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Preference-rank Translation
Preference-rank translation is a mathematical technique used by marketers to convert stated preferences into purchase probabilities, that is, into an estimate of actual buying behaviour. It takes survey data on consumers’ preferences and converts it into actual purchase probabilities. A survey might ask a question using a ranking scale such as : A marketing researcher will re-specify the numerical values during codification. 1 will become 5, 2 will become 4, 4 will become 2, 5 will become 1, and 3 will remain the same. In this way greater values will correspond with greater preference. Next, the researcher uses a data reduction technique like factor analysis to obtain aggregate scores. To convert these aggregate rankings into purchase probabilities, each category (in this case, each product) will be weighted with a translation coefficient. These weights are predefined. A typical weighting scheme is: The weighting schemes vary depending on the variables being measured. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marketing
Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services; potentially including selection of a target audience; selection of certain attributes or themes to emphasize in advertising; operation of advertising campaigns; attendance at trade shows and public events; design of products and packaging attractive to buyers; defining the terms of sale, such as price, discounts, warranty, and return policy; product placement in media or with people believed to influence the buying habits of others; agreements with retailers, wholesale distributors, or resellers; and attempts to create awareness of, loyalty to, and positive feelings about a brand. Marketing is typically done by the seller, typically a retailer or manufacturer. Sometimes tasks are contracted to a dedicated marketing firm or advertising agency. More rarely, a trade association or government agency (such as the Agricultural Marketing Servic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statistical Survey
Survey methodology is "the study of survey methods". As a field of applied statistics concentrating on human-research surveys, survey methodology studies the sampling of individual units from a population and associated techniques of survey data collection, such as questionnaire construction and methods for improving the number and accuracy of responses to surveys. Survey methodology targets instruments or procedures that ask one or more questions that may or may not be answered. Researchers carry out statistical surveys with a view towards making statistical inferences about the population being studied; such inferences depend strongly on the survey questions used. Polls about public opinion, public-health surveys, market-research surveys, government surveys and censuses all exemplify quantitative research that uses survey methodology to answer questions about a population. Although censuses do not include a "sample", they do include other aspects of survey methodology, li ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Questionnaire Construction
Questionnaire construction refers to the design of a questionnaire to gather statistically useful information about a given topic. When properly constructed and responsibly administered, questionnaires can provide valuable data about any given subject. Questionnaires Questionnaires are frequently used in quantitative marketing research and social research. They are a valuable method of collecting a wide range of information from a large number of individuals, often referred to as respondents. What is often referred to as "adequate questionnaire construction" is critical to the success of a survey. Inappropriate questions, incorrect ordering of questions, incorrect scaling, or a bad questionnaire format can make the survey results valueless, as they may not accurately reflect the views and opinions of the participants. Different methods can be useful for checking a questionnaire and making sure it is accurately capturing the intended information. Initial advice may include: * cons ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scale (social Sciences)
In the social sciences, scaling is the process of measuring or ordering entities with respect to quantitative attributes or traits. For example, a scaling technique might involve estimating individuals' levels of extraversion, or the perceived quality of products. Certain methods of scaling permit estimation of magnitudes on a continuum, while other methods provide only for relative ordering of the entities. The level of measurement is the type of data that is measured. The word scale, including in academic literature, is sometimes used to refer to another composite measure, that of an index. Those concepts are however different. Scale construction decisions *What level ( level of measurement) of data is involved (nominal, ordinal, interval, or ratio)? *What will the results be used for? *What should be used - a scale, index, or typology? *What types of statistical analysis would be useful? *Choose to use a comparative scale or a noncomparative scale. *How many scale divisi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Factor Analysis
Factor analysis is a statistical method used to describe variability among observed, correlated variables in terms of a potentially lower number of unobserved variables called factors. For example, it is possible that variations in six observed variables mainly reflect the variations in two unobserved (underlying) variables. Factor analysis searches for such joint variations in response to unobserved latent variables. The observed variables are modelled as linear combinations of the potential factors plus "error" terms, hence factor analysis can be thought of as a special case of errors-in-variables models. Simply put, the factor loading of a variable quantifies the extent to which the variable is related to a given factor. A common rationale behind factor analytic methods is that the information gained about the interdependencies between observed variables can be used later to reduce the set of variables in a dataset. Factor analysis is commonly used in psychometrics, persona ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Logit Analysis (in Marketing)
