Marketing Revision PDF

**Session 2: Attitude and Behavior** **Key Concepts:** 1. **Attitude:** - Definition: A learned predisposition to respond in a consistently favorable or unfavorable manner toward a given object, person, or event. - Components: - Cognitive (beliefs and thou...

**Session 2: Attitude and Behavior** **Key Concepts:** 1. **Attitude:** - Definition: A learned predisposition to respond in a consistently favorable or unfavorable manner toward a given object, person, or event. - Components: - Cognitive (beliefs and thoughts about the object). - Affective (feelings or emotions toward the object). - Behavioral (the way an individual intends to act toward the object). - Importance in Marketing: - Helps in understanding consumer preferences and predicting behavior. - Used in advertising to influence brand perception. 2. **Behavior:** - Definition: Observable actions taken by consumers in purchasing, using, and disposing of goods or services. - Factors Influencing Behavior: - Internal: Motivation, perception, learning, attitudes. - External: Social, cultural, economic, and situational factors. - Link with Attitudes: While attitudes provide a framework, behavior represents actual actions. **Key Theories:** - **Theory of Planned Behavior:** - Predicts how attitudes, subjective norms (social pressure), and perceived behavioral control (ease or difficulty of performing the behavior) combine to influence intentions and actual behavior. **Marketing Study Applications:** - Consumer segmentation based on attitude-behavior consistency. - Behavior tracking (purchase history, website interactions). **Session 3: Beliefs and Perceptions** **Key Concepts:** 1. **Beliefs:** - **Definition:** Specific ideas that people hold to be true about a product, brand, or company. - **Characteristics:** - Formed through experience, information, and marketing communications. - Can be positive or negative. - **Marketing Importance:** - Shape consumer expectations and evaluations. - Used in brand positioning and customer engagement. 2. **Perceptions:** - **Definition:** The process by which consumers select, organize, and interpret sensory information to form a meaningful picture of the world. - **Perception Process Stages:** - **Exposure:** Being presented with a stimulus. - **Attention:** Focusing on the stimulus. - **Interpretation:** Assigning meaning based on past experiences and cultural context. - **Perception Factors:** - **Selective Attention:** Consumers focus only on certain stimuli. - **Selective Distortion:** Consumers interpret information in line with existing beliefs. - **Selective Retention:** Consumers remember information that supports their beliefs. **Key Theories:** - **Perceptual Mapping:** - A technique that visually displays consumers\' perceptions of brands or products relative to competitors. - **Expectancy-Value Model:** - Consumers evaluate products based on their expectations and the value they assign to product features. **Marketing Study Applications:** - **Brand Audits:** Assessing consumer beliefs about a brand. - **Customer Feedback:** Collecting reviews and ratings to adjust brand messaging. - **Advertising Strategy:** Crafting messages that influence customer perceptions. **Calculations/Analysis:** - **Perceptual Mapping Example:** - Use surveys to rank brands on key attributes like quality, price, and innovation. - Plot scores on a perceptual map to identify market positioning gaps. **Session 4: Motivation and Affect** **Key Concepts:** 1. **Motivation:** - **Definition:** The inner drive that stimulates and directs consumer behavior toward fulfilling needs or desires. - **Types of Needs:** - **Physiological:** Basic survival needs (e.g., food, shelter). - **Psychological:** Social acceptance, esteem, and self-actualization. - **Theories of Motivation:** - **Maslow\'s Hierarchy of Needs:** A pyramid structure of human needs from basic to self-fulfillment. - **Herzberg's Two-Factor Theory:** Distinguishes between hygiene factors (necessary but not motivational) and motivators (which drive engagement). 2. **Affect:** - **Definition:** Emotional response consumers experience during consumption or brand interaction. - **Components:** - **Positive Affect:** Leads to favorable evaluations and higher purchase likelihood. - **Negative Affect:** Leads to avoidance and negative word-of-mouth. - **Measurement Tools:** - Emotional scales such as the PANAS (Positive and Negative Affect Schedule). **Marketing Study Applications:** - **Advertising Campaigns:** Using emotional appeals to trigger specific consumer responses. - **Brand Personality Development:** Associating the brand with desired emotional traits. - **Customer Experience Management:** Monitoring and managing consumer emotions during service delivery. **Session 5: Initial Phases of a Market Study** **Key Concepts:** 1. **Market Study Definition:** - The systematic collection, analysis, and interpretation of data to support marketing decision-making. 