MKTG212 – FIRST CLASS REVISION

A set of flashcards covering key terms and concepts from MKTG212 lecture notes.

Quantitative Research

Numerical data analysis used to understand and quantify a marketing problem.

Model

A simplified representation of reality used to facilitate understanding or analysis.

Hypothesis

A testable statement that predicts the relationship between variables.

Exploratory Research

Research conducted to clarify and define the nature of a problem.

Descriptive Research

Research that provides a detailed account of an existing situation.

Causal Research

Research aimed at establishing cause-and-effect relationships.

Population vs Sample

Population refers to the entire group being studied, while a sample is a subset of that population.

Probability Sampling

Sampling technique where each member of the population has a known chance of being selected.

Non-probability Sampling

Sampling technique where not all members have a chance of being selected.

Construct

An abstract concept that is specifically defined for measurement purposes.

Variable

An element that can change or vary, impacting the results of research.

Scale

A system for measuring or quantifying variables.

Cronbach’s Alpha

A measure of internal consistency; a value above 0.70 suggests acceptable reliability.

Null Hypothesis (H0)

The hypothesis stating that there is no effect or difference.

p-value

A statistical measure that indicates the probability of obtaining test results at least as extreme as the observed results.

Independent Variable (IV)

The variable that is manipulated to observe its effect on the dependent variable.

Dependent Variable (DV)

The variable that is measured to assess the effect of the independent variable.

Confounds

Variables that may distort the results of an experiment.

Correlation

A statistical measure that indicates the degree to which two variables move in relation to each other.

Regression

A statistical method for explaining the relationship between variables.

t-test

A statistical test used to compare the means of two groups.

ANOVA

Analysis of Variance; used to compare the means of three or more groups.

Effect Size

A measure of the strength of the relationship between two variables.

Market Mavens

Individuals who have extensive knowledge of products, markets, and trends and share this information with others.

Correlation ≠ causation

The principle that correlation between two variables does not imply that one causes the other.

Significant ≠ Important

A statistical significance does not necessarily mean that the results have practical importance.