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COEC 365
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Key Concepts:
Terms in this set (64)
Exploratory Research Question
An open-ended question that looks to define a problem and clarify alternatives. Usually asked at the initial stages of the market research process. Ex. What factors are key to grocery store choices?
Descriptive Research Question
A research question that asks about the presence of behavior, how frequently it is exhibited, or whether there is a relationship between different behaviors. Studies on demographics, socioeconomic, geographic, psychographic, and consumption rates Ex. How does the gender of our customer impact their willingness to pay?
Causal Research Question
A research question that attempts to determine the cause-and-effect relationship among variables. Ex. Will a candidate's political advertising cause higher vote shares?
N.O.I.R.
Nominal, Ordinal, Interval, Ratio
Nominal Measurement
A measurement scale for which numbers are assigned to objects only as labels
Ordinal Measurement
A measurement scale for which numbers are assigned to objects based on their order (i.e., greater than or less than) or direction
Interval Measurement
A measurement scale where the distances between the numerals correspond to the distances between the objects
Ratio Measurement
A measurement scale in which the values assigned possess an absolute zero point
Natural Observation
Observing behavior as it occurs in it's original environment
Contrived Observation
Observing behavior within an artificial environment where most environmental variables can be controlled
Disguised Observation
the subjects are not aware that they are being observed
Undisguised Observation
when the respondent knows he or she is being observed
Human Observation
The observer is a person hired by the researcher or is the researcher him/herself
Mechanical Observation
A method of primary data collection that relies on machines to capture human behavior in a form that allows for future analysis and interpretation. Ex. Using neuro-marketing that collects information on eye traces and facial expressions.
Conversion Rate
Conversions/Clicks - The percentage of users who take a desired action.
Cost-per-click
Spend/Click - Only pay for when clicked, not the impression.
The Golden Triangle
Area of concentrated gaze activity at the top-left corner of a search results page
Search Engine Results Page (SERP)
The actual results returned to the user based on the search query.
Knowledge Graph
A function in Google's search engine that displays a selection of facts related to your search term that you may be interested in knowing more about. Ex. Weather forecast, currency conversion
Carousel
Semantically relevant search results in form of strip of 10+- images with info
Organic Marketing
Unpaid tactics such as search engine optimization.
Definition of Focus Group
A type of qualitative research in which a group of people - usually between four and ten individuals selected based on their demographic characteristics - discuss their attitudes, feelings, and beliefs towards a product or service under the guidance of a moderator
Purpose of Focus Groups
To gather impressions on new-product concepts for which there is little information available.
Framework for Analyzing Focus Groups
A: Usage Occasions Encountered = f(User Type, Usage Situations)
B: Competitors Considered = f(Usage Occasions Envisioned)
Perceived Benefit = f(A, B)
Experiment
A research method in which an investigator manipulates 4 key elements to find causal relationships.
Four Key Elements in Experiment Design
Treatments, Test Unites, Dependent Variables, Procedure
Treatments
the manipulated independent variables whose effects are then measured. Ex. product design
Test Units
Entities whose response to the independent variables is being examined
Dependent Variables
The measures taken on the test units.
Procedure
How to deal with alternative plans/explanations/extraneous variables.
X-O-R Syntax
A special shorthand used to convey experimental designs: X represents the exposure of a test group to an experimental treatment, O refers to processes of observation or measurement of the dependent variable on the test units, and R indicates that individuals have been assigned at random to separate treatment groups or that groups themselves have been allocated at random to separate treatments
Factorial Design
An experimental design technique used to study the effects of two or more independent variables at the same time.
Internal Validity
the degree to which changes in the dependent variable are due to the manipulation of the independent variable
External Validity
extent to which we can generalize findings to real-world settings
Survey Components
1. Requests for corporation
2. Instructions
3. Information sought
4. Classification data
5. Identification data
Survey Methods
telephone, personal, mail, electronic
Wording/Format Issues
Scale frequency, Unclear issue and complicated words, ambiguous words, loaded question, ordering effect
Systematic Error
An error that causes a constant bias in the measurements. Ex. A stopwatch that runs 10 percent faster than it should.
Random Error
Error in the measurements are not systematic. Ex. an error term that is a random variable
Reliability
The extent to which the measurement process is free from random errors alone. Can the experiment be repeated?
Validity
The extent to which the measurement process is free from both systematic and random error.
Primary Data
Information collected for the specific purpose at hand
Internal Secondary Data
Data collected by the individual company for accounting purposes or marketing activity reports
External Secondary Data
Data collected by outside agencies such as the federal government, trade associations, or periodicals
Probability Sampling
A type of sampling in which every element in the population being studied has a known chance of being selected for the study. Ex. Simple Random Sampling
Non-Probability Sampling
When the sample is gathered in a process that does not give each individual in the population an equal opportunity of being selected. Ex. Convenience Sampling
Simple Random Sample
Randomly drawing a number of individuals out of the total population
Stratified Random Sample
Divide the population into mutually exclusive and collectively exhaustive groups where each group is as homogenous as possible and then do a simple random sample for each.
Cluster Random Sample
Divide the population into mutually exclusive groups where each cluster is representative of the total population. Then do a simple random sample for each.
Selection Bias
A polling error in which the sample is not representative of the population being studied, so that some opinions are over- or underrepresented. Ex. Trump vs Clinton poll mostly filled out by subscribers to certain news platforms and wealthier on average
Margin of Error
A measure of the accuracy of a public opinion poll within statistical parameters.
CLT
As the number of samples increase, the sampling distribution becomes normal. The mean of the sampling distribution also increasingly becomes accurate and normally distributed as the number of repetitions increase.
Calculate Sampling Error (Margin of Error)
Z-Score * Sqrt(p(1-p)/n)
Where we usually set z-score equal to 2 because we want to be 2 standard deviations above and below the mean. And to maximize that difference we use p = 0.5
2 * Sqrt(0.25/n)
We can set this equal to our desired margin of error to find the number of people we need to sample.
P-value
The probability of observing the current data if the null hypothesis is true.
Type 1 Error
The probability of rejecting the null hypothesis when it is true
T-test
Used for interval and ratio univariate procedures
Chi-square test
Used for nominal univariate procedures
Linear Correlation
The extent to which bivariate numerical data conforms to a linear scatterplot pattern; the strength of a linear relationship. Between -1 and +1
Bivariate Analysis
Simple linear regression to understand how one independent variable is related to a dependent variable.
Multivariate Analysis
Multiple linear regression to understand how one independent variable is related to a dependent variable.
R-squared
The proportion of the variation in the dependent variable explained by the independent variable.
Adjusted R-squared
The same as r-squared but for multiple measures.
How to interpret coefficients of a linear model?
Controlling for everything else, if the independent variable increases by __ the dependent variable increases/decreases by __.
STP
segmenting, targeting, positioning
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