Retail 460 Exam 1 Study Guide!

Topics: Price elasticity of demand, Marketing, Supply and demand Pages: 15 (2646 words) Published: February 21, 2013
Retail 460 STUDY GUIDE
Chapter 2- Data EveryWhere:
Types of Data
* Qualitative/Categorical: objects being studied are grouped into categories based on some qualitative trait * Nonnumeric
* “Dummy” or “Indicator” variables
* Male/Female, Small/ Medium/ Large
* Quantitative/Measurement: the objects being studied are “measured” based on some quantitative trait * The resulting data are a set of numbers
* Height, Weight, Price, Unit Sales
* Discrete (e.g. # of items in a basket) or Continuous (e.g. weight)

* Primary: collected for the purpose of a specific research project * Survey/focus group
* Experimentation
* Observation
* Actual behavior/action
* Secondary: already exist, collected for reasons other than the specific project of interest * Collected in an uncontrolled environment

Syndicated Data is…
* Collected, cleaned, and analyzed according to a standard procedure by a 3rd party and then sold to interested parties. * Store scanner data: POS data
* Household scanner data (can include Wal-Mart)
* Information Resources, Inc. (IRI): Consumer Network * Nielsen Homescan
* Survey, house hold scanners, meters (setup box, satellite) * Consumer purchasing panel: 260,000 households worldwide3 * Demographically balanced to represent the household population

* Clickstream: recording of what a computer user clicks on while Web browsing * IP address of computer
* User name (if registered)
* Time stamps
* Click path through the website
* Purchase/No Purchase
* Product Evaluation
* :
* Collaborative filtering (CF)
* the process of filtering for information or patterns using techniques involving collaboration among multiple agents, viewpoints, data sources, etc.

Chapter 3 Data Mining:

Data mining -(the advanced analysis step of the "Knowledge Discovery in Databases" process, or KDD),[1] an interdisciplinary subfield of computer science, is the computational process of discovering patterns in large data sets involving methods at the intersection of artificial intelligence, machine learning, statistics, and database systems

Key Concepts
* Data warehouse: A database that collects business information from _________in the enterprise * Covers all aspects of the company’s processes products, and customers * Multi-dimensional view

* Data mart: a ________ of a Data Warehouse focusing on a particular aspect of the enterprise such as department (HR), or business process (postsale support) * a logical rather than a physical subset of your data warehouse * of a departmental, regional, or functional data warehouse * Data cube: a multidimensional Cube that let users explore and analyze a collection of data from many different perspectives.

Marketing Database
* A file containing_______about individual customers or potential customers that is relevant to the marketing process. * Companies: use database to help customers make _______and make __________ * Database marketing: Marketing ______(e.g. selecting prospective customers) * Strategy, development, & analysis of the database for marketing process

Why database marketing?

* Greater use of market segmentation
* Emphasis on service and __________________(CRM)
* Changes in media and in ________structure and power
* Lifestyle and _______ trends
* Accountability for marketing actions
* _________ of business functions
* Technology advances
* More informed customers

Chapter 4 Single variables:

Frequency Distribution:
* FREQUENCY: the number of data values in each of several non-overlapping classes -both quantitative/qualitative...
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