Week 4 Notes (Tuesday, 9/22/15 and Thursday, 9/24/15)
Week 4 Notes (Tuesday, 9/22/15 and Thursday, 9/24/15) 241
Popular in Marketing Management
verified elite notetaker
Popular in Business
One Day of Notes
verified elite notetaker
This 6 page Class Notes was uploaded by JacksonB on Friday September 25, 2015. The Class Notes belongs to 241 at Brigham Young University taught by Swenson in Summer 2015. Since its upload, it has received 89 views. For similar materials see Marketing Management in Business at Brigham Young University.
Reviews for Week 4 Notes (Tuesday, 9/22/15 and Thursday, 9/24/15)
Better than the professor's notes. I could actually understand what the heck was going on. Will be back for help in this class.
-Mr. Edyth Leannon
Report this Material
What is Karma?
Karma is the currency of StudySoup.
Date Created: 09/25/15
BUSM 241 Professor Swenson Tuesday 92215 Marketing Research Marketing Research function that links the public consumers customers etc to the marketer Designed to support marketing decisions Characteristics of Good Marketing Research Questions address specific issues that are important to the consumer Data sample consists of relevant people Analytical methods give clear answers Recommendations give howto tactics to aid With marketing decisions U PP PF Report contains the voice of the customer Marketing Research Process 1 Define Problem 2 Design Research Project 3 Collect Data 4 Analyze Data 5 Take Action Define Problem Start With the end in mind What problem are you trying to solve How Will the research help you make a decision Design Research Project 1 Review secondary research for insights Example census bureau This spares time and money but might not be sufficient 2 Primary data data collected for the first time Can be obtained a number of ways like test marketing and ad tracking This can be time consuming and expensive but it tackles the problem more directly Collect Data Can also be done a number of ways personal interviews focus group interviews web surveys etc Your research should be conducted in a way that reduces error Types of Error 1 Sampling Error small samples from large population Solution increase the sample size 2 Measurement Error asking questions that don t address the problem Solution ask appropriate questions 3 Coverage Error sample doesn t represent population of interest Solution screen for representative sample 4 NonResponse Error obtained sample differs from original selected sample Solution compare respondents with nonlate respondents Analyze Data 1 Cross Tabs frequency counts Conditions attributes and behaviors that occur most often 2 Analysis of Variance variability around an average Averages that differ beyond expected variability 3 Regression Analysis relationship between dependent variable and one or more independent variables 4 Factor Analysis data reduction techniques Identify highly correlated variables then group into factors For the final 1520 minutes of class two representatives from Qualtrics spoke to us They showed the principles discussed in class being put to use with a brand of cereal we were asked to take a survey on They also showed a video of the Qualtrics workplace and it s awesome Golf carts cereal bar cartooncharacter pinups seems like a great place to work BUS M 241 Professor Swenson Thursday 92415 Schedule for Next 2 Weeks 0 Assignment 1 due by 1159 PM on Tuesday September 29th Turn in through MyEducator No late assignments accepted 0 Review Sessions Thursday October 1 56 PM Friday October 2 1112 PM Both in 140 J SB 0 Exam Monday October 5th Thursday October 8th October 8th is a fee day Taken in the Testing Center 0 No class on Tuesday October 6th Recent News Facebook is restricting access to its data trove Facebook has tons of data so companies want to make use of it Photos birthday work history religion relationship status etc used to be available but are no longer Companies may turn to data mining to keep running Marketing Research continued Factor analysis data reduction techniques Identify highly correlated variables group into factors EX select items in a grocery store and rate them by location sophistication layout etc then look for commonalities factors Factors are then given labels No dependent or independent variables Cluster analysis grouping objects or people into groups based on similarities Divide markets into segments EX grouping customers based on price consciousness or brand loyalty Discriminant analysis ability of predictor variables to discriminate between categories Generate perceptual maps depicting brands EX graphing soda by social acceptability and sweetness MaXDiff analysis measures mostleast important or mostleast appealing Determines purchase likelihood TURF analysis Total Unduplicated Reach and Frequency How to maximize sales given the max number of customers given a product combination EX surveying people asking them which avors of ice cream they are most likely to choose then recommending the product combo that will most likely bring them back Reach how many people you contact Frequency how often you contact those people Conjoint analysis estimates the value of component attributes given tradeoffs 1 Develop new products and identify pricing alternatives 2 deconstruct products into component parts and 3 simulate customer choice and make predictions Measure the value of component parts by forcing customers to consider the value EX selecting the ideal golf ball by finding the right balance between average ball life price and average driving distance Final step in research process take action Make sure the presentation is good or no one will care Begin with the purpose of the research Common Research Mistakes Blindly listening to research Ignoring research and relying on intuition Bias from errors Consumer Behavior Marketers want to know why we buy the things we buy We are all consumers Same thing goes for business to business transactions Listen to the whispers so you don t have to hear the screams Cherokee expression People are not all the same different tastes and preferences We make choices based on the situation we re in Market a collection of indiViduals andor organizations that have needs wants and have the ability willingness and authority to purchase things that satisfy the needs wants Essentially people B2C business to consumer market Process of transactions is called the family buying center Children have an increasingly high level of in uence B2B business to business market The process of transactions in this market is called the buying center