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Questions and Answers
What is the process of gathering data, information, and facts to advance knowledge?
What is the process of gathering data, information, and facts to advance knowledge?
What is the process of planning, collecting, analyzing, and interpreting data relevant to a marketing decision?
What is the process of planning, collecting, analyzing, and interpreting data relevant to a marketing decision?
Which of the following is a key element within the total marketing information system?
Which of the following is a key element within the total marketing information system?
What does the term 'Customer Co-creation' refer to in the context of marketing research?
What does the term 'Customer Co-creation' refer to in the context of marketing research?
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What are the three main types of data, as discussed in the text?
What are the three main types of data, as discussed in the text?
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Which type of market research is conducted by someone else?
Which type of market research is conducted by someone else?
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Which type of data is verifiable facts from reliable sources, measurable and indisputable?
Which type of data is verifiable facts from reliable sources, measurable and indisputable?
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Plagiarism involves using another person's words or ideas without acknowledgment, and is a serious offense.
Plagiarism involves using another person's words or ideas without acknowledgment, and is a serious offense.
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Which type of research method is primarily exploratory, unstructured, and based on small samples?
Which type of research method is primarily exploratory, unstructured, and based on small samples?
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Which type of research method typically applies some form of measurement and statistical analysis?
Which type of research method typically applies some form of measurement and statistical analysis?
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A mystery shopper is a tool used only internally by companies to measure the quality of service.
A mystery shopper is a tool used only internally by companies to measure the quality of service.
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What type of questioning involves asking respondents to choose from contradictory answers, such as 'yes' or 'no'?
What type of questioning involves asking respondents to choose from contradictory answers, such as 'yes' or 'no'?
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The Likert Scale requires respondents to indicate a degree of agreement or disagreement with a series of statements about the stimulus objects.
The Likert Scale requires respondents to indicate a degree of agreement or disagreement with a series of statements about the stimulus objects.
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The semantic differential scale is usually characterized by:
The semantic differential scale is usually characterized by:
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The 'inner model' in SEM refers to the measurement model, while the 'outer model' refers to the structural model.
The 'inner model' in SEM refers to the measurement model, while the 'outer model' refers to the structural model.
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PLS-SEM is a statistical technique that estimates causal relationships using a combination of statistical data and qualitative causal assumptions.
PLS-SEM is a statistical technique that estimates causal relationships using a combination of statistical data and qualitative causal assumptions.
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Which of the following is NOT an advantage of SEM compared to simple regression?
Which of the following is NOT an advantage of SEM compared to simple regression?
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When is using PLS-SEM generally recommended over CB-SEM?
When is using PLS-SEM generally recommended over CB-SEM?
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Cronbach's alpha is a measure of convergent validity.
Cronbach's alpha is a measure of convergent validity.
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Fornell and Larcker's criterion for discriminant validity states that the square root of AVE for each latent variable should be greater than correlations among other latent variables.
Fornell and Larcker's criterion for discriminant validity states that the square root of AVE for each latent variable should be greater than correlations among other latent variables.
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When testing the measurement quality of a reflective measurement model, what should you always check first?
When testing the measurement quality of a reflective measurement model, what should you always check first?
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A VIF value less than 5 is generally considered acceptable for each latent variable in PLS-SEM.
A VIF value less than 5 is generally considered acceptable for each latent variable in PLS-SEM.
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Which of the following can be considered a reasonable R2 value for a structural equation model?
Which of the following can be considered a reasonable R2 value for a structural equation model?
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SEM requires that factor analysis and hypothesis testing are conducted in separate steps.
SEM requires that factor analysis and hypothesis testing are conducted in separate steps.
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Study Notes
Marketing Research Presentations
- Presentations were given by Julia Just, Oliwia Sokołowska, Patrycja Grzesiak, Ania Czernik, and Julia Sotel.
Introduction to Conducting Marketing Research
- Research is the process of gathering data, information, and facts to advance knowledge.
