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BA 355 Exam 2 Novell

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BA 355 2 Novell

cross-tabulation - answer-method of presenting and analyzing data involving 2 or more variables to discover data relationships dependent variable - answer-outcome/what you measure (y-axis) experiments - answer-involves obtaining data by manipulating factors under tightly controlled conditions...

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BA 355 Exam 2 Novell
cross-tabulation - answer-method of presenting and analyzing data involving 2 or more
variables to discover data relationships

dependent variable - answer-outcome/what you measure (y-axis)

experiments - answer-involves obtaining data by manipulating factors under tightly controlled
conditions to test cause and effect; marketing experiments include the independent variable or
drivers (marketing mix elements: product features, price or promotion) and dependent variable
(change in the purchases of individuals, households and organizations)

independent variable - answer-what you manipulate/vary (x-axis)

primary data - answer-data collected newly for the current project; i.e. observational data,
questionnaire data, experiments, social media, data mining; advantages: more flexible/planning
time, more specific to the problem; disadvantages: expensive, time consuming to
collect/analyze/interpret

secondary data - answer-internal & external; data recorded prior to the current project; i.e.
firms financial data, census data, industry reports/databases; advantages: time savings,
inexpensive; disadvantages: out of date, not specific enough, definitions/categories are not
right

T-test - answer-a statistical test used to evaluate the size and significance of the difference
between two means

Title Test - answer-form of marketing research done to choose a name; Harley Quinn Birds of
Prey: consumers don't like ambiguity

5 steps of marketing research - answer-1. define the problem: set research objectives, identify
possible marketing actions 2. develop the research plan: specify constraints, identify data
needed for marketing actions, determine how to collect data 3. collect relevant information:
obtain secondary data, obtain primary data 4. develop findings: analyze the data, present the
findings 5. take marketing actions: make action recommendations, implement action
recommendations, evaluate results

Primary data collection methods - answer-observational data: mechanical methods, personal
methods, mystery shoppers neuromarketing methods, idea generation methods, idea
evaluation methods

, Open ended survey question - answer-allows consumers to express themselves in their own
way and come up with something the experimenter didn't think of, but harder to analyze,
might receive answers that the experimenter doesn't know what to do with, most labor
intensive and consumers hate open ended answers- inviting consumer to skip the question
completely

Dichotomous Survey Question - answer-easiest question to answer; 2 given options; cons: puts
limitations on the consumer and can group two completely different consumers in the same
group

Multiple Choice/Fixed Alternative Survey Question - answer-provides richer data and gives the
consumer more options to select from, but capturing the variants is still limited

Attitudinal Survey Question - answer-easily quantifiable, includes many options, subject to
laziness of the consumer so data may end up skewed

Semantic Differential Survey Question - answer-worse type of survey practice, lack of detail,
guesswork for the consumer, cannot get useful data out of it and consumers will answer in
completely different ways

Likert Survey Question - answer-a popular survey made for people with extreme views, possible
to make a problematic statement/response: beware of double barreled/compound statements

Forecasting techniques - answer-key goal in a marketing research study; total sales that a firm
expects to sell during a specific time period under specified environmental conditions and its
own marketing efforts; 1. judgements if the decision maker 2. surveys of knowledgable groups
3. statistical methods

concentrated marketing - answer-

Differentiated marketing - answer-

Estimated market size - answer-

Mass marketing - answer-tailoring products or services to the tastes of individual customers on
a high volume scale

Market-product grid - answer-framework to relate the market segments of potential buyers to
products offered or potential marketing actions; identifying and labeling the markets on the
horizontal/rows, product groupings on the vertical; shows the estimated market size of a given
product

Market Segmentation - answer-aggregating prospective buyers into segments that have
common needs; homogenous

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