WSU MKTG 368 - Exam 2 Study Guide (29 pages)

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Exam 2 Study Guide



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Exam 2 Study Guide

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Exam notes accumulated class powerpoint and examples. includes Mathematic Examples.


Pages:
29
Type:
Study Guide
School:
Washington State University
Course:
Mktg 368 - Marketing Research
Marketing Research Documents
Unformatted text preview:

MKTG 368 1st Edition Exam 2 Study Guide Social Media and Marketing research o What is social media Online means of Communication Conveyance Collaboration and Cultivation among interconnected and interdependent networks of People Communities and Organizations enhanced by technological capabilities and mobility o o Dark side of social media Are social media users so addicted to their laptops smartphones and iPads they can t live without them Online gaming issues in Korea Recent study in the University of Maryland o 200 students were challenged to give up their toys for 24 hours In withdrawal frantically craving Very anxious extremely antsy Miserable Jittery Crazy I clearly am addicted and the dependency is sickening I felt quite along and secluded from my life Although I go to a school with thousands of students the fact that I was not able to communicate with anyone via technology was almost unbearable 5th P of Marketing o Participation o Marketing communication From Top Down to Bottom Up o Social Media Achieves Marketing Objectives o Statistical Theory and sample Size Why Sample Pragmatic Reasons o Budget and time constraints o Limited access to total population Accurate and Reliable Results o Strong heterogeneity in population makes sampling possible Destruction of Test Units o Sampling reduces the costs of research in finite population Sample selection stages o Define the target population o Select a sampling frame o Determine if a probability or non probability sampling method will be chosen o Plan procedure for selecting sampling units o Determine sample size o Elect actual sampling units o Conduct fieldwork Probability vs nonprobability sampling o Probability Sampling A sampling technique in which every member of the population has a known nonzero probability of selection Ex o Simple Random Sampling equal probability o Systematic Sampling using list of population lists o Stratified Sampling Simple random subsamples that are more or less equal on some characteristic are drawn from within each stratum of the population Proportional Stratified Sample Disproportional Stratified Sample o Cluster Sampling Primary sampling unit is not the individual element in the population but a large cluster of elements o Multistage Area Sampling Using a combination of two or more probability sampling techniques Geographic areas multiple stages to find out a representative sample o Nonprobability Sampling A sampling technique in which units of the sample are selected on the basis of personal judgment or convenience The probability of any particular member of the population being chosen is unknown EX o Convenience Sampling Availability o Judgment Purposive Sampling Appropriateness o Quota Sampling Representation o Snowball Sampling Probability sampling nonprobability sampling Basic statistics Descriptive Statistics Describe characteristics of populations or samples Inferential Statistics Make inferences about whole populations from a sample Sample statistics Variables in a sample or measures computed from sample data Frequency distributions A set of data organized by summarizing the number of times a particular value of a variable occurs One of the most common ways to summarize a set of data Percentage Distribution A frequency distribution organized into a table or graph that summarizes percentage values associated with particular values of a variable Probability The long run relative frequency with which an event will occur Proportions and top box scores Proportion The percentage of Elements that meet some criterion Top Box Scores Proportion of respondents who chose the most positive choice in multiple choice questions The portion that would most likely recommends a business to a friend or most likely makes a purchase Central tendency On a typical day sales manager counts the number of sales calls each sales representative makes He or she wishes to inspect the data to find the center middle area of the frequency distribution What is the most typical number of sales calls Central tendency can be measured with the mean median or mode Measures of central tendency Mean the arithmetic average Median midpoint the value below which half the values in a distribution fall Mode the value that occurs most often Measure of dispersion The Range The distance between the smallest and the largest values of a frequency distribution Deviation Score Indicate how far any observation is from the mean Variance A Measure of variability or dispersion Its square root is the standard deviation Standard deviation A quantitative index of a distribution s spread or variability the square root of the variance for a distribution The average of the amount of variance for a distribution Normal distribution Normal Distribution A symmetrical bell shaped distribution normal curve that describes the expected probability distribution of many chance occurrences 99 of its values are within 3 standard deviations from its mean Standardized Normal Distribution A purely theoretical probability distribution that reflects a specific normal curve for the standardized value z Characteristics of standardized Normal It is symmetrical about its mean The mean identifies the normal curve s highest point the mode and the vertical line about which this normal curve is symmetrical The normal curve has an infinite number of cases it is a continuous distribution and the area under the curve has a probability density equal to 1 0 The standardized normal distribution has a mean of 0 and a standard deviation of 1 Demand Probability Calculation In the past a toy manufacturer has experienced mean sales of 9 000 units and a standard deviation of 500 unites during September The marketing manager wishes to know whether wholesalers will demand between 7 500 and 9 625 units during September of the upcoming year Therefore there is a probability that sales will be between 7 500 and 9 625 Sampling distribution Population Distribution A frequency distribution of the elements of a population Sample Distribution A frequency distribution of a sample Sampling Distribution A theoretical probability distribution of sample means for all possible samples of a certain size drawn from a particular population Standard Error of the Mean The standard deviation of the sampling distribution Central Limit Theorem The Theory that as sample size increases the distribution of sample means of size n randomly selected approaches a normal distribution Estimation of Parameters and


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