- Marketing research is defined as "the process of planning, collecting, analyzing, and interpreting data relevant to a marketing decision."
- In the 1990s, surveys and quantitative data were used.
- In the 2000s, internet research methods, such as online surveys and web analytics, were used.
- In the 2010s, real-time big data research focused on using customer big data to adjust quickly to trends.
- In the 2020s, channel integration and customer co-creation are important, using customer data for more effective consumer engagement.
Marketing Information System (MIS)
- Marketing Research is a crucial element of the MIS.
- MIS is a multi-resource system for collecting, analyzing, storing, and disseminating marketing data to support marketing decision-making.
- Components of an MIS include internal records (printed, digitalized sales, claims), and management and personal knowledge (pre-understanding, unwritten attitudes, motives).
Tendencies in the Use of MIS
- Trend 1: Increased Use of Big Data: Examples include Amazon and Allegro using big data for customer recommendations.
- Trend 2: Integration of AI and Machine Learning: Examples include Netflix utilizing machine learning for personalized recommendations and Allegro using AI-based summaries of customer opinions.
- Trend 3: Real-Time Analytics: Examples include Coca-Cola using social media for quick adjustments to marketing campaigns.
- Trend 4: Enhanced Data Privacy and Ethical Responsibility: Examples include Apple's App Tracking Transparency feature to empower users to control their data sharing.
Marketing Information System in a Retail Clothing Store
- Data Collection involves using POS systems to capture purchase data (items, time, payment, demographics) and online analytics for website data (page views, click-through rates, abandoned carts).
- Data integration combines data from various sources (POS, e-commerce, customer feedback, social media) for a comprehensive view.
Data Analysis
- Customer Segmentation: Using data to segment customers by purchasing behaviour, demographics, and preferences (e.g., young adults interested in sustainable fashion).
- Trend Analysis: Examining sales data to identify trends over time.
- Exemplary Trends: Sustainable fashion, second-hand/vintage shopping, subscription/rental services, inclusivity/diverse representation, and marketing communication concerning environmental impact and transparency.
- Inventory Management: This is informed by understanding consumer trends to ensure popular items are adequately stocked and less popular items are phased out.
Secondary Data Research
- Hard data: Verifiable facts from reliable sources (indisputable).
- Soft data: Qualitative information (e.g., ratings, surveys).
- Big data: Large volume of structured or unstructured data.
- Primary market research: Conducted by you or your firm.
- Secondary market research: Conducted by someone else.
Classification of Secondary Data
- Internal: Ready to use, or requires processing.
- External: Published materials, computerized databases, or syndicated services.
Benefits and Limitations of Secondary Data
- Benefits: Low cost, quick access, longitudinal analysis, wide availability.
- Limitations: Lack of control over accuracy, outdated information, accessibility issues.
Research Design Components
- Research questions
- Data sources and gathering methods
- Sampling
- Research instruments
Plagiarism
- Unacknowledged use or appropriation of another person's words or ideas.
Data Typology
- Primary data: Collected firsthand (surveys, focus groups).
- Secondary data: Gathered by others (census data, market research reports).
Data Types
- Hard data: Verifiable facts (measurable and indisputable).
- Soft data: Qualitative information (ratings, surveys).
- Big data: Large volume of data (structured or unstructured).
Market Research
- Primary research: Conducted by your company (specific, tailored but costly).
- Secondary research: Conducted by external providers (cost-effective, but lacking specificity).
Three Types of Data
- Tertiary information: Summaries or overviews (e.g., textbooks)
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Description
This quiz covers essential concepts of marketing research, exploring its evolution from traditional surveys in the 1990s to advanced internet methods in the 2000s and real-time big data usage in the 2010s. Understand the significance of Marketing Information Systems (MIS) and how they integrate marketing data for effective decision-making. Test your knowledge on the historical and contemporary aspects of marketing research.
