Chapter 10 Flashcards
(14 cards)
List the 5 steps in the marketing research process.
1: defining the objectives and research needs
2: designing the research
3: collecting data
4: Analyzing data and developing insights
5: Developing and implementing an action plan
What is the difference between internal and external secondary research?
data is found inside your organization, while external secondary data is information collected and stored by some person or organization outside of your organization.
data
raw numbers or other factual info that, on it own, has limited value
information
interpreted data, put into a form that is useful to marketing decision makers
primary data
data collected to address specific research needs
secondary data
pieces of info that have been already been collected from other sources and usually are readily available
2 advantages of primary data
1: specific to the immediate data needs and topic at hand
2: offers behavioral insights generally not available from secondary research
3 disadvantages of primary data
1: costly
2: time-consuming
3: requires more sophisticated training and experience to design study and collect data
2 advantages of secondary data
1: time saving because info is available
2: low cost
5 disadvantages of secondary data
1: not specific to your needs
2: lack of control over data quality
3: bias
4: not timely
5: not proprietary info
What are the 4 types of qualitative research?
1: Observation
2: In-depth interviews
3: Focus groups
4: Social media
What are the 4 types of quantitative research?
1: Experiments
2: Survey
3: Scanner
4: Panel
Qualitative research
uses broad, open ended questions to understand the phenomenon of interest
Quantitative research
provides info needed to confirm insights and hypotheses generated via qualitative research or secondary data