2. **Stages of a Market Study:** - **Problem Definition:** Identifying the management decision problem and the marketing study problem. - **Study Objectives:** Establishing clear, measurable goals for the study. - **Research Design:** Choosing appropriate methods (qualitative, quantitative). - **Data Collection and Sampling:** Gathering relevant information from primary and secondary sources. **Types of Problems:** - **Management Decision Problem:** Focuses on action-oriented questions like \"Should we increase prices?\" - **Marketing Study Problem:** Information-oriented, like \"What are consumer price sensitivity levels?\" **Marketing Study Brief Components:** - Background, Objectives, Stakeholders, Budget, Timeline. **Marketing Study Design Types:** - **Exploratory:** Gaining initial insights. - **Descriptive:** Quantifying variables and relationships. - **Causal:** Identifying cause-and-effect relationships. **Session 6: Secondary Data Analysis and Hypotheses Formulation** **Key Concepts:** 1. **Data Types:** - **Primary Data:** Collected specifically for the current study (e.g., surveys, interviews). - **Secondary Data:** Previously collected data used for a new study (e.g., government reports, industry statistics). 2. **Sources of Secondary Data:** - **Internal:** Company databases, sales records. - **External:** Government publications, industry reports, research articles. 3. **Criteria for Evaluating Secondary Data:** - Relevance, Accuracy, Currency, Reliability, and Objectivity. **Hypotheses Formulation:** - **Definition:** A testable prediction about the relationship between variables. - **Types of Variables:** - **Independent Variable (IV):** The cause or factor manipulated. - **Dependent Variable (DV):** The observed outcome or effect. **Examples of Hypotheses:** - **H1:** Positive emotions influence customer satisfaction. - **H2:** Age influences purchase intention for online services. **Marketing Study Applications:** - Conducting SWOT, PESTEL, or Porter\'s 5 Forces analyses using secondary data. - Formulating hypotheses based on qualitative insights and prior research. **Session 7: Qualitative Study - Aims, Interviews, and Interview Guide** **Key Concepts:** 1. **Qualitative Study Definition:** - Exploratory research focusing on understanding consumer behavior, motivations, and attitudes through in-depth insights. 2. **Methods of Data Collection:** - **Depth Interviews:** One-on-one interviews providing deep consumer insights. - **Focus Groups:** Group discussions revealing consumer perceptions. - **Projective Techniques:** Indirect methods for uncovering hidden motivations (e.g., word associations). 3. **Interview Guide Structure:** - **Introduction:** Welcoming and explaining the study purpose. - **Thematic Questions:** Covering pre-defined key areas. - **Closing:** Thanking participants and summarizing key points. 4. **Sampling Methods:** - **Convenience Sampling:** Selecting readily available participants. - **Purposive Sampling:** Choosing participants with specific characteristics. - **Snowball Sampling:** Participants recruiting others. **Data Collection Techniques:** - Semi-structured interviews with pre-defined themes. - Recording and transcribing interviews for thematic analysis. **Session 9: Qualitative Data Analysis** **Key Concepts:** 1. **Definition of Data Analysis:** - The systematic process of examining and interpreting qualitative data to identify patterns, relationships, and themes. 2. **Thematic Analysis Process:** - **Step 1: Familiarization:** Reading and re-reading transcripts to identify key points. - **Step 2: Coding:** Assigning labels (codes) to relevant sections of the data. - **Step 3: Identifying Themes:** Grouping similar codes to form broader themes. - **Step 4: Reviewing Themes:** Ensuring themes align with the research questions. - **Step 5: Defining and Naming Themes:** Clearly defining what each theme represents. - **Step 6: Writing Results:** Presenting themes with supporting quotes from transcripts. **Key Analytical Techniques:** - **Content Analysis:** Counting the frequency of specific words or phrases. - **Narrative Analysis:** Exploring how stories are told within the data. - **Framework Analysis:** Using pre-defined categories based on the research objectives. **Example:** - **Theme:** \"Customer Satisfaction\" - **Codes:** Fast service, polite staff, product quality. **Presentation Tips:** - Use direct quotes for credibility. - Organize findings in tables or matrices. - Avoid overloading with unnecessary details; focus on answering the marketing study problem. **Session 10: Quantitative Study - Aims, Sampling, and Data Collection** **Key Concepts:** 1. **Definition of a Quantitative Study:** - A systematic investigation involving numerical data to quantify variables and identify patterns or relationships. 