MKT 343 EXAM 1 STUDY GUIDE
Marketing research - Answers - Systematic approach to gather info to answer a
problem.
In house research - Answers - Conducted by employees within the company.
External research consultant - Answers - Hired statistical experts outside the company
for objective and unbiased research.
Primary research - Answers - Gathering new info, mostly through survey experiments,
timely and costly.
Secondary research - Answers - Information from existing data sources, usually
collected first, readily available and cheap.
Qualitative research - Answers - Focuses on thoughts, opinions, attitudes, and
observations that cannot be expressed in numbers.
Quantitative research - Answers - Measurable data that can be counted and seeks
larger sample sizes.
Brand recall - Answers - Ability to remember a brand off the top of your head.
Brand recognition - Answers - Ability to identify a brand when presented with aided
cues.
Mean - Answers - Average of a continuous variable.
Median - Answers - Middle value used when data has an outlier or is skewed.
Mode - Answers - Most popular data point.
Frequency statistics - Answers - Count how many times each variable occurred,
expressed as count and percentage.
Standard deviation - Answers - Typical deviation or spread of individual values from the
mean value.
Independent variables - Answers - Variables that can be tested to see if they cause an
effect on other variables.
Dependent variables - Answers - Variables that are impacted by independent variables.
, Correlation - Answers - An association that exists between two variables.
Causation - Answers - One variable causes a dependent variable.
Spurious correlation - Answers - A connection that appears to be causal but is not.
Logistic regression - Answers - Predicts the probability of an outcome with two
possibilities, outcome is categorical or binary.
Multiple linear regression (MLR) - Answers - Models relationships between independent
and dependent variables, estimates changes in DV with changes in IV.
Chi-squared test - Answers - Used to compare categorical variables from a single
population.
T-test - Answers - Determines the difference of two groups with one continuous and one
categorical variable.
ANOVA - Answers - Compares multiple samples with a single test, used when the
categorical feature has more than two categories.
A/B testing - Answers - Involves two variations: Control (A) and Treatment (B) to
determine which performs better.
Market Orientation - Answers - organization-wide ability to create, communicate and
provide value to consumers. Requires considering the consumer, competition, company
and market-level factors (aka: marketing intelligence/data.)
• Want to be unique
• Provide value to customers by the firm's capability
Marketing Intelligence - Answers - the information relevant to a company's market that
is gathered and analyzed specifically for the purpose of accurate and confident decision
making
• Knowing your target market
• Knowing which markets not to enter
• Information relevant to a company's markets
The Role of Marketing Research - Answers - the process of planning, collecting, and
analyzing data (or intelligence) relevant to a marketing decision
• What do you need and why do you need it
• What is your goal/purpose
Types of marketing research - Answers - • Descriptive - (what?) gathering and
presenting statements, who are our customers?
• Diagnostic - (why?) explaining the data
Marketing research - Answers - Systematic approach to gather info to answer a
problem.
In house research - Answers - Conducted by employees within the company.
External research consultant - Answers - Hired statistical experts outside the company
for objective and unbiased research.
Primary research - Answers - Gathering new info, mostly through survey experiments,
timely and costly.
Secondary research - Answers - Information from existing data sources, usually
collected first, readily available and cheap.
Qualitative research - Answers - Focuses on thoughts, opinions, attitudes, and
observations that cannot be expressed in numbers.
Quantitative research - Answers - Measurable data that can be counted and seeks
larger sample sizes.
Brand recall - Answers - Ability to remember a brand off the top of your head.
Brand recognition - Answers - Ability to identify a brand when presented with aided
cues.
Mean - Answers - Average of a continuous variable.
Median - Answers - Middle value used when data has an outlier or is skewed.
Mode - Answers - Most popular data point.
Frequency statistics - Answers - Count how many times each variable occurred,
expressed as count and percentage.
Standard deviation - Answers - Typical deviation or spread of individual values from the
mean value.
Independent variables - Answers - Variables that can be tested to see if they cause an
effect on other variables.
Dependent variables - Answers - Variables that are impacted by independent variables.
, Correlation - Answers - An association that exists between two variables.
Causation - Answers - One variable causes a dependent variable.
Spurious correlation - Answers - A connection that appears to be causal but is not.
Logistic regression - Answers - Predicts the probability of an outcome with two
possibilities, outcome is categorical or binary.
Multiple linear regression (MLR) - Answers - Models relationships between independent
and dependent variables, estimates changes in DV with changes in IV.
Chi-squared test - Answers - Used to compare categorical variables from a single
population.
T-test - Answers - Determines the difference of two groups with one continuous and one
categorical variable.
ANOVA - Answers - Compares multiple samples with a single test, used when the
categorical feature has more than two categories.
A/B testing - Answers - Involves two variations: Control (A) and Treatment (B) to
determine which performs better.
Market Orientation - Answers - organization-wide ability to create, communicate and
provide value to consumers. Requires considering the consumer, competition, company
and market-level factors (aka: marketing intelligence/data.)
• Want to be unique
• Provide value to customers by the firm's capability
Marketing Intelligence - Answers - the information relevant to a company's market that
is gathered and analyzed specifically for the purpose of accurate and confident decision
making
• Knowing your target market
• Knowing which markets not to enter
• Information relevant to a company's markets
The Role of Marketing Research - Answers - the process of planning, collecting, and
analyzing data (or intelligence) relevant to a marketing decision
• What do you need and why do you need it
• What is your goal/purpose
Types of marketing research - Answers - • Descriptive - (what?) gathering and
presenting statements, who are our customers?
• Diagnostic - (why?) explaining the data
