Marketing Units 5 and 6 (Marketing Research and Analytics)

What is marketing research

The function that links consumers to the marketer through information.

What does marketing research provide information for

Understanding consumer preferences, identifying opportunities/problems, refining marketing mix, and monitoring performance.

What are the three requirements of good research

Appropriate questions, representative sample, and appropriate data-analysis model.

What is the Law of the Instrument

A cognitive bias involving over-reliance on a familiar tool (also called Maslow’s Hammer or the Golden Hammer).

What is the first step in the marketing research process

Define the problem.

What does “begin with the end in mind” mean in marketing research

Start by identifying what decision or question the research is meant to answer.

What is exploratory research

General research to obtain insights; small samples, qualitative data (interviews, observations).

What is conclusive research

Specific research to confirm insights; large samples, quantitative data (surveys, experiments).

What are the three main types of data used in research

Syndicated data, secondary data, and primary data.

What is syndicated data

Data purchased from companies that collect information for specific industries.

What is secondary data

Data previously collected for another purpose (government, census, news, etc.).

What are the advantages of secondary data

Saves time and money.

What are the disadvantages of secondary data

May not provide sufficient or specific information.

What is primary data

Data collected for the first time for a specific research problem.

What are the advantages of primary data

Answers specific questions, current data, known source, and secrecy.

What are the disadvantages of primary data

Expensive and time-consuming.

What are the three Vs of Big Data

Volume, Velocity, and Variety.

What is thick data

Qualitative information that explains why consumers behave or prefer certain things.

What are the five steps in the marketing research process

Define problem, design research, collect data, analyze data, take action.

What are the four measurement scales

Nominal, Ordinal, Interval, Ratio.

What is a nominal scale

Categories or named variables (e.g., hair color).

What is an ordinal scale

Named and ordered variables (e.g., rankings).

What is an interval scale

Equal distances between numbers but no true zero (e.g., temperature, time).

What is a ratio scale

Equal intervals and a true zero (e.g., height, income).

What is a null hypothesis

A statement that assumes no change or relationship exists.

What is random error

Error caused by sampling differences; considered normal.

What does a low p-value indicate

Stronger statistical significance and a lower likelihood results are due to chance.

Why is a larger sample size preferred in research

It reduces random error and increases reliability.

What is validity

The extent to which a measurement is free from systematic error.

What are the four types of validity

Construct, Content, Concurrent, Predictive.

What is reliability

The extent to which a measurement is consistent and free from random error.

What are three ways to test reliability

Test-retest, alternate-forms, split-half.

What are the four main types of error in research

Sampling, measurement, coverage, and non-response error.

How can sampling error be reduced

Increase sample size.

How can measurement error be reduced

Ask appropriate and well-worded questions.

How can coverage error be reduced

Screen for a representative sample.

What is marketing analytics

The use of data, statistics, models, and facts to drive marketing decisions.

What are descriptive analytics

Describe what happened in the past (dashboards, reports).

What are predictive analytics

Predict what could happen in the future.

What are prescriptive analytics

Recommend what actions to take.

What is a consumer insight

An accurate, deep understanding of consumer behavior and motivation.

What is a data product

A digital product that uses data and algorithms to create value (e.g., Amazon recommendations).

What are the four stages of the data analytics process

Data wrangling, data exploration, data modeling, deployment and socialization.

What is data wrangling

Cleaning, unifying, and preparing unorganized data for analysis.

What is data exploration

Finding patterns and trends through summaries and visualizations.

What is data modeling

Transforming data to extract insights and build predictive models.

What is deployment

Making a data product available for use.

What is socialization in analytics

Sharing data tools across the organization for self-service access.

What does “tell your story with data” mean

Use data to persuade and communicate insights clearly.

What are key steps to telling your story with data

Know your audience, begin with the end in mind, and recognize the core of your story.

What is qualitative data analysis

Explores ideas and insights using non-numerical data.

What are focus group interviews used for

Exploring marketing ideas in groups for advertising or product development.

What are depth interviews used for

One-on-one exploration of marketing ideas, especially for sensitive or technical topics.

What are cross tabulations used for

Exploring relationships between variables in qualitative data.

What is quantitative data analysis

Uses numerical and statistical methods to measure and test relationships.

What is analysis of variance (ANOVA)

Tests whether group means differ beyond expected variability.

What is regression analysis

Examines effects of variables on an outcome; evaluates pricing or advertising.

What is factor analysis

Reduces data by grouping related variables into factors.

What is cluster analysis

Groups respondents into clusters or market segments.

What is discriminant analysis

Uses predictor variables to classify data and create perceptual maps.

What is max-diff analysis

Identifies customer preferences by ranking most and least important options.

What is TURF analysis

Determines the best product mix to maximize market reach.

What is conjoint analysis

Measures value of product attributes by forcing trade-offs between options.

What is the goal of conjoint analysis

Develop new products and identify pricing alternatives by testing attribute combinations.