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Chp 7: Marketing Research Flashcards

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1
Q

define 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/ideas

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2
Q

what is marketing research key to

A

developing strategies, assessing 4Ps, developing STP, understand competitive intelligence, consumer buying behaviour

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3
Q

Lecture: 2 roles of marketing research

A

1) communication link between firm and industry, competition, market, employees, customers
2) provides useful info for understanding, decision-making, planning

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4
Q

why is competitive intelligence useful

A

because it takes uncertainty out of operations, they know links between firms and environment to build strategies through customer feedback, monitoring competitors, identifying opportunities

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5
Q

define customer lifetime value

A

expected financial contribution from a particular customer to the firm’s profits over course of their relationship

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6
Q

5 steps in marketing research process

A

1) define research problem & objectives
2) design research plan
3) collect data
4) analyze data and develop insights
5) determine action plan

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7
Q

step 1 in marketing research process: define research problem & objectives - 3 points

A

1) Problem needs to be correctly defined. If the problem is not defined correctly, you may end up with the wrong solution
2) If you defined problem correctly but fail to carry out rest of process correctly you may end up with misleading/useless results
3) It’s important to separate symptoms of a problem from actual problems (ex. Declining sales may not be due to low advertising but poor product)

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8
Q

step 1 in marketing research process: define research problem & objectives: 3 sources poor design can arise from?

A

1) basing research on irrelevant research questions
2) focusing on research questions that marketing research can’t answer
3) addressing research questions to which answers are already known

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9
Q

Lecture: 3 things to identify in step 1) research problem & objectives in marketing research process

A

1) what do we need to know
2) why do we need to know it (clarify info that you specifically need)
3) find fundamental issue - distinguish between cause, symptom, impact

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10
Q

Lecture: give example of symptom, impact, cause

A

symptom: 30% loss of sales force in first year of employment
impact: high cost of on-boarding and low consumer satisfaction
cause: poor incentive structure

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11
Q

step 2 in marketing research process: define research plan: what happens here?

A

Researchers identify type of data needed and determine type of research needed to collect it

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12
Q

Lecture: step 2 in marketing research process: define research plan: 4 steps to define research plan

A

1) project objectives
2) type of research necessary
3) type of data needed
4) type of data available

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13
Q

Lecture: 3 degrees of problem definition and give example of each

A

1) exploratory - initial research into hypothesis ex. why are sales declining
2) descriptive - explore and explain info gathered in exploratory research ex. what is a fair price point for our product
3) causal - connect ideas to understand cause and effect ex. test if purchase rates are correlated to price by having one location’s product on sale and the other not

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14
Q

step 3 in marketing research process: collect data: define data

A

raw numbers of other factual info of limited value. when interpreted becomes info that marketers can use

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15
Q

step 3 in marketing research process: collect data: 2 sources data can be collected from

A

primary, secondary sources

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16
Q

step 3 in marketing research process: collect data: define secondary data - 3 points

A

info that has been collected prior to the start of the focal research project. Includes external and internal data sources. not specific to research objective.

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17
Q

step 3 in marketing research process: collect data: define primary data

A

data collected to address specific research needs.

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18
Q

step 3 in marketing research process: collect data: what do firms do because they can’t interview every customer and example

A

Firms cannot interview every customer, so they look at group of customers who represent customers of interest, or a sample and generalize their opinions to all customers with same characteristics (at random to represent entire customer market or characteristic on if they are children)

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19
Q

step 4 in marketing research process: analyze data & develop insights: define info

A

data that has been organized, analyzed, interpreted and converted into a useful form for decision makers

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20
Q

step 4 in marketing research process: analyze data & develop insights: example

A

collect data about individual consumer purchases and then analyze data to determine what products are purchased together

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21
Q

step 4 in marketing research process: analyze data & develop insights: what should you make sure you don’t do

A

Misinterpreting findings or manipulating statistics to suit researcher’s prediction can lead to wrong decisions which could have consequences for marketers

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22
Q

step 5 in marketing research process: determine action plan

A

Prepare results and present to decision makers who undertake appropriate marketing actions and strategies

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23
Q

LO2: 2 secondary data types

A

1) internal

2) external

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24
Q

LO2: internal secondary data: define data mining

A

use of statistical analysis tools to uncover previously unknown patterns in the data or relationships among variables

