MKTEXAM3 - Readings Striking a Responsive Chord-spend a lot time on Discuss Problem Definition Sampling Design Measures Analysis Meaning of findings

# MKTEXAM3 - Readings Striking a Responsive Chord-spend a lot...

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Readings Striking a Responsive Chord---spend a lot time on Discuss: Problem Definition Sampling Design Measures Analysis Meaning of findings Interactive Psychographics (ad_journal) Discuss: Problem Def Sampling (Primary, secondary?) Measure Analysis Meaning of findings How are the findings being used? For cross-selling- what can we know more about our customers Easier to cultivate current customer base Goal: cross selling strategy why is it called “interactive” Feedback cycle What's the approach? Segment based on psychographics relate to demographics (profiling) relate to behaviours How does it fit with B=F(P,E) Dependent variables? Segmentation Target markets are defined as collections of people with a common interest Demographic similarity- generalizes to consumer products and services Targeted specifically - at a demand for my product What assumptions do we need to make when we have segments? Must be Internally Consistent - more like each other than outside groups Assume internal consistency to generalize demand across the entire group Statistical methods responds to the specific need and the ability to implement 4 different statistical methods, examples Simple Segments Age x Income
Clustering ( Geodemographic segments ): zip code, neighborhoods, mutual exclusive Identifying related groups of variables through correlations with other variables Multivariate (2+ variables) Mutually Exclusive- can't do both at the same time (left vs right) Interval, count, binary data Exhaustive (thorough, all-inclusive, in depth) Geodemographic segments- demographic, lifestyles, census, automotive, behavioural data Able to demonstrate differences in demand Ex: city slickers, suburban soccer moms, working farmers Factor Analysis (Principal Components): IDs, not in one group, more or

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• Fall '07
• McAllister
• Marketing, Statistics, Pearson product-moment correlation coefficient, dependent variables, current customer base, Gabi, Mkt, 337, Exam, Review 3