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38 Cards in this Set
- Front
- Back
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Definition of Market Analysis in economic principle.
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A Market analysis is a documented investigation of a market that is used to inform a firm's planning activities particularly around decisions of inventory, purchase, work force expansion/contraction, facility expansion, purchases of capital equipment, promotional activities, and many other aspects of a company.
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What does it mean to have "elastic" demand in marketing?
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The demand for a good is said to be elastic (or relatively elastic) when its PED is greater than one (in absolute value): that is, changes in price have a relatively large effect on the quantity of a good demanded.
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What does it mean to have "inelastic" demand in marketing?
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In general, the demand for a good is said to be inelastic (or relatively inelastic) when the PED is less than one (in absolute value): that is, changes in price have a relatively small effect on the quantity of the good demanded.
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What are the steps to conducting a market analysis?
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1. Defining the problem
2. Analysis of the situation 3. Obtaining data that is specific to the problem 4. Analysis and interpreting the data 5. Fostering ideas and problem solving 6. Designing a plan |
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What are audience demographics?
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Consider the following when thinking of audience demographics.
# Age # Gender # Ethnicity, race, and cultural background # Education # Religious and political affiliations # Economic status # Sexual orientation # Family background # Group membership |
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What is a psycho-graphic analysis? (VALS)
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Psychographic variables are any attributes relating to personality, values, attitudes, interests, or lifestyles.
The Values and Lifestyles (VALS) |
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What are product substitutes?
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A substitute good, in contrast to a complementary good, is a good with a positive cross elasticity of demand.This means a good's demand is increased when the price of another good is increased.
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What are complementary goods?
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A complementary good, in contrast to a substitute good, is a good with a negative cross elasticity of demand. This means a good's demand is increased when the price of another good is decreased.
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What is SWOT?
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SWOT analysis is a strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture.
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What is IBP?
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Integrated Brand Promotions. IBP is the use of many promotional tools, including advertising, in a coordinated manner to build and then maintain brand awareness, identity, and preference.
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What is IMC?
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IMC = Integrated Marketing Communications. It is the process of using promotional tools in a unified way so that a synergistic communication effect is created.
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What are the three issues to to be considered before designing a research study?
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A) How much is already known about the problem at hand? B) How much information is needed about each audience member? C) How important is it that the study results generalize or apply to other people and situations?
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Explain PRIMARY VERSUS SECONDARY RESEARCH.
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The researcher conducts primary research for a specific purpose and designs it to answer a specific question.
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Explain EXPLORATORY, DESCRIPTIVE, AND CAUSAL RESEARCH.
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Conducted when a researcher approaches a relatively new topic and little information is available.
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What are Thyroid supplements?
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Levothyroixine is synthetic T4
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Explain BASIC VERSUS APPLIED research.
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Identifies the general principles of practice and answers general questions for media managers.
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What is primary research?
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Primary research (also called field research) involves the collection of data that does not already exist, which is research to collect original data.
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What is secondary research?
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Secondary research (also known as desk research) involves the summary, collation and/or synthesis of existing research rather than primary research, where data is collected from, for example, research subjects or experiments.
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What is exploratory research?
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Exploratory research is a type of research conducted for a problem that has not been clearly defined.
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What is descriptive research?
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Descriptive research, also known as statistical research, describes data and characteristics about the population or phenomenon being studied. Descriptive research answers the questions who, what, where, when and how...
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What is qualitative research?
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Qualitative researchers aim to gather an in-depth understanding of human behavior and the reasons that govern such behavior.
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What is quantitative research?
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The objective of quantitative research is to develop and employ mathematical models, theories and/or hypotheses pertaining to phenomena. The process of measurement is central to quantitative research because it provides the fundamental connection between empirical observation and mathematical expression of quantitative relationships.
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What is the relationship between message reach and frequency?
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Reach is a measure of dispersion or how widely the message is received. Frequency is a measure of repetition and refers to how often the audience segment is reached on average.
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Define and explain "CPM".
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CPM (cost per thousand) is the cost to deliver 1000 people or households to an advertiser. They are used for intermedia and intramedia.
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What is the use of CPM in intramedia comparison?
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Intramedia CPMs compare ads of the same sizes and types.
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Explain DMA.
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Nonoverlapping, mutually exclusive market areas comprised of counties grouped around cities or towns.
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Explain HUT.
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Households Using TV.
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What is a TV rating?
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The number of households (or persons) that watch a TV show divided by all TVHH or TV households in that market area with a TV set.
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Explain SHARE.
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A share is the estimated percentage of HUTs or PUTs during a specified time watching a program.
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Explain CPP.
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Cost Per Point measures the cost of one household or demographic rating point in a given market.
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What is SQAD?
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SQAD is a media cost forecasting company that provides CPPs adn CPMs for TV and radio market areas nationwide.
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Nielsen and Arbitron's role in advertising PPM?
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Arbitron implemented its personal people meter to measure what radio stations consumers listen to, what they watch on cable, satellite and broadcast TV.
Nielsen plans to add internet measurement to existing People Meter samples to create a TV/Internet measurement panel examining the relationship between TV, web site, and streaming video consumption. |
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Explain formative research.
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Production companies and TV networks pretest programming and advertisers pretest ads before committing full resources to them.
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Explain summative evaluation.
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Summative research examines whether the appropriate message is conveyed to the target market.
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What is amortization?
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Amortization (or amortisation) is the process of decreasing, or accounting for, an amount over a period.
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What is depreciation?
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Depreciation refers to two very different but related concepts:
1. decline in value of assets, and 2. allocation of the cost of assets to periods in which the assets are used. |
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What is budgeting?
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In traditional incremental budgeting, departmental managers justify only increases over the previous year budget and what has been already spent is automatically sanctioned.
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What is zero-based budgeting?
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In zero-based budgeting, every department function is reviewed comprehensively and all expenditures must be approved, rather than only increases.
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