2. **Quantitative Study Objectives:** - Measure market characteristics. - Test hypotheses through statistical analysis. - Provide actionable insights for decision-making. **Sampling Process:** 1. **Define the Population:** The target group relevant to the study. 2. **Choose the Sampling Method:** - **Probability Sampling:** Every population member has a known chance of being selected. - **Simple Random Sampling:** Equal chance for each member. - **Stratified Sampling:** Dividing the population into subgroups and sampling within each. - **Cluster Sampling:** Selecting entire clusters from a population. - **Non-Probability Sampling:** No known probability of selection. - **Convenience Sampling:** Using easily accessible participants. - **Quota Sampling:** Ensuring specific proportions based on population characteristics. 3. **Determine Sample Size:** - Larger samples increase accuracy but require more resources. - Use statistical formulas for calculating the required sample size based on the desired confidence level and margin of error. **Data Collection Methods:** - **Surveys and Questionnaires:** Structured tools for collecting standardized data. - **Observation:** Recording behaviors without direct interaction. - **Experiments:** Testing cause-effect relationships under controlled conditions. **Session 11: Questionnaire Design** **Key Concepts:** 1. **Definition of a Questionnaire:** - A structured method for collecting data by asking respondents a series of questions. 2. **Objectives of Questionnaire Design:** - Translate the information needed into specific questions. - Encourage participation and honest responses. - Minimize response errors (misunderstandings, bias). **Questionnaire Design Process:** 1. **Stage 1: Specify Information Needed** - Align questions with research objectives and hypotheses. 2. **Stage 2: Select Administration Method** - **Face-to-Face:** Complex questions, high engagement. - **Telephone:** Simple, structured questions. - **Online:** Convenient, cost-effective. 3. **Stage 3: Develop Question Content** - Ensure each question is clear, concise, and directly linked to the study objectives. 4. **Stage 4: Choose Question Wording** - Avoid ambiguous or leading terms. - Use familiar language. 5. **Stage 5: Select Question Structure** - **Open-Ended:** Exploratory responses. - **Closed-Ended:** Multiple-choice, dichotomous, rating scales (e.g., Likert). 6. **Stage 6: Arrange Questions Logically** - Use a **funnel approach**: start with broad questions, then proceed to specific ones. 7. **Stage 7: Design the Layout** - Use a clean, professional format. 8. **Stage 8: Pre-Test the Questionnaire** - Conduct pilot testing to identify potential issues and estimate survey completion time. **Types of Scales:** - **Nominal:** Categorical data without order (e.g., gender). - **Ordinal:** Categorical data with order (e.g., satisfaction levels). - **Interval:** Ordered data with equal intervals, no true zero (e.g., temperature). - **Ratio:** Ordered data with equal intervals and an absolute zero (e.g., income). **Session 12: Quantitative Data Analysis** **Key Concepts:** 1. **Data Preparation Steps:** - **Data Cleaning:** Correcting errors, handling missing values, and ensuring consistency. - **Coding:** Assigning numerical codes to responses for easier analysis. - **Variable Transformation:** Creating new variables by combining existing data (e.g., total scores from multiple questions). **Types of Quantitative Data Analysis:** 1. **Descriptive Statistics:** Summarizes and describes data features. - **Mean (Average):** Sum of values divided by number of observations. - **Median:** Middle value in a sorted dataset. - **Mode:** Most frequently occurring value. - **Range:** Difference between maximum and minimum values. - **Standard Deviation (SD):** Measures data dispersion. 2. **Inferential Statistics:** Draws conclusions about a population based on a sample. - **T-test:** Compares means between two groups (e.g., gender vs. purchase intention). - **ANOVA (Analysis of Variance):** Compares means across multiple groups. - **Correlation Analysis:** Measures relationships between two continuous variables (e.g., income and spending). - **Chi-Square Test:** Tests relationships between categorical variables (e.g., gender and preferred product category). - **Regression Analysis:** Examines cause-and-effect relationships. **Statistical Assumptions:** - **Normality Test (Shapiro-Wilk):** Checks if data follows a normal distribution. - **Significance Level (p-value):** Determines the probability of results occurring by chance. - **p \< 0.05:** Significant result. - **p \< 0.01:** Strongly significant result. **Analysis Reporting:** - **Tables and Graphs:** Presenting key findings visually. - **Interpretation:** Explaining results, including statistical significance, patterns, and trends. - **Recommendations:** Suggesting actionable insights based on findings. **Key Marketing Concepts and Methodologies Overview** **1. Definitions of Core Concepts:** 1. **Belief:** - **Definition:** A consumer\'s perception of product attributes or brand credibility based on knowledge and experience. - **Example:** Believing a brand is eco-friendly due to its advertising claims. 