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8 - The role of market research in the strategy making Flashcards

(54 cards)

1
Q

What is the primary role of market research in strategy making?

A

Market research provides essential information and insights to make informed decisions, mitigate risks, and identify opportunities in the market.

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2
Q

What is the definition of market research?

A

It’s the systematic process of gathering, analyzing, and interpreting information about a market, including customers, competitors, and the environment.

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3
Q

What are the four fundamental aims of market research?

A
  1. Identify and define marketing opportunities/problems.
  2. Generate, refine, and evaluate marketing actions.
  3. Monitor marketing performance.
  4. Improve understanding of marketing as a process.
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4
Q

What is a “management problematic”?

A

A broad, action-oriented decision-making challenge or opportunity a manager faces.

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5
Q

Give an example of a management problematic.

A

How can we increase our market share in the smartphone industry?”

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6
Q

What is a “research problematic”?

A

A redefinition of the management problematic into a clear, concise, and actionable research question.

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7
Q

Give an example of a research problematic for the management problematic: “How can we increase our market share in the smartphone industry?”

A

“What are the key factors influencing consumer purchasing decisions for smartphones, and how do consumers perceive our brand compared to key competitors?”

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8
Q

What is secondary research?

A

Using existing data collected for purposes other than the current research project.

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9
Q

List the characteristics of secondary research methods.

A

Advantages
1. Cost-effective
2. Time-saving
3. Accessible

Disadvantages
1. Potential for irrelevance
2. Accuracy/reliability concerns
3. Outdated information
4. Lack of control

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10
Q

What is primary research?

A

Collecting original data specifically for the current research project.

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11
Q

List the characteristics of primary research methods.

A

Advantages:
1. Specific and relevant
2. Up-to-date
3. Control over data quality
4. Proprietary information

Disadvantages:
1. Time-consuming
2. Expensive
3. Requires expertise
4. Potential for bias

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12
Q

Why is there a need for complementary application of secondary and primary research methods?

A

Secondary research provides foundation and context, helps refine problems, and offers efficiency; primary research provides depth, specificity, and validation.

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13
Q

How can secondary and primary methods be applied complementarily?

A

Start with secondary research, identify information gaps, design primary research to fill those gaps, then analyze and synthesize both for strategic decisions.

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14
Q

What is a marketing database?

A

A centralized repository of information about customers, prospects, and other marketing-related data.

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15
Q

What is one possibility of using a marketing database?

A

Enables detailed customer segmentation and personalized communication.

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16
Q

What is one limitation of a marketing database?

A

Requires significant investment and maintenance; data quality issues.

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17
Q

What is database marketing?

A

A form of direct marketing that uses databases to generate personalized communications and offers.

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18
Q

What is one possibility of database marketing?

A

Highly targeted campaigns; improved customer retention.

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19
Q

What is one limitation of database marketing?

A

Can be perceived as intrusive; requires clean data

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20
Q

What is data mining?

A

The process of discovering patterns, trends, and anomalies in large datasets using statistical and computational techniques.

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21
Q

What is one possibility of data mining?

A

Identifying customer segments; predicting future purchasing behavior; optimizing pricing strategies.

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22
Q

What is one limitation of data mining?

A

Requires specialized skills; results need careful interpretation; ethical concerns.

23
Q

What is the main role of Artificial Intelligence (AI) in market research and strategy?

A

AI can analyze vast amounts of data, identify complex patterns, and make predictions at speeds and scales impossible for humans.

24
Q

List possibilities of AI in market research.

A
  1. Enhanced data analysis (e.g., sentiment from unstructured data).
  2. Predictive analytics (e.g., forecasting sales).
  3. Personalization at scale.
  4. Automated insights.
  5. Market simulation.
  6. Automated optimizaton
25
List the limitations of AI in market research.
1. Data dependency ("garbage in, garbage out"). 2. Ethical concerns (bias, privacy). 3. Cost and complexity. 4. Lack of nuance/struggles with qualitative insights.
26
What are the two main categories of methods for choosing participants for a questionnaire?
Probability sampling and non-probability sampling.
27
What is the key characteristic of probability sampling methods?
Every member of the population has a known, non-zero chance of being selected.
28
What is the key characteristic of non-probability sampling methods?
Participants are not selected randomly, and not every member has an equal chance of selection.
29
What is Simple Random Sampling?
Every individual in the population has an equal and independent chance of being selected.
30
What is an advantage of Simple Random Sampling?
Minimizes bias, highly representative (if sample size is sufficient), allows for calculation of sampling error.
31
What is a disadvantage of Simple Random Sampling?
Requires a complete list of the population, which can be difficult to obtain; can be geographically dispersed.
32
What is Systematic Sampling?
Individuals are selected at regular intervals from a sorted list of the population.
33
How do you determine the sampling interval (k) in Systematic Sampling?
k=N/n (Population size / Desired sample size).
34
What is a potential disadvantage of Systematic Sampling?
Can introduce bias if there's a hidden pattern in the list that aligns with the sampling interval.
35
What is Stratified Sampling?
The population is divided into homogeneous subgroups (strata), and then a random sample is drawn from each stratum.
36
What is an advantage of Stratified Sampling?
Ensures representation of key subgroups, reduces sampling error, allows for more precise estimates within strata.
37
What is Cluster Sampling?
The population is divided into natural groups (clusters), a random sample of clusters is selected, and all individuals within chosen clusters are surveyed.
38
What is an advantage of Cluster Sampling?
Cost-effective and time-efficient, especially for geographically dispersed populations.
39
What is a disadvantage of Cluster Sampling?
Less precise than simple random or stratified sampling; higher sampling error if clusters aren't representative.
40
What is Convenience Sampling?
Participants are selected based on their ease of accessibility and proximity to the researcher.
41
What is an advantage of Convenience Sampling?
Quick, easy, and inexpensive; useful for pilot studies.
42
What is a major disadvantage of Convenience Sampling?
High risk of bias; results cannot be generalized to the broader population.
43
What is Voluntary Response Sampling?
Participants self-select to participate in the survey, often by responding to a public call.
44
What is a major disadvantage of Voluntary Response Sampling?
Highly susceptible to self-selection bias; results are rarely representative.
45
What is Quota Sampling?
Participants are non-randomly selected within predetermined subgroups (quotas) until the quota for each group is met.
46
How does Quota Sampling differ from Stratified Sampling?
Quota sampling uses non-random selection within strata, while stratified sampling uses random selection.
47
What is a limitation of Quota Sampling?
Still subject to selection bias within each quota; cannot guarantee true representativeness.
48
What is Purposive Sampling (Judgmental Sampling)?
The researcher deliberately selects participants based on their specific knowledge, expertise, or characteristics relevant to the research.
49
When is Purposive Sampling typically used?
In qualitative research where in-depth insights from specific individuals are needed.
50
What is a disadvantage of Purposive Sampling?
Highly subjective and prone to researcher bias; not suitable for generalizing findings.
51
What is Snowball Sampling?
Initial participants refer other potential participants who fit the study criteria, used for rare or hard-to-reach populations.
52
What is an advantage of Snowball Sampling?
Effective for reaching hard-to-access populations.
53
What is a disadvantage of Snowball Sampling?
High risk of bias, as participants are likely to be similar; limited generalizability.
54
Name the key considerations when choosing a participant selection method.
1. Research objectives. 2. Target population. 3. Available resources (budget, time). 4. Desired level of generalizability. 5. Potential for bias.