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MKT 335 FINAL EXAM GUIDE

MKT 335 FINAL EXAM GUIDE - MKT 335 FINAL GUIDE Remember...

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MKT 335 FINAL GUIDE Remember this word – RAIN I. Decision Making Process a. Steps a.i. Identify Problem a.ii. Develop Alternatives a.iii. Establish Criteria a.iv. Evaluate Alternatives a.v. Resolve Decision a.v.1. Information facilitates this process. b. Role of Information/Marketing Research b.i. Market Research is intelligence gathering. Reduces risk and uncertainty for managers. b.ii. Want the best information in order to make decisions II. Industry Information a. Sources a.i. NAICS Codes – Industry codes related to government data. Economic census a.ii. Company – Fortune 500, Hoovers, business directories. a.iii. Market/Consumer – American Demographic, Aging America, population Census. a.iv. Syndicated/Commercial – Nielson, Arbitron, mediamark. a.iv.1. Systematically collected by some standard procedure. b. Uses b.i. Data/Stats gathered at another time for another people. b.ii. Most studies/research begin with secondary data – helps frame environment, problem. b.iii. First data looked at. b.iv. Internal b.iv.1. Sales reports, invoices, warranty cards, consumer satisfaction. b.v. External b.v.1. Public government, syndicated, trade associates, directories. c. Advantages/disadvantages of sources c.i. Advantages c.i.1. Quick, Cheap, Available. c.ii. Disadvantages c.ii.1. Rarely fits problems, different terms definition, different units of measurement. Age of data, accuracy issues, who did study, what is source, difficult to asses validity. c.ii.2. Concerns about information. Is it timely. What is reliability?
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MKT 335 FINAL GUIDE c.iii. Census/samples c.iii.1. Census c.iii.1.a. Unless you census. Wont know exactly where in curve you are. c.iii.1.b. Represents entire population c.iii.1.c. FINDS PARAMETER. Must census to find parameter. c.iii.2. Samples c.iii.2.a. Sample of the population c.iii.3. Why sample? c.iii.3.a. Bec cannot census. Cannot get response of everyone c.iii.3.b. Want a random sample. Must define population. c.iii.3.c. Sampling frame – operationalize population. Set ppl as close to population as possible. c.iii.3.d. Perfect frame exactly overlaps with population. c.iii.3.e. Take sample to calculate a statistic. Representative. c.iv. Types of samples c.iv.1. Nonprobability – non random sample c.iv.1.a. Convenience – fast easy samples form social group maybe. c.iv.1.b. Judgement – who is in sample c.iv.1.c. Quota – need certain number for each group. c.iv.2. Probability – Random c.iv.2.a. Simple random – have group and randomly select from with number. Every nth person. c.iv.2.b. Stratified – split up groups that will clearly be different, like grad and undergrad. Reduces variance. c.iv.2.c. Systematic – version of simple random c.iv.2.d. Cluster/area – take geographic area III. Marketing Research Process a. Good and relevant research/information.
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