing ii Composition 8 to 12 consumers potential Relatively homogeneous iii Moderator lead the focus group Develops rapport helps people relax Engages participants uses probing Uses a discussion guide a written outline of topics to be covered during a focus group discussion iv Advantages Relatively fast Easy to execute and very flexible relatively inexpensive Rich information due to interaction v Disadvantages Not representative and hard to generalize Hard to analyze subjective not quantitative Important role of moderatorParticipation Issues c InDepth Interviews Oneonone setting with a very skilled interviewer i Advantages Can uncover deep insights about underlying motives in particular when topic is complex probing ii Disadvantages 1 Importance of skilled interviewer hard to get influences discussion 2 Very rich data qualitative data hard to interpret 3 Very small sample hard to generalize findings iii Differences to FGs There is only one participant Uncover deeper insights Attribute responses directly to person no social pressure 1 What is a Survey a Surveys ask respondents for information using verbal or written questions b Questions are fixed and structured c Respondents are a representative sample of target population d Usually descriptive in nature eg questions regarding behavior attitudes etc 2 Survey Research Pros amp Cons a Pros i Ease relatively easy to administer to large number of respondents ii Reliability standardization reduces variability iii Simplicity coding analysis and interpretation of data b Cons i Motivating respondents to respond candidly and submit survey ii Structured data collection with fixedresponse choices may result in loss of validity for eg beliefs or feelings iii Properly wording questions is not easy iv Getting the right sample sampling selection error 3 Survey Research Errors S I d P U1 a Random sampling Error A statistical S amiioreslgn speci ag ffrror fluctuation that occurs because of W Frame error chance variation in the elements 5 Randlom Error selected for the sample unavoidable E Surrogate El b 39S11 L3111 t1C Error information error but can be estimated 2 irirrs er b Systematic Error Bias results from E Interviewer Error Imperfect aspect of the research Measurement design Mistake in the execution of Measurement instrument bias the research Respondent mistakes Result of systematic errors Error I I Norrresporrse blas Sample bias the sample value shows a persistent tendency to deviate in one direction from the true value in the population Response bias i Sample Design Error 1 Frame Error Incomplete or inaccurate sampling frameworking Processing error population eg phone directory Selection Error Incomplete or improper sampling procedures eg male respondents only Population Specification Error Incorrectly defining the population from which a sample is chosen eg target population 1824 years old sample from college students ii Measurement Error Systematic error that results from a variation between the information being sought and what is actually obtained by the measurement process 1 6 4 Survey Methods Surrogate Information Error Discrepancy between the information needed to solve a problem and that sought by the researcher Interviewer Error Interviewer Bias nterviewer s influencing consciously or unconsciously the answers of the respondent Measurement Instrument Error Design of the questionnaire or measurement instrument also known as questionnaire bias Non response Bias Systematic difference between those who do and those who do not respond to the measurement instrument Response Bias Tendency of people to answer a question incorrectly through deliberate falsification or unconscious misrepresentation a Acquiescence Bias agree with all questions or tendency to concur with a particular position i Would you consider going to a PSU Basketball game if the game was offered for free b Extremity Bias vary in responses across demographics some individuals tend to avoid extremes others not c Auspices guidance Bias pres dispositioning respondents with some kind of identifying info i This study is conducted for Colgate Of the following list of toothpastes which would you generally consider buying d Social Desirability Bias Respondents desire to gain prestige or save face in the presence of an interviewer Processing Error Incorrect transfer of information from a survey document to a computer a Non sef administered i Telephone bad response rates 1 2 3 Central Location Telephone Interviews Calling respondents from a central location Computer Assisted Telephone Interviews Centra ocation telephone interviews in which interviewers enter respondents answers directly into a computer Cell Phone Surveys ii Personal good response rates but expensive 1 2 Door to Door Face to face with customers in their homes Executive Interviews Industrial equivalent of door todoor interviewing interviewing executives at their place of business Mall Intercept Interview Facetoface interviews conducted by intercepting people at high traffic locations b Selfadministered questionnaires filled out by respondents with no interviewer present cheap but low response rates i Mail surveys Ad hoc cross sectional and mail panels longitudinal ii Email Internet t 1 Le gth M1 d StIuCmIe Survey is long bas Not seif administered surveys personal intervievvs are of the O ueSytm mIe compile and diverse usefuL Feedback may be given by tbe interviewer cyuestions intervievver can motivate respondent to continue e39to 2 Require respondent Survey requires reaction reactions to a marketing stimuili Personail interviews mailil or at bome to a new Coike 3 Budget Sma il budget Seilf administered surveys are generailily cbeapest considerations 4 Sam Mm recml Survey sbouild bave bigb Not seif administered surveys door to door or pbone C def s response rate and iiDW interviewer can motivate tbe respondent to continue and item non response fnisb tbe survey 5 GeigS1iPhC Sway reOi e S gm Internet surveys flexibility internationail sampile 6 Resuits need to be Time avaiiabiiity obtained Witbin a few Pbone or internet surveys are fast Weeks 7 Topics covered in Social desirabiiity bias Seilf adminis39tered anonymity needs to be guaranteed erg survey may be probiematic internet
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