{{see also, Logistic regression Logit analysis is a statistical technique used by marketers to assess the scope of customer acceptance of a product, particularly a new product. It attempts to determine the intensity or magnitude of customers' purchase intentions and translates that into a measure of actual buying behaviour. Logit analysis assumes that an unmet need in the marketplace has already been detected, and that the product has been designed to meet that need. The purpose of logit analysis is to quantify the potential sales of that product. It takes survey data on consumers' purchase intentions and converts it into actual purchase probabilities. Logit analysis defines the functional relationship between stated purchase intentions and preferences, and the actual probability of purchase. A preference regression is performed on the survey data. This is then modified with actual historical observations of purchase behavior. The resultant functional relationship defines purchase p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Intent Scale Translation
Intent scale translation is a mathematical technique used by marketers to convert stated purchase intentions into purchase probabilities, that is, into an estimate of actual buying behaviour. It takes survey data on consumers purchase intentions, and converts it into actual purchase probabilities. A survey might ask a question using a five-point scale such as: :Which is most true about product X? ::___ I definitely would use product X ::___ I probably would use product X ::___ I might use product X ::___ I probably would not use product X ::___ I definitely would not use product X A marketing researcher will first assign numerical values to these intention categories. If the numbers range from zero to one, they can be thought of as intent probabilities. This is a typical example: :definitely -> .99 :probably -> .75 :maybe -> .5 :probably not -> .25 :definitely not -> .01 Next, the researcher uses a predefined functional relationship to convert the stated intentions into estimate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marketing Research
Marketing research is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal is to identify and assess how changing elements of the marketing mix impacts customer behavior. This involves specifying the data required to address these issues, then designing the method for collecting information, managing and implementing the data collection process. After analyzing the data collected, these results and findings, including their implications, are forwarded to those empowered to act on them. Market research, marketing research, and marketing are a sequence of business activities; sometimes these are handled informally. The field of ''marketing research'' is much older than that of ''market research''. Although both involve consumers, ''Marketing'' research is concerned specifically about marketing processes, such as advertising effectiveness and salesforce effectiveness, while ''mark ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Product Development
In business and engineering, new product development (NPD) covers the complete process of bringing a new product (business), product to market, renewing an existing product or introducing a product in a new market. A central aspect of NPD is product design, along with various business considerations. New product development is described broadly as the transformation of a market opportunity into a product available for sale. The products developed by an organisation provide the means for it to generate income. For many technology-intensive firms their approach is based on exploiting technological innovation in a rapidly changing market. The product can be tangible (something physical which one can touch) or intangible (like a service or user experience, experience), though sometimes services and other processes are distinguished from "products". NPD requires an understanding of customer needs and wants, the competitive environment, and the nature of the market. Cost, time, and qua ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Preference Regression
Preference regression is a statistical technique used by marketers to determine consumers’ preferred core benefits. It usually supplements product positioning techniques like multi dimensional scaling or factor analysis and is used to create ideal vectors on perceptual maps. Application Starting with raw data from surveys, researchers apply positioning techniques to determine important dimensions and plot the position of competing products on these dimensions. Next they regress the survey data against the dimensions. The independent variables are the data collected in the survey. The dependent variable is the preference datum. Like all regression methods, the computer fits weights to best predict data. The resultant regression line is referred to as an ideal vector because the slope of the vector is the ratio of the preferences for the two dimensions. If all the data is used in the regression, the program will derive a single equation and hence a single ideal vector. This ten ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quantitative Marketing Research
Quantitative marketing research is the application of quantitative research techniques to the field of marketing research. It has roots in both the positivist view of the world, and the modern marketing viewpoint that marketing is an interactive process in which both the buyer and seller reach a satisfying agreement on the "four Ps" of marketing: Product, Price, Place (location) and Promotion. As a social research method, it typically involves the construction of questionnaires and scales. People who respond (respondents) are asked to complete the survey. Marketers use the information to obtain and understand the needs of individuals in the marketplace, and to create strategies and marketing plans. Data collection The most popular quantitative marketing research method is a survey. Surveys typically contain a combination of structured questions and open questions. Survey participants respond to the same set of questions, which allows the researcher to easily compare responses by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Choice Modelling
Choice modelling attempts to model the decision process of an individual or segment via revealed preferences or stated preferences made in a particular context or contexts. Typically, it attempts to use discrete choices (A over B; B over A, B & C) in order to infer positions of the items (A, B and C) on some relevant latent scale (typically "utility" in economics and various related fields). Indeed many alternative models exist in econometrics, marketing, sociometrics and other fields, including utility maximization, optimization applied to consumer theory, and a plethora of other identification strategies which may be more or less accurate depending on the data, sample, hypothesis and the particular decision being modelled. In addition, choice modelling is regarded as the most suitable method for estimating consumers' willingness to pay for quality improvements in multiple dimensions. Related terms There are a number of terms which are considered to be synonyms with the term ch ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
