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Final

The final exam review

22 Pages
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Department
Marketing
Course Code
MKT 100
Professor
Harley Francisco

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MKT 100
ONE THING TO REMEMBER: Rev- VC= CM-FC=Profit
Module 4 Review Questions
1.What are some of the primary reasons marketers need to understand
consumers/clients?
Basic drivers of consumer behaviour; culture, the economy, social influence,
consumer beliefs, and customer satisfaction. Such knowledge about the
customer and context is an important competitive knowledge advantage.
2.Define exploratory research. At what stage of the research process does it
take place? Where is the information typically gathered (i.e., internally,
externally or both)?
Exploratory research and data collection are undertaken when the problem
or research question is still fuzzy and management wants additional
information before undertaking further research. It is likely to include the
study of internal records, customer complaints, financial analysis trends, and
discussions with distributors and suppliers. It is a sensible way of boiling the
problem down to its essence.
3.What is descriptive research used to measure/determine? What are some
examples of descriptive research methods?
Descriptive survey research is typically used to describe customers, either
small numbers of customers in-depth or large numbers of customers by
survey research. It typically gathers descriptive profiles of customers and is
used to measure customer satisfaction, study product use and segment
customers. For example: How satisfied are you with the college of business?
Answers who, what, where, when, and why of consumer behaviour.
4.Why do marketers care about complex buying behaviour?
Complex buying behaviour means that there are differences between brands
and a high involvement. Buyers do extensive study about the products, and it
is really hard for a marketing expert to understand which buy would do
what.
5.Determine the difference betweenCross Sectional and Longitudinal
Research?
Cross-sectional research studies a cross-sectional sample of customers’
responses at a specific point in time. Longitudinal research involves the
repeated measurement of the same customer and addresses customer
responses over a period of time.
6.Differentiate quantitative and qualitative research.
Quantitative is ideal for testing hypotheses, and for hard sciences trying to
answer specific questions. Quantitative research generally comes later in a
research project, once the scope of the project is well understood.
Qualitative research includes methods such as observation and in-depth
interviews with customers, suppliers, and middlemen. Many anthropology
majors trained in appropriate observation and interview methods are now
employed in market research and design firms. They study ethnography, the
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way of life of people.
7.Cause and Effect = Does X ___________ Y?
X does cause Y. Every time you have X you should have Y.
8.Understand correlation vs. causation.
Correlation refers to the different approach of two variables from
independence. Example: Is there a relationship between amount of time
spent on homework and grades?
Causation is the relationship held between events, objectives, or affairs. The
first A (the cause) is the reason that brings about the second event B (the
effect).
9.What are Focus Groups used for?
Focus groups are far and away the most common market research method
used today because they are very useful. A focus group consists of a group of
six to 12 carefully selected people who focus on a particular question or issue
in a free-wheeling discussion for about two hours. Used to test products and
product concepts, advertising creative and political messages.
10.Are Focus Groups used to represent beliefs, attitudes and behaviors or
simply to learn about them?
The purpose of focus groups is to learn about the beliefs, attitudes,
preferences and behaviour of the target customers. But it can be risky to use
focus groups to statiscally represent target customer behaviour.
11.What are the 3 kinds of Samples? Which sample is likely to be the most
effective/accurate? Why? What is a significant sample?
A probability sample is a sample where all of the respondents in the
population or segment to be studied have a known (non-zero) chance of being
chosen to be in the sample from the population/segment being studied. A
simple random sample is a probability sample where respondents are
randomly chosen from a complete list of the population. A convenience
sample is a sample that is gathered from a convenient pool of customers or
potential customers. To get a sense of demand for a new iced tea, how might a
marketer undertake a taste test against a premium supermarket brand? A
convenience sample of high-performing stores may be a more valid sample
than a representative sample of all stores if the goal is to understand the
beliefs, preferences, and behaviour of only high-performing stores and not all
stores.
The primary advantage of random probability samples is that they greatly
reduce the potential for sampling error showing up in the results. In addition,
sampling can be much more cost effective than surveying the whole
population (a survey of a whole population is called a census) and has the
additional advantage of not repeatedly bothering the entire population of
customers for feedback.
12.Describe some pros and cons of online research.