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25
LO2: internal secondary data: why do firms use data mining
Firms use data mining techniques to extract valuable info from their databases
26
LO2: internal secondary data: example of firm using data mining
netflix identifies when certain groups watch shows and what shows are watched together and make recommendations
27
LO2: internal secondary data: what results can come from data mining
company can identify when consumer is dissatisfied and lower churn levels
28
LO2: internal secondary data: define churn
number of participants who discontinue use of a service / average number of total participants
29
LO2: internal secondary data: how can firms assess profitability of their customers
Firms can use secondary data to assess the profitability of their customers by determining their customer lifetime value (CLV)
30
LO2: internal secondary data: define big data
refers to extremely large quantities of data that companies have access to but are unable to handle using conventional data management and data mining software
31
LO2: internal secondary data: how can big data help firms
Big data can help firms analyze what customer is purchasing, analyzing purchase patterns and suggesting other items customer might enjoy
32
LO2: external secondary data: what must researchers ensure when using secondary data
Researchers must ensure that the secondary data they use is current and relevant and can shed light on research problem or objectives
33
LO2: internal secondary data: examples of internal secondary data
customer purchase histories, customer info
34
LO2: external secondary data: 5 examples
1) guides 2) statistics canada 3) newspapers 4) trade sources 5) syndicated data
35
LO2: external secondary data: define syndicated data
data available for a fee from commercial research firms
36
LO2: external secondary data: why would firms use syndicated data
Free or inexpensive secondary data may not be completely relevant or helpful
37
LO2: external secondary data: define scanner data
data obtained from scanner readings of UPC codes at checkout counters and used in quantitative research
38
LO2: external secondary data: define panel data
info collected from a group of consumers over time
39
LO2: external secondary data: what may panel data include
purchase history of the panel (consumers) or survey
40
LO2: external secondary data: differences between panel data and scanner data
Scanner data typically focuses on weekly consumption of a particular product at a given unit of analysis (individual stores, region, chain) whereas panel research focuses on total weekly consumption by a particular person or household. Differs in how data is aggregated.
41
LO3: 6 examples of secondary research
1) Census data 2) sales invoices 3) internet info 4) books 5) journal articles 6) syndicated data
42
LO3: 2 advantage of secondary research
1) Saves time in collecting data because they are readily available, 2) reduces data collection costs
43
LO3: 4 disadvantages of secondary research
1) Info may not be precisely relevant to info needs 2) info may not be as timely as needed 3) sources may not be original, therefore usefulness is an issue 4) methods for collecting data may not be relevant or may contain bias in subject matter
44
LO3: 5 examples of primary research
1) Observed consumer behaviour 2) focus groups 3) interviews 4) surveys 5) experiments
45
LO3: 2 advantages of primary research
1) Is specific to immediate data needs and topic at hand | 2) offers behavioural insights generally not available from secondary research
46
LO3: 3 disadvantages of primary research
1) Info is usually more costly to collect 2) data typically takes longer to collect 3) often requires more sophisticated training and experience to design and collect unbiased, valid and reliable data
47
LO3: define qualitative research
attempts to begin to understand phenomenon of interest, provides initial info that helps researcher formulate research problem or objectives
48
lecture: what type of problem definition is qualitative research?
exploratory
49
LO3: 5 examples of qualitative research
1) projective techniques 2) observation 3) interviews 4) focus groups 5) social media
50
LO3: define quantitative research
provides the info needed to confirm preliminary insights, which managers can use to pursue appropriate courses of action
51
lecture: what type of problem definition is quantitative research?
descriptive, causal
52
LO3: 4 examples of quantitative research
1) experiments 2) surveys 3) scanner 4) panel
53
LO3: define reliability
extent to which you will get the same result if the study is repeated in an identical manner
54
LO3: define validity and example
extent to which the study actually measures what it is supposed to measure (Ex. ensure questions on questionnaire actually measure online trust or if they measure some other construct)
55
LO3: define sample
segment or subset of population that adequately represents entire population of interest
56
LO3: what can using sample result in and what's a good rule of thumb
Often it is too costly to study entire group of consumers, so firms use sample, but this can lead to validity and reliability issues. Rule of thumb is that sample size should be large enough to ensure reliability.
57
LO3: what does firm get from qualitative reserach
preliminary insights
58
LO3: what does firm do after it gets preliminary research from qualitative research
it moves to quantitative research to provide info needed to confirm insights/hunches to pursue appropriate courses of action. Enables researchers to test prediction/hypothesis
59
LO3: define hypothesis
statement predicting a particular relationship among multiple variables that can be tested through research
60
LO3: qualitative research: what is observation
When researchers try to see or record what subjects do naturally and avoid influencing their behaviour
61
LO3: qualitative research: observation: define ethnography
observational method that studies people in their daily lives and activities in their homes, work, and communities
62
