Exam 2 Study Guide Social Media and Marketing research -What is social media?oOnline means of Communication, Conveyance, Collaboration, and Cultivation among interconnected and interdependent networks of People, Communities, and Organizations enhanced by technological capabilities and mobility.o --Dark side of social mediaoAre “social media” users so addicted to their laptops, smartphones, and iPads they can’t live without them?-Online gaming issues in Korea MKTG 368 1st Edition-Recent study in the University of Marylando200 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 Marketingo“Participation”oMarketing communication: From Top-Down to Bottom-UpoSocial Media Achieves Marketing Objectives:o - Statistical Theory and sample Size-Why Sample?-Pragmatic ReasonsoBudget and time constraintsoLimited access to total population-Accurate and Reliable ResultsoStrong heterogeneity in population makes sampling possible.-Destruction of Test UnitsoSampling reduces the costs of research in finite population.-Sample selection stagesoDefine the target populationoSelect a sampling frameoDetermine if a probability or non probability sampling method will be chosenoPlan procedure for selecting sampling unitsoDetermine sample sizeoElect actual sampling unitsoConduct fieldwork- Probability vs. nonprobability samplingoProbability Sampling-A sampling technique in which every member of the population has a known, nonzero probability of selection.-Ex. oSimple Random Sampling – equal probabilityoSystematic Sampling – using list of population listsoStratified 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 SampleoCluster SamplingPrimary sampling unit is not the individual element in the population but a large cluster of elements.oMultistage 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.-EXoConvenience Sampling – AvailabilityoJudgment (Purposive) Sampling – AppropriatenessoQuota Sampling – RepresentationoSnowball 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 ormost 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 verticalline 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”