Marketing_Midterm2_StudyGuide

# Marketing_Midterm2_StudyGuide - Lecture Notes Summary...

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Lecture Notes Summary: Consumer Insights 2 Types of Data Primary Secondary – Previously collected; 1 st thing to look at is Methodology. Secondary Resources First. Very Descriptive. (Barrons, Wall Street Journal, Christian Science Monitor) Documentation – Know Difference Footnotes – Provided for Credibility. Bibliography - Verify Facts! Data is useless unless it's valid. Actuary - statistician: someone versed in the collection and interpretation of numerical data Also, Statistician develops probability and causal relationship. Census + Causality Results. Secondary = Descriptive (Simply Collected) What is a Census? Collecting Data from Whole Population (Everyone) Issues with Collecting Everyone's Data! Time Money Verification No Errors Basic Methodology Sampling – Random Sample “Stratified” (Obtaining representative data from few to represent many) Derek Abel – Came up with concept of “Strategic Window” It's as if you are looking through a small market window, as consumers are constantly changing when they pass by it. Definition of Random = “Every individual has equal chance of being selected.” No relation to anyone. “Selection must be independent of everything else.” Pre-Probability - “All Balls in”

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Posterior – Probability - “One Ball out now” Objective: Generalize the Outcome. “When using statistics there is NO RELATIONSHIP between size of population and SIZE of POPULATION (SAMPLE) you must draw.” 3 Classical Measures for Determination of Sample Size Confidence Level = How Confident you are when you draw the sample, the characteristics is in there. Error Interval = Identifying Error. What we are willing to tolerate. Confidence Level and Error are decided by us. Confidence and Error are NOT reciprocal! Unique decisions for Each! Standard Deviation = Measure of Distance from one Observation (Ex. Age) from the Average Age (Mean) of entire population. Can't Change Standard Deviation on our Own. Shows Relation + Causal Relationships. “Fundamental Function is to measure Variability” - How Similar or Dissimilar. Important for Standard Normal Deviation “Equal on Both Sides” Anytime see an Average, Ask/Look for Standard Normal Deviation! Central Limit Theorem holds that 30 or more in sample size will have symmetrical standard normal curve. Segmentation We segment by homogenous characteristics (similarities) amongst groups “Common Elements” relates directly to Propensity. Propensity = Inclination + Willingness of customer to purchase good or service. Behavioral Segmentation = Heavily based upon Knowledge! Specifically “A priori Knowledge” - In which Customer, possesses knowledge you have in
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## This note was uploaded on 09/08/2010 for the course BUS 130 at San Jose State.

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Marketing_Midterm2_StudyGuide - Lecture Notes Summary...

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