Pros: Online market research has increased the quality of the research by
reducing errors in several research processes. It has significantly reduced the
cost of research by 20-50 percent. It has sped up the whole market research
process, from taking weeks to days. Comparative studies suggest that online
open-ended questions elicit a lot richer response and less inhibited responses
than open-ended questions asked in mail or telephone surveys. It allows
2
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firms to quickly study a segment of the target market and test new ideas.
Cons: An issue associated with the quality of online market research has
been how representative the sample is. The online respondents do not
represent the population at large, as low-income households and older
households are under-represented. There is more of a concern over
controlling who is participating in online market research.
13.What are some common survey errors?
The major problem with sampling is the risk of non-response error or
participation bias, which occurs when a particular customer group is under or
over represented in a sample. A more general problem is that households are
tired of being duped by sales pitches that pretend to be a market research
study, online and offline.
14.What is Habitual Shopping? How does Starbucks encourage habitual
shopping? Is there a difference between habitual shopping and brand
loyalty?
Habitual shopping is having a habit of shopping usually for stuff you dont
even need. What has worked in the past (rewarded us) is likely to work again
(reward us again) in the future. Habits allow us to save time making
decisions and to be thinking of other things as we do them. Habitual
shopping routines can often be executed more efficiently than new
behaviours. It provides a sense of discipline, order and control in our lives.
Brand loyalty, in marketing, consists of a consumer's commitment to
repurchase or otherwise continue using the brand and can be demonstrated
by repeated buying of a product or service or other positive behaviors such as
word of mouth advocacy.
15.What is Recreational Shopping?
Evolution has also endowed us with curiosity and boredom, the yang to the
ying of mindless shopping. This often drives us to recreational shop the malls
and curiosity stores. An important recreational aspect of such hobbies is
shopping for supplies or to see what is new and improved.
16.What is Computer Based Expert Purchasing? What kind of organizations
uses it today?
For some purchases undertaken by very large companies or governments, it
is even possible to develop computer based expert systems that guide a
purchasing officer through a purchase decision. Future expert systems are
likely to integrate information from production that rates competing
suppliers in terms of defect rates within individual order batches, on-time
delivery and other performance criteria.
Company shopping behaviour can be viewed from two perspectives: the
engineering-user view and the purchasing buyer view. This is because both
perspectives are likely to be encountered in the different individuals the team
has to deal with and satisfy in the buying organization.
17.Define Supply Chain Management. Why is it so incredibly important
businesses utilize supply chain management strategies today?
In an attempt to become more competitive in their markets, many
manufacturers are now reaching back up the supply channel to help their
suppliers develop more innovative materials and components, establish more
efficient production processes and produce a product that exceeds the buyers
desired quality and performance specifications.
3
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Description
MKT 100 ONE THING TO REMEMBER: Rev- VC= CM-FC=Profit Module 4 Review Questions 1. What are some of the primary reasons marketers need to understand consumers/clients? Basic drivers of consumer behaviour; culture, the economy, social influence, consumer beliefs, and customer satisfaction. Such knowledge about the customer and context is an important competitive knowledge advantage. 2. Define exploratory research. At what stage of the research process does it take place? Where is the information typically gathered (i.e., internally, externally or both)? Exploratory research and data collection are undertaken when the problem or research question is still fuzzy and management wants additional information before undertaking further research. It is likely to include the study of internal records, customer complaints, financial analysis trends, and discussions with distributors and suppliers. It is a sensible way of boiling the problem down to its essence. 3. What is descriptive research used to measure/determine? What are some examples of descriptive research methods? Descriptive survey research is typically used to describe customers, either small numbers of customers in-depth or large numbers of customers by survey research. It typically gathers descriptive profiles of customers and is used to measure customer satisfaction, study product use and segment customers. For example: How satisfied are you with the college of business? Answers who, what, where, when, and why of consumer behaviour. 4. Why do marketers care about complex buying behaviour? Complex buying behaviour means that there are differences between brands and a high involvement. Buyers do extensive study about the products, and it is really hard for a marketing expert to understand which buy would do what. 5. Determine the difference between Cross Sectional and Longitudinal Research? Cross-sectional research studies a cross-sectional sample of customers responses at a specific point in time. Longitudinal research involves the repeated measurement of the same customer and addresses customer responses over a period of time. 6. Differentiate quantitative and qualitative research. Quantitative is ideal for testing hypotheses, and for hard sciences trying to answer specific questions. Quantitative research generally comes later in a research project, once the scope of the project is well understood. Qualitative research includes methods such as observation and in-depth interviews with customers, suppliers, and middlemen. Many anthropology majors trained in appropriate observation and interview methods are now employed in market research and design firms. They study ethnography, the 1 www.notesolution.com way of life of people. 