marketing final 2

Steps in the Marketing Research Process

Defining the Objectives and Research Needs, Designing the Research, Collecting the Data, Analyzing the Data and Developing Insights, Developing and Implementing an Action Plan

5 V’s of Big Data

Volume, Variety, Velocity, Veracity, Value

Descriptive Analytics Tools

Organizing, tabulating and depicting their available data (reports, tables, charts, figures, etc.)

Predictive Analytics Tools

Rely on historically available data to forecast the future (like a

regression).

Prescriptive Analytics Tools

Using simulations to find the best/most effective results for a firm to decide what action to take.

Active Analytics Tools

AI algorithms analyzing output from IoT.

Characteristics of Good Measurement Scales

Reliability

– The degree to which repeated measurements yield consistent results

Validity

– Are we measuring what we think we are measuring?

Sensitivity

– Ability to discriminate between meaningful differences in attitudes.

Marketing Research: Set of techniques and principles to systematically

collect, record, analyze, and interpret data to aide decision makers.

Sample: A smaller group of individuals that is

representative of the larger population.

Data:

Raw numbers or facts.

Information: _________ data.

Organized, analyzed, and interpreted

Big Data: Too large and complex to analyze with

conventional data management software.

Data Warehouse: Where large computer files are

stored.

Data Mining: Tools to analyze ___. Help uncover previously_______

data, unknown patterns or relationships among variables in the data

Data Volume: Amount of

data.

Data Variety: Numerica and textual data obtained from

different media formats.

Data Velocity: Data can be analyzed and accessed .

quickly

Data Veracity: Evaluate the_____of the collected data (may be doubt in the data).

accuracy and reliability

Data Value: Relationship of ____ (what the consumer gets for what they give).

benefits to costs

Descriptive Analytic Tools: Methods that help firms ____

organize, tabulate, and depict their available data (into easily understood reports, tables, and charts).

Predictive Analytics Tools: Methods that rely on

historically available data to forecast the future.

Prescriptive Analytics Tools: Analyses that use ___(ask a series of what if questions and optimization techniques) to find the

simulations, most effective or best result helping firms understand what they should do.

Active Analytics Tools: Artificial intelligence algorithms used to analyze

output gathered by the IoT (Internet of Things)

Core Customer Value: The

basics problem-solving benefits that customers are seeking.

Actual Product:____(including brand name, features/design, quality

level, packaging, etc.).

Physical attributes

Associated Service: ___________(including warrantees, financing,

support, after sale-service, etc.).

Non-physical attributes

Consumer Products: Used by

individuals for personal use.

Specialty Products: Customers express such a

strong preference they will expend considerable effort to search for the best suppliers.

Shopping Products: Customers spend a

fair amount of time comparing alternatives.

Convenience Products: Customers not willing to expend effort to

evaluate prior to purchase.

Unsought Products: Consumers do

not think of buying or know about.

Product Mix: Complete set of all

products offered by a firm.

Product Lines: Groups of associated items consumers tend to

use together or think of as part of a similar group.

Breadth: Number of

product lines offered by a firm.

Depth: Number of products

within a product line.

Cannibalization: One product closely

competed with a similar product offered by the same company.

Branding

A brand can use: Name, logo symbols, characters, slogans, jingles and even distinctive packages.

Branding characteristics

URLs, Brand name, Logos and symbols, Characters, Slogans, Jingles/Sounds

A brand ____

identifies and differentiates a firm’s products

– Brand

– Brand

– Brand

– Brand

loyalty, awareness, recognition, marks