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MKT1022 Modelling For Marketers

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What is the definition of a Business Model?

How an organisation creates, delivers and captures value.

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MKT1022 Modelling For Marketers - Details



91 questions
What is the definition of a Business Model?
How an organisation creates, delivers and captures value.
What is a Business Environment?
The external/internal factors that influence a business.
What is Business Decision-Making?
Decisions for the business to expand and grow (create value).
What is Marketing Research?
The process in which businesses identify marketing opportunities/problems to evolve.
What is B2B Marketing?
Marketing to other businesses and organisations.
What's meant by Marketing Strategy?
Looking at the feasibility of a business vision.
What is the External Micro Business Environment made up of?
Customers, Competitors, Suppliers & Labour Markets.
What is the External Macro Business Environment made up of?
Technological, Natural, Sociocultural, Economic, Political\Legal, International.
What does Production Orientation prioritise?
Efficiency. Not customer needs.
What is Product Orientation driven by?
Driven by technology and what technology can deliver.
What are the 5 features of the Industry Life Cycle?
Development, Growth, Shakeout, Maturity and Decline.
What are the 3 Main models in the External Macro Environment?
Forecasting, Scenario Analysis and PEST/PESTEL.
What is Zipf's Law?
The tendency to prefer a number one brand to the competition.
What is Consumer Inertia?
The tendency to buy a brand out of habit because it requires less effort.
What is meant by Brand Loyalty?
Repeat purchase behaviour that reflects a conscious decision to continue buying the same brand.
What are the 3 Non-Compensatory Decision rules?
Lexicographic rule, Elimination-by-Aspects rule and Conjunctive rule.
What is the Lexicographic rule?
Selecting a brand that is best at the most important attribute.
What is the Elimination-by-Aspects rule?
Buyer evaluates brand on most important attribute.
What is the Conjunctive rule?
Processing by brand.
What are the 2 Compensatory Decision rules?
Simple Additive rule and Weighted Additive rule.
What is the Simple Additive rule?
Consumer chooses alternative that has largest number of good attributes.
What is the Weighted Additive rule?
Taking into account the relative importance of the good attributes.
What are the 4 views of Ethical Behaviour?
Individualism, Utilitarian, Justice and Moral Rights.
What is Individualism in terms of Ethical Behaviour?
A decision or behaviour that promotes one's long-term self-interests.
What does Utilitarian mean in terms of Ethical Behaviour?
A decision or behaviour that is in the best interest of the majority of people.
What are Moral Rights in terms of Ethical Behaviour?
Maintain fundamental rights of all humans.
What are the 9 types of Academic Misconduct?
Cheating, Collusion, Commissioning, Duplication,Fabrication, Facilitation, Ghost Writing, Plagiarism and Self-Plagiarism.
What is meant by Collusion in terms of Academic Misconduct?
Collaborating with someone or helping someone to commit plagiarism.
What is meant by Fabrication in terms of Academic Misconduct?
Falsification of data, info or citations.
Why do students cheat/plagiarise?
Lack of understanding, Efficiency, Time, Values/Attitudes, Defiance, Temptation, Denial, Lack of Deterrence.
What are some examples of Plagiarism?
Unacknowledged Quotation, Use of another persons work and Copying work.
What are the 10 types of Plagiarism?
Clone, CTRL-c, Find-Replace, Remix, Recycle, Hybrid, Mashup, 404 Error, Aggregator and Retweet.
What things do you need to reference in your work?
Quotations, Paraphrased Text, Summaries, Theories, Ideas, Stats/Data, Imagery etc, Plans.
What is Marketing Research?
Planning, collection & analysis of data relevant to decision making.
What are the 3 Functional Roles of Marketing Research?
Descriptive, Diagnostic and Predictive.
What is the role of the Descriptive function in research?
Gathering/Presenting statements of fact.
What is the role of the Predictive function in research?
Identifying potential advantages of opportunities.
During WWII, what were the marketing industry using surveys for?
Looking into Soldiers & family consumer behaviour at home.
What is Applied Research?
Solving a specific, pragmatic problem.
What is Basic/Pure Research?
Expanding frontiers of knowledge as a whole rather than a specific issue.
What is Primary Data?
Undertaken specifically for the research project in question.
What is Secondary Data?
Originally collected for another purpose & can be further analysed to provide additional knowledge.
What are the 2 different types of Secondary data?
Internal Secondary data and External Secondary data.
What is the difference between Internal and External Secondary data?
Internal- collected within firm. External- collected from external organisations.
What are the two types of External Secondary data and what are they?
EXTERNAL DATABASES- data outside the firm supplied. SYNDICATED SERVICES DATA- given to other firms that subscribe.
What are some advantages of Secondary data?
Fewer resource requirements, Unobtrusive, Longitudinal studies feasible, Comparative data, Unforeseen discoveries, Permanence of data.
What are some disadvantages of Secondary data?
Access difficult, Costly, Not full control, Possible affect of data not being for the specific purpose.
How do you evaluate Secondary data?
Suitability of data and Suitability of data for analysis.
What are the different types of Interview?
Standardised and Non-Standardised.
What are the types of Non-Standard Interview?
One-to-one, One-to-many, Two-to-many
What are the 4 Classic Observation roles?
Participant as Observer, Complete Participant, Observer as Participant, Complete Observer.
What is meant by 'Matrix' when referring to closed questions?
Responses to 2+ questions can be recorded using the same grid.
In terms of closed questions, what is a Likert scale?
Scale to show how much a person agrees or disagrees with a statement.
What are the two types of Secondary data?
Probability & Non-Probability.
What is a Simple Random Sampling Technique?
Equal but random choice amongst population for each case.
What is a Systematic Random Sampling Technique?
Initial sampling point selected at random, case selected at set random intervals.
What is a Stratified Random Sampling Technique?
Population divided into 2+ relevant strata and is then equal amount is selected from each subgroup.
What is a Cluster Random Sampling Technique?
Population divided into discreet clusters prior to sampling and then assigned.
What are the 5 Non-Probability Sampling Techniques?
Quota, Purposive, Volunteer Self-selection, Volunteer Snowball, Haphazard.
What is the Quota Sampling Technique?
Makes sure sample represents certain characteristics of the population chosen by the researcher.
What is the Purposive Sampling Technique?
Judgement of researcher used to select cases that make up sample.
What is the Volunteer Self-selection Sampling Technique?
An individually is allowed to identify their desire to take part.
What is the Volunteer Snowball Sampling Technique?
Subsequent respondents are obtained from information provided by initial respondents.
What is the Haphazard Sampling Technique?
Selected on the basis that they are the easiest to obtain.
What is Continuous data?
Can theoretically take away any value provided they can be measured within sufficient accuracy.
What is Discrete data?
Data is measured in discrete units and can only take one finite number of values from a scale that measures changes.
What are the 10 ways of presenting data?
Contingency Table, Bar Chart, Pie Chart, Line Graph, Box Plot, Bubble Chart, Spider Chart, Map Chart, Word Cloud.
What is Thematic Analysis?
Themes, Patterns (Across the dataset).
What is Narrative Analysis?
Structuring, Interpretation & Recontextualisation (Applied to human stories).
What is Discourse Analysis?
The analysis of language.