7. Cause and Effect = Does X ___________Y? X does cause Y. Every time you have X you should have Y. 8. Understand correlation vs. causation. Correlation refers to the different approach of two variables from independence. Example: Is there a relationship between amount of time spent on homework and grades? Causation is the relationship held between events, objectives, or affairs. The first A (the cause) is the reason that brings about the second event B (the effect). 9. What are Focus Groups used for? Focus groups are far and away the most common market research method used today because they are very useful. A focus group consists of a group of six to 12 carefully selected people who focus on a particular question or issue in a free-wheeling discussion for about two hours. Used to test products and product concepts, advertising creative and political messages. 10. Are Focus Groups used to represent beliefs, attitudes and behaviors or simply to learn about them? The purpose of focus groups is to learn about the beliefs, attitudes, preferences and behaviour of the target customers. But it can be risky to use focus groups to statiscally represent target customer behaviour. 11. What are the 3 kinds of Samples? Which sample is likely to be the most effective/accurate? Why? What is a significant sample? A probability sample is a sample where all of the respondents in the population or segment to be studied have a known (non-zero) chance of being chosen to be in the sample from the population/segment being studied. A simple random sample is a probability sample where respondents are randomly chosen from a complete list of the population. A convenience sample is a sample that is gathered from a convenient pool of customers or potential customers. To get a sense of demand for a new iced tea, how might a marketer undertake a taste test against a premium supermarket brand? A convenience sample of high-performing stores may be a more valid sample than a representative sample of all stores if the goal is to understand the beliefs, preferences, and behaviour of only high-performing stores and not all stores. The primary advantage of random probability samples is that they greatly reduce the potential for sampling error showing up in the results. In addition, sampling can be much more cost effective than surveying the whole population (a survey of a whole population is called a census) and has the additional advantage of not repeatedly bothering the entire population of customers for feedback. 12. Describe some pros and cons of online research. Pros: Online market research has increased the quality of the research by reducing errors in several research processes. It has significantly reduced the cost of research by 20-50 percent. It has sped up the whole market research process, from taking weeks to days. Comparative studies suggest that online open-ended questions elicit a lot richer response and less inhibited responses than open-ended questions asked in mail or telephone surveys. It allows 2 www.notesolution.com firms to quickly study a segment of the target market and test new ideas. Cons: An issue associated with the quality of online market research has been how representative the sample is. The online respondents do not represent the population at large, as low-income households and older households are under-represented. There is more of a concern over controlling who is participating in online market research. 13. What are some common survey errors? The major problem with sampling is the risk of non-response error or participation bias, which occurs when a particular customer group is under or over represented in a sample. A more general problem is that households are tired of being duped by sales pitches that pretend to be a market research study, online and offline. 14. What is Habitual Shopping? How does Starbucks encourage habitual shopping? Is there a difference between habitual shopping and brand loyalty? Habitual shopping is having a habit of shopping usually for stuff you dont even need. What has worked in the past (rewarded us) is likely to work again (reward us again) in the future. Habits allow us to save time making decisions and to be thinking of other things as we do them. Habitual shopping routines can often be executed more efficiently than new behaviours. It provides a sense of discipline, order and control in our lives. Brand loyalty, in marketing, consists of a consumers commitment to repurchase or otherwise continue using the brand and can be demonstrated by repeated buying of a product or service or other positive behaviors such as word of mouth advocacy. 15. What is Recreational Shopping? Evolution has also endowed us with curiosity and boredom, the yang to the ying of mindless shopping. This often drives us to recreational shop the malls and curiosity stores. An important recreational aspect of such hobbies is shopping for supplies or to seewhat is new and improved. 16. What is Computer Based Expert Purchasing? What kind of organizations uses it today? For some purchases undertaken by very large companies or governments, it is even possible to develop computer based expert systems that guide a purchasing officer through a purchase decision. Future expert systems are likely to integrate information from production that rates competing suppliers in terms of defect rates within individual order batches, on-time delivery and other performance criteria. Company shopping behaviour can be viewed from two perspectives: the engineering-user view and the purchasing b
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