Chapter 10 - Market Research Flashcards Preview

Marketing Dynamics in the 21st Century > Chapter 10 - Market Research > Flashcards

Flashcards in Chapter 10 - Market Research Deck (18):
1

The Marketing Research process involves which 5 steps?

1. Identifying objective

2. Design research

3. Collect Data,

4. Analyze data

5. Make a decision

http://connect.mheducation.com/connect/hmEBook.do?setTab=sectionTabs

http://connect.mheducation.com/connect/hmEBook.do?setTab=sectionTabs

2

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

3

What are some examples of primary data?

Focus Groups In Depth Interviews Surveys

4

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

5

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

6

Syndicated Data is:

External Secondary data that can be purchased from commercial research firms

7

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

8

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

9

The # of participants divided by the average number of total participants is known as

Churn

10

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

11

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

12

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

13

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)

14

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

15

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

16

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

17

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

18

This type of marketing claims the ability to read minds with EEG. Helpful in determining what truly appeals to customers

Neuromarketing