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Marketing > Chapter 8 > Flashcards

Chapter 8 Flashcards

1
Q

Marketing Research

A

the process of 1. defining a marketing problem and opportunity, 2. systematically collecting and analyzing information, and 3. recommending actions

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2
Q

Decision

A

choice made from among available alternatives

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3
Q

decision making

A

Choosing among two or more alternatives

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4
Q

Uses of Marketing Research

A

1) Segmentation
2) New Product Testing
3) Demand Forecasting
4) Market Tracking
5) A/B & Ad Pretesting

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5
Q

5 step marketing research approach

A
  1. Define the problem
  2. Develop the research plan
  3. Collect relevant information
  4. Develop findings
  5. Take marketing actions
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6
Q

Concepts

A

ideas about products or services

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7
Q

new-product concept

A

a picture or verbal description of a product or service the firm might offer for sale

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8
Q

Methods

A

the approaches that can be used to collect data to solve all or part of a problem

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9
Q

Main methods

A

Observing people/asking them questions

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10
Q

special methods

A

sampling; statistical inference

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11
Q

Marketing Information System (MIS)

A

an integrated, ongoing decision support system

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12
Q

Data

A

Facts, figures, and other evidence gathered through observations related to the project

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13
Q

secondary data

A

facts and figures that have already been recorded prior to the project at hand

Data collected without your specific purpose in mind

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14
Q

Secondary Internal

A

Published data from inside the organization

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15
Q

Secondary External

A

Published data from outside the organization
Ex: US Census reports, trade association studies, business periodicals, internet based reports

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16
Q

Advantages of Secondary Data

A

time savings, inexpensive

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17
Q

Disadvantages of Secondary Data

A

may be out of date definitions or categories might not be what you’re looking for
Might not be specific enough for your project

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18
Q

Primary Data

A

facts and figures that are newly collected for the project

collecting data specifically for your purpose/need

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19
Q

Primary Internal

A

collecting data yourself/inside the org for your specific purpose/need

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20
Q

Primary External

A

collecting data from outside sources for your specific purpose/need

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21
Q

Ways to collect primary data

A

Observing people
Asking them questions

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22
Q

3 types of marketing research

A
  1. Exploratory
  2. Descriptive
  3. Causal
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23
Q

Exploratory Research (EXTERNAL PRIMARY)

A

provides ideas about a vague problem/question

Want to understand overall what’s going on & identifying things that may be interesting to dig into

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24
Q

questionnaire data (asking ppl questions)

A

facts & figures obtained by asking people about their attitudes, awareness, intentions, & behaviors

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25
Idea Generation Methods
coming up with ideas
26
Idea Generation Methods (Exploratory research)
observations individual interviews depth interviews focus groups
27
observation
observing what's going on in different types of settings
28
individual interview
a single researcher asking questions of one respondent
29
depth interview
A one-on-one interview between a professional researcher and a research respondent conducted about some relevant business or social topic -more deeper & it's about their own opinion
30
focus groups
informal sessions of 6 to 10 past, present, or prospective customers in which a discussion leader, or moderator, asks for opinions about the firm's products and those of its competitors, including how they use these products and special needs they have that these products don't address
31
descriptive research (EXTERNAL PRIMARY)
Finding the frequency with which something occurs or the extent of a relationship b/w two factors Ex: Lego asking middle/high school students specific questions about preference
32
Idea Evaluation Methods
Testing an idea
33
Idea Evaluation Methods (Descriptive research)
Observation Surveys
34
observational data (observing ppl)
facts and figures obtained by watching how people actually behave, using mechanical, personal, or neuromarketing data collection methods
35
3 Ways observational data is collected
1) Mechanical 2) Personal 3) Neuromarketing
36
mechanical/electronic method (observational data)
people meter-Nielsen TV
37
personal methods (observational data)
Watching consumers in person -mystery shoppers & ethnographic research
38
mystery shoppers
Companies pay researchers to shop at their stores, outlets, or showrooms to obtain the point of view of actual customers. Mystery shoppers can check on the availability and pricing of products and services and on the quality of the customer service provided by employees
39
ethnographic research
sending trained observers to watch and interact with consumers in their "natural environments"
40
Neuromarketing
merges technologies used to study the brain with marketing's interest in understanding consumers
41
4 Types of Surveys
1) Personal 2) Mail 3) Phone 4) Online
42
Personal Interview Surveys
enables interviewer to be flexible in asking probing questions/getting reactions
43
Mall Intercept Interviews
personal interviews of consumers visiting shopping centers
44
Mail Surveys
usually biased because those most likely to respond have had especially positive or negative experiences with the product or brand
45
Online Surveys
survey data collected using the internet email/internet
46
Phone Surveys
a survey in which interviewers question respondents over the phone and then record their answers
47
Causal Research (EXTERNAL PRIMARY)
Determines the extent to which the change in one factor changes another one -test markets use causal research
48
Causal Research Methods
lab experiments field experiments panels
49
experiment
obtaining data by manipulating factors under tightly controlled conditions to test cause & effect
50
Lab experiment
conducted in a controlled, indoor environment -internal validity
51
Field (Test Marketing) experiment
collecting usage data from customers before launch -external validity
52
Panel
a sample of consumers or stores from which researchers take a series of measurements
53
Primary Data Adv
more flexible/specific to problem being studied
54
Primary Data Disadv
More costly/time consuming
55
Sales forecast
the total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts
56
3 Salesforecasting Techniques
1) Judgements of the decision maker 2) Surveys of knowledgeable groups 3) Statistical Methods
57
Judgements of the decision maker
1. direct forecast 2. lost-horse forecast
58
Direct Forecast
involves estimating the value to be forecast without any intervening steps
59
lost-horse forecast
starting with the last known value of the item being forecast, listing the factors that could affect the forecast, assessing whether they have a positive or negative impact, and making the final forecast
60
surveys of knowledgeable groups
-survey of buyers intentions forecast -salesforce survey forecast
61
survey of buyers' intentions forecast
asking prospective customers if they are likely to buy the product during some future time period
62
salesforce survey forecast
asking the firm's salespeople to estimate sales during a forthcoming period
63
statistical methods
trend extrapolation linear trend extrapolation
64
trend extrapolation
extending a pattern observed in past data into the future
65
Linear trend extrapolation
using a straight line to extend a pattern observed in past data into the future
66
Measures of Consumer Memory
free recall cued recall recognition
67
Free Recall
a testing condition in which a person is asked to remember information without explicit retrieval cues Ex: What brands do you remember seeing during the Super Bowl?
68
Cued Recall
A test of long-term memory that involves remembering an item of information in response to a retrieval cue Ex: Which brands of pickup trucks did you see advertised during the Super Bowl?
69
Recognition
the ability to match a piece of information or a stimulus to a stored image or fact Ex: Did you see an ad for Chevy during the Super Bowl?
70
Syndicated
Firms that gather info and produce reports for sale to other orgs Secondary/external

Marketing (22 decks)

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