LO3: qualitative research: observation: why is ethnography used
Often used to determine how consumers use a product and yields intimate details respondents might not otherwise be able to share.
63
lecture: qualitative data: 3 uses of observation
1) to identify/examine visible behaviour or events 2) to validate other findings or check the truth 3) to understand behaviours/actions that can't be articulated (kids, pets)
64
LO3: qualitative research: social media: how can firms use social media to get research - 2 points
1) Customers show their likes, dislikes, preferences on social media 2) Blogs can also give online reviews on products to provide insights
65
LO3: qualitative research: social media: 6 pros
1) large sample -> greater objectivity 2) people of all ages use social media -> greater representation 3) large amount of info available -> easy to find data related to your brand 4) current feedback -> high relevance 5) consumers freely offer opinions -> no interviewer bias 6) can search for and filter data -> more timely
66
LO3: qualitative research: social media: 4 cons
1) not a statistically representative sample -> could skew findings 2) feedback may not be well thought out -> not useful to research problem 3) no depth of info about consumer -> cannot distinguish differences among consumers 4) no consent to study data -> ethical issues
67
LO3: qualitative research: define in-depth interviews
trained researchers ask questions, listen and record answers and pose additional questions to clarify or expand on issue
68
LO3: qualitative research: pros of in-depth interviews
can probe individual consumers and ask additional questions; useful in learning from dissatisfied customers or lapsed buyers
69
LO3: qualitative research: cons of in-depth interviews
expensive, time consuming, need time to gain trust, avoiding leading informant
70
LO3: qualitative research: define focus group
small group of people come together for discussion about particular topic, conversation guided by trained moderator using unstructured method of inquiry
71
LO3: qualitative research: what is focus group useful in?
Gather data about initial reactions to products, opinions about competitive offerings, reactions to ads
72
LO3: qualitative research: define projective technique
subjects are provided scenario and asked to express thoughts and feelings about it
73
LO3: quantitative research: survey research: pros
Cost effective and can be analyzed to examine relationship among variables
74
LO3:quantitative research: survey research: cons
incomplete data, consumer answers question differently than what was intended
75
LO3: quantitative research: survey research: define survey
systematic means of collecting info from people using a questionnaire
76
LO3: quantitative research: survey research: define questionnaire
form that features a set of questions designed to gather info from respondents and accomplish researcher’s objectives. Questions can be structured or unstructured.
77
LO3: quantitative research: survey research: define unstructured questions
open ended and allow respondents to answer in own words
78
LO3: quantitative research: survey research: define structured questions
close ended, discrete set of response alternatives or specific answers is provided
79
lecture: quantitative research: survey research: 2 things survey can be ?
1) cross sectional (at point in time) | 2) longitudinal (over time)
80
LO3: quantitative research: survey research: tricky part
instrument design: Questions cannot be misleading, must have familiar words, instructions should be clear
81
LO3: quantitative research: define experimental research
systematically manipulates one or more variables to determine which variables have a causal effect on another variable
82
LO3: quantitative research:experimental research - example
altering ads/prices across stores and determine which was most effective/generates more response
83
lecture: quantitative research:experimental research: 2 types
1) lab experiment | 2) field experiment
84
lecture: quantitative research:experimental research: define lab experiment
research study in which investigator creates a situation with exact conditions so as to control and manipulate variables
85
lecture: quantitative research:experimental research: define field experiment
research study in realistic setting in which one or more independent variables are manipulated by investigator under as carefully controlled conditions as situation allows
86
LO4: what is breach of customer trust example
Unauthorized sharing of customer data with 3rd parties or for illegitimate purposes is a breach of consumer trust
87
LO4: what must marketers ensure and must do in case of something going wrong
1) Marketers must take every step to protect consumer data from security breaches from hackers and unauthorized individuals 2) In event of breach, firm must notify customers and clearly state what it is doing to protect data and privacy
88
LO4: negative consequences of poor ethics on marketing research
Without assurance that data will be secure, consumers will be reluctant to participate in market research
89
define competitive intelligence
used by firms to collect and synthesis info about position wrt rivals, enables companies to anticipate changes in marketplace rather than merely react to them
90
LO2: what 2 things does syndicated data frequently include?
panel data and scanner data acquired
91
LO3: 3 important questions when determining sample
1) who should be surveyed 2) how big should sample be? 3) what type of sampling procedure should be used?
92
LO3: 4 sampling procedures
random sampling, convenience sampling, stratified sampling, cluster sampling
93
LO3: explain random sampling
subset of statistical population with each person having equal probability to be selected
94
LO3: explain convenience sampling
subjects are selected on basis of accessibility and proximity to researcher
95
L03: explain stratified sampling
population dividend into smaller groups
96
LO3: explain cluster sampling
population formed into separate groups

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