Chapter 10 Flashcards
(22 cards)
What is marketing research?
Set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers who are involved in marketing goods, services, or ideas
e.g. Netflix’s usage data.
Not just having a summary of who watched what shows but also specific details regarding when they started watching, whether it was because of searching it on Netflix, which devices etc.
Why do marketing firms find research valuable?
- Helps reduce some of the uncertainty under which they currently operate
- Provides a crucial link between firms and their environments, enable stem to be customer oriented
- By constantly monitoring their competitors, firms can anticipate and respond quickly to competitive moves
What are the 5 steps in the marketing research process?
- Define research objectives and needs What needs to be researched?
- Design research how to research?
- Collect data (primary + secondary)
- Analyze the data and develop insights
- Develop and implement an action plan
(analyst presents results, presents them to the appropriate decision makers, who undertake appropriate marketing strategies)
What factors need to be considered before embarking on a marketing research project?
- Whether the research will useful
- Whether top management is committed to the project and willing to abide by the results of the research
- How small/large should the marketing research project be
What is secondary data?
Pieces of info that have already been collected from other sources, usually are readily available
e.g. US census (external), sales transactions, data sources (internal)
What is primary data?
Data collected to address specific needs
e.g. focus groups, in-depth interviews, surveys etc
What is a sample?
A group of customers who represent the customers of interest in a research study.
What is data?
Raw numbers/facts
What is information?
Organized, analyzed, interpreted data that offer value to marketers.
What is syndicated data?
Data available for a fee from commercial research firms e.g, Nielsen, NPD group
What does a typical marketing research presentation include?
- executive summary
- body of report (research objectives, methodology used, detailed findings)
- conclusions
- limitations
- appropriate supplemental tables, figures + appendices
Types of secondary data?
Inexpensive secondary data:
Quickly accessed at a low cost e.g. US Bureau of the Census
However often not adequate to meet researcher’s needs
Syndicated Secondary data:
- available to purchase with a fee from commercial research firms e.g. IRI, NPD group, Nielsen
What is scanner data?
Data ussed in quantitive research obtained scanner readings of Universal Product Code labels at checkout counters
What is panel data?
Info collected from a group of consumers organized into panels over time
Can include records of purchases (secondary data) or responses to survey questions the client gives to the panel firm to ask the panelists (primary data)
What is qualitative research?
Exploratory research
aims at the discovery of ideas and thoughts
flexible, versatile, but may not provide definite answers
E.g. observation, monitoring of social media sites, in-depth interviews, and focus groups.
What is quantitative research?
Conclusive research.
Aims at generating findings that are practically useful in reaching conclusions or decision-making
Preplanned, structured,
Describes market characteristics and or outcomes, determining “cause and effect” relationship
e.g. surveys, A/B testing (e.g. testing different ad designs), concept tests (test a product before major investments are necessary; is this a good idea??)
What are examples of primary data collection techniques?
Qualitative or/and quantitative research
Qualitative:
Observation: examining purchase + consumption behaviors through personal/video camera scrutiny, tracking customers’ movements electronically as they shop online, using other forms of tech- determine how a customer might use a product
In-depth interviews: Ask questions to expand on/clarify a particular issue (help to better understand nature of the industry)
Focus group interviews: research technique with
Quantitative:
Survey research: e.e. questionnaire w structured and unstructured questions
Panel- and Scanner-based research
Experimental research
What is a focus group interview?
A research technique in which a small group of persons (usually 8 to 12) comes together for an intensive discussion about a particular topic, with the conversation guided by a trained moderator using an unstructured method of inquiry.
What is experimental research?
A type of conclusive and quantitative research that systemically manipulates one or more variables to determine which variables have a causal effect on anther variables
What is the key to creating value?
Understanding the customer
