Chapter 7 Flashcards
(14 cards)
Marketing Research
= a set of techniques and principles for systematically collecting, recording, analyzing and interpreting data that can aid decision makers involved in marketing goods, services or ideas.
The Marketing research process
- Define Research Problem and Objectives
- Design the Research Plan
- Collect Data
- Analyze Data and Develop Insights
- Present Action Plan
Define the research problem & objective
Research problem – Broad issue or challenge that the research aims to address (e.g., market share is declining)
Research objectives/question (RQ)
Type of objective – Causal, descriptive, or exploratory
Design the research plan
Identify: type of data
Determine: Type of research process/method (based on the objective)
Secondary Data
Data that was collected before the start of your focal research project
It is available quickly and at a relatively low-cost
Primary Data
Data collected specifically for the focal research project
It can be expensive and effort intensive to collect primary data
Secondary data SOURCES
Internal sources – within the company - purchase information, ad response information, etc. (BIG DATA)
External sources:
Government publications – E.g., Statistic Canada
Journals/periodicals/trade guides
Commercial data services (available for a fee) - Euromonitor, Datamonitor, etc. (SYNDICATED DATA)
Online search (e.g., Wikipedia)
Scanner data - point-of-purchase data (can be primary data as well)
Panel data – Hired panel of people (can be primary data as well)
Data mining
Process of identifying useful patterns/trends in (large) datasets
primary data SOURCES
qualitative research: observation, in-depth interviews, focus groups, social media
quantitative research: experiments, survey, scanner, panel
Validity and Reliability
Is my method/question measuring what I intend to measure? Validity
Is my method/question consistently measuring what I intend to measure Reliability
Experimental Research
Gather data by randomly exposing respondents to different conditions measuring differences in responses across the conditions
Helps establish causal relationships: If X then Y
Survey Research
gather data by directly asking people about their knowledge, attitudes, preferences and buying behavior. E.g., a post-purchase survey
Pros
collects a lot of information about different things or situations
little time and effort
Quantitative data is easier and quicker to analyze
Cons: People can lie.
Sampling
A sample is proportion of the population that represents the population.
1. Sampling Unit Who should be sampled?
2. Sampling Size How many should be sampled? (Larger is better)
3. Sampling Procedure How should we search for and choose the sample?
Collect Data
DIY or hire a market research agency
Ensure all decided protocols are followed
Ensure you are not deviating from your plan
Ensure that nothing unethical or illegal is done to obtain data