2. **Perception:** - **Definition:** The process of interpreting sensory information to form a mental representation. - **Example:** A luxury brand's elegant packaging creates a perception of premium quality. 3. **Motive:** - **Definition:** An internal force driving behavior to fulfill a need or desire. - **Example:** Purchasing a fitness tracker to maintain a healthier lifestyle. 4. **Emotion:** - **Definition:** Affective responses elicited by stimuli, influencing behavior. - **Example:** Joy from using a favorite product encourages repeat purchases. 5. **Attitude:** - **Definition:** A psychological evaluation of an object or brand, consisting of cognitive (belief), affective (emotion), and behavioral components. - **Example:** Preferring a brand due to its sustainability efforts. 6. **Behavior:** - **Definition:** Observable actions taken by consumers when purchasing, using, or disposing of products. - **Example:** Subscribing to a service after a successful trial. **2. Theories Covered:** 1. **Theory of Planned Behavior:** - Predicts behavior based on attitudes, subjective norms, and perceived behavioral control. 2. **Maslow\'s Hierarchy of Needs:** - A motivational theory ranking needs from basic survival to self-actualization. 3. **Expectancy-Value Model:** - Suggests that consumer choices are based on expected outcomes weighted by perceived value. 4. **Perceptual Mapping:** - Visual representation of consumer perceptions of brands based on product attributes. **3. The Marketing Study Process:** 1. **Problem Definition:** Define the management and marketing study problems. 2. **Research Objectives:** Identify what needs to be explored. 3. **Study Design:** Choose qualitative or quantitative methods. 4. **Data Collection:** Use surveys, interviews, or secondary research. 5. **Data Analysis:** Apply thematic analysis or statistical models. 6. **Report Preparation:** Present findings and recommendations. **4. Types of Market Studies:** 1. **Descriptive:** Quantifies characteristics or relationships (e.g., customer demographics). 2. **Exploratory:** Provides insights into an undefined problem (e.g., new market trends). 3. **Explanatory:** Explores cause-effect relationships (e.g., marketing campaign effects). 4. **Conclusive:** Tests specific hypotheses using structured methods. 5. **Confirmatory:** Validates previously established findings. **5. Types of Data:** 1. **Primary Data:** Collected directly for the study (e.g., surveys, experiments). 2. **Secondary Data:** Pre-existing data (e.g., reports, statistics). 3. **Internal Data:** Company-specific data (e.g., sales records). 4. **External Data:** Collected from outside sources (e.g., market reports). **6. Methodologies Overview:** **Qualitative Methodology:** - **Sampling:** Purposive, convenience, snowball sampling. - **Interview Guide:** Structured or semi-structured interviews. - **Analysis:** Thematic analysis, coding, and interpretation. **Quantitative Methodology:** - **Sampling Methods:** - **Probability Sampling:** Random, stratified, or cluster sampling. - **Non-Probability Sampling:** Convenience, quota, purposive sampling. - **Questionnaire Design:** Includes clear, unbiased questions with various formats. - **Data Analysis:** Use of descriptive and inferential statistics like t-tests, ANOVA, and regression. **7. Quantitative Study - Nature of Variables and Scales:** **Types of Variables:** - **Independent Variable (IV):** Factor manipulated or tested. - **Dependent Variable (DV):** Outcome measured. **Types of Scales:** 1. **Nominal Scale:** Categorical, no inherent order (e.g., gender). 2. **Ordinal Scale:** Ranked categories (e.g., satisfaction level). 3. **Interval Scale:** Ordered with equal spacing, no true zero (e.g., temperature). 4. **Ratio Scale:** Ordered with a true zero (e.g., income). **Special Scales:** - **Likert Scale:** Measures agreement/disagreement. - **Semantic Differential Scale:** Evaluates items on a bipolar scale (e.g., \"easy to use\" vs. \"difficult to use\"). - **Pictorial Scale:** Uses symbols or images, often for children or less literate populations.