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Lecture 7

ADM2320 Lecture 7: Untitled7

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Gurprit Kindra

—> Panel research involves collecting information from a group of consumers (the panel) over time (e.g., survey, record of purchases). 3. Experiments —> Experimental research is best for gathering causal information—cause-and-effect relationships —> A type of research that systematically manipulates one or more variables to determine which variable (s) have a causal effect on another variable. e.g, Data can be collected from many different sources, including both secondary and primary sources. All of the following about primary data sources is true EXCEPT: A) It is data that has been collected prior to the start of the project. B) It is data that addresses specific research needs. C) It can be expensive to gather & time consuming. D) It includes focus groups. e.g, A type of quantitative research that uses data obtained from readings of UPC codes at checkout counters is referred to as: A) Panel data B) Syndicated data C) Scanner data D) Primary data e.g, The following represents a key advantage of using social media in research : A) Conversations are observed only B) No consent to study data C) One has access to a large potential sample D) Anonymity Chapter 9: Product, Branding, and Packaging Decisions product = an offer (good or service) made to a marketplace to satisfy a need or want. —> Broadly defined, “products” also include: ideas, events, people, places, organizations, or mixes of these. Consumer products = products and services for personal consumption —> Classified by how consumers buy them (e.g, convenience, shopping, specialty, unsought) a. Convenience products = consumer products and services that the customer usually buys frequently, immediately, and with a minimum comparison and buying effort. (Inexpensive item, Impulse goods, Require wide distribution e.g., newspapers, candy, & grocery items) b. Shopping products = consumer products and services that the customer compares carefully on suitability, quality, price, and style (e.g., furniture, cars, and appliances) c. Specialty products = consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort (e.g., Medical services, Designer clothes, Rolex watches) d. Unsought products = consumer products that the consumer does not know about or knows about but does not normally think of buying (e.g., life insurance, funeral services, blood donations) Product mix —> The product mix reflects the breadth & depth of a company’s product lines (Number of product lines (breadth) & Number of products within a product line (depth)) Product mix and product line decisions:———> Change product mix breadth: Increase or Decrease Breadth (adding or deleting entire product lines) Change product line depth: Increase or decrease Depth (adding or deleting products within a li
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