Week 1: Marketing Data Types, Strategies, and Research Methods

Surge Pricing

The practice of raising prices when demand is highest.

Dynamic Pricing

Means higher price sometimes, lower price sometimes (e.g., airline tickets).

Big Data

Datasets that can be mined for information but are too large to be handled by typical database software to capture, store, and analyze.

Structured Data

Easy to store and analyze, and can be created by a machine or by humans (e.g., address details, numerical ratings by customers, demographic information).

Unstructured Data

More difficult to analyze and search for, accounts for a larger percentage of data, and includes formats like photos, videos, audio, social media content, and open-ended surveys.

Semi-structured Data

Mix of structured and unstructured data that includes parts that can be easily organized, but also includes data that is hard for a machine to sort out (e.g., email messages).

Marketing Research (MR)

Systematic and objective identification, collection, analysis, dissemination, and use of information.

Goals of Marketing Research

Timely identification of trends, opportunities, and risks; limiting the risk of wrong decisions; supporting the decision making.

Primary Research

Information you find yourself.

Secondary Research

Information you receive from others.

Experiments

Manipulation of independent variables (IV) and the determination of their effect on dependent variables (DV) while controlling for confounding variables (CV).

Laboratory Experiment

An experiment conducted in a controlled environment.

Field Experiment

An experiment conducted in a natural environment.

Quasi Experiment

An experiment where you can't control the variables as it naturally occurs.

Between Subject Design

A study design that compares one group with another.

Within Subject Design

A study design that asks the same person twice in two time periods to see if their decision changed.

Panel Research

A definite, consistent circle of people surveyed about the same research topic at regular intervals.

Continuous Panel

A panel that asks the same questions on each measurement.

Discontinuous Panel

A panel that varies questions between measurements.

Cross-sectional Studies

Measure units from a sample of the population at only one point in time.

Longitudinal Studies

Repeatedly measure the same sample units of a population over time.

Online Focus Group

A primary online data collection method involving group discussions conducted over the internet.

Online Survey

A primary online data collection method using questionnaires distributed via the internet.

Online Experiment (AB Testing)

A primary online data collection method comparing two versions of a webpage or product to determine which performs better.

Crowdsourcing

Outsourcing to a large and undefined group of people.

Volume (Big Data Characteristic)

Huge amounts of data.

Velocity (Big Data Characteristic)

Real-time information most valuable; quick response to data offers a competitive advantage.

Variety (Big Data Characteristic)

Different types of data including internal vs. external, structured vs. unstructured vs. semi-structured.

What are the 3 key decisions for an experient

-Decide if its a laboratory experiment or field experiment (natural environment)

-How to you randomize people (one group that's female/male) Quasi Experiment - you can't control (it naturally occurs)

-Between subject design( compare one group with another)