Marketing Analytics Final Exam template prep

Question template A: “discuss the role(s) of marketing research….” (question used in nike, accenture, ikea, marriot'“

Intro sentence:

Marketing research plays a crucial role in helping “company” make informed strategic decisions by reducing uncertainty and aligning offerings with customer needs.

Role 1: name role

• explain role using proof from case study of used marketing research

• apply directly to the case, how comp used it, example, benefit/result

Role 2: name role

• explain role using proof from case study of used marketing research

• apply directly to the case, how comp used it, example, benefit/result

Role 3: name role

• explain role using proof from case study of used marketing research

• apply directly to the case, how comp used it, example, benefit/result

Question template B: Management decision problem (MDP)

Rule: take the sentence and convert it into a question

Formula: “How can “company” “achieve objective” in “context/market”?”

Question template C: Marketing Research Problem (MRP)

Rule: MRPs are info-focused, not action-focused

Structures to use:

• To determine what factors strongly influence consumers choice of product/service

• (For increasing loyalty) They can explore their current loyalty programs and engagement strategies that enhance satisfaction.

• They can compare “company”s performance and offerings/ammenities with their competitors

• To assess customer perceptions/satisfaction/preferences

• To compare the company with competitors

• To identify unmet needs of specific segments

• To assess the feedback and satisfaction level of existing ___ customers like how they prefer the products and how they could be improved

Question template D: Research Design

ALWAYS THIS ORDER:

EXPLORATORY (qualitative research)

• focus groups

• in depth interviews

• ethnographic studies

USED TO explore attitudes, motivations, perceptions

DESCRIPTIVE (quantitative research)

• surveys

• questionnaires

• large samples

USED TO quantify insights

CAUSAL

• experiments

• longitudinal studies

• A/B testing

USED TO understand the casual relationship between different factors and understand the decision-making process for market segments that wear or go to/get ___

+to test what causes changes in outcomes

Question template E: Qualitative research roles

• 1. Understanding deep motivations, perceptions, and emotions behind brand choices through in-depth interviews

• 2. Generating insights and ideas for new products designs or services

• 3. (can be combined w point 2) Understanding lifestyle and usage behavior through ethnographic studies (for diff segments like age groups, backgrounds, younger gen)

• Testing and refining advertising messages and brand positioning (what resonates)

AND apply focus groups, in depth interviews, observations

Question template F: Data Interpretation

This is where you look at regression table, graph and Descriptive Statistics:

Descriptive statistics:

• mean close to 5 = strong/positive perception

• compare variables

• say how this influences strategy

WORDING STRUCTURE!!! important (ex. from nike):

From the regression table, the dependent variable is brand awareness, and the independent variables are (all the other 3 in the regression table)

The one has the highest awareness is celebrity endorsement influence is the strongest predictor of brand awareness (the beta # for it is the highest (p=0.41, p-value is 0.001- significant). If celebrity endorsement influence increases by 1, the average brand awareness will increase (because the beta value is positive not negative) by 1, the average brand awareness will increase by 0.41, holding other variables constant.

Advertising effectiveness (p=0.28, p-value is 0.004- significant) - ). If advertising effectiveness influence increases by 1, the average brand awareness will increase (because the beta value is positive not negative) by 1, the average brand awareness will increase by 0.28, holding other variables constant. etc…

Regression:

• DV= outcome (eg. brand awareness)

• IV= predictors

• Highest beta=strongest predictor

• positive beta=positive relationship

• significant p-value=meaningful effect

• R²= % of variation explained

WORDING STRUCTURE!!! important (ex. from nike):

R² = 0.56 56% of the variation in brand awareness is explained by all the 3 predictors in regression table (celebrity endorsement influence, advertising effectiveness, etc). The remaining 44% is explained by other factors. (do 100- 56%=44)

GRAPH QUESTION ANSWER (ex from nike)

c. Comment on the graph given.

These scatter plots show positive relationship between celebrity influence and brand awareness. If celebrity influence increases, brand awareness will increase. (If scatter plot Is going down it means if one increases the other decreases. If its going up both increase)