The Marketing Research process involves which 5 steps?
1. Identifying objective
2. Design research
3. Collect Data,
4. Analyze data
5. Make a decision
Difference between Primary and Secondary data
Primary Data is data collected to address specific research needs Secondary data has been collected prior to to start of research project
What are some examples of primary data?
Focus Groups In Depth Interviews Surveys
Components of a Marketing Research presentation
1. Executive Summary 2. Body of Report - Research objectives, methodology, & findings 3. Conclusions 4. Limitations 5. Appropriate supplemental tables/figures/appendixes
A market research project usually begins with a review of relevant which type of data What are some limitations of this data? Benefits?
Secondary Not specific nor timely enough to solve needs & objectives Inexpensive, available, accessible internally through invoices, customer lists, and other company generated data
Syndicated Data is:
External Secondary data that can be purchased from commercial research firms
Scanner Data which focuses on weekly consumption, is
Quantitative research obtained from scanner readings A firm can use scanner data to determine what would happen to its sales if it reduced the price of its least popular product by 10% in a given month
This type of data is collected from groups of consumers, organized into _____ overtime
Panel Data Focuses on total weekly consumption by a particular person or household
The # of participants divided by the average number of total participants is known as
What are some qualities of qualitative research How is it helpful? What are the 5 methods?
It's used to understand interest through broad, open-ended questions.. Usually performed before quantitative research It is helpful in that it can allow researchers to more clearly formulate the RESEARCH OBJECTIVES Methods include: Observation, social media, in-depth interview, and focus groups
Characteristics of quantitative research How is it helpful? What are the 3 methods?
Consists of structured questions that can be statistically tested. It provides information needed to confirm insights and hypotheses and helps managers pursue appropriate courses of action Methods Include: Experiments, Surveys, Scanner, and panel data, or some combination
How is Observation Research conducted When is it helpful?
Examining purchase and consumption behavior When customers are unable to articulate their experiences, observation research becomes particularly useful
By Monitoring, Gathering, and Mining ______ data, Researchers can learn a lot about likes and dislikes
Social Media, which can be used to build online communities for companies (virtual community)
Segment Mining is the process of How is it helpful?
Collecting consumer comments about companies and their products on social media sites. It provides new data into what consumers really think
Results from this type of research can be used to develop surveys How is this type of Research beneficial
In-Depth Interviews - Which helps managers better understand their industry as well as important trends and consumer preferences
What are some advantages of Primary Research
Specific to immediate data needs and topic at hand Offers behavioral insights generally not available from secondary research
The AMA provides what 3 guidelines for conducting market research
1. Prohibits Selling or fund-raising under the guise of conducting research 2. Supports maintaining research integrity by avoiding misrepresentation or the omission of pertinent research data 3. It encourages the fair treatment of clients and suppliers
This type of marketing claims the ability to read minds with EEG. Helpful in determining what truly appeals to customers