Exam 2 Flashcards
(41 cards)
Exploratory research
secondary research, focus group
Descriptive research
Focus on “what” not “why”
- large samples
- probability sampling
- closed-ended questions
-surveys
Performance Monitoring
-Tracks a company’s/ brand performance over times
- Market share changes, preference changes, price levels, competitive activity,
tracking (panels), CSS
- panels that are compensated to avoid respondents losing interests
Casual Research
Cause and effect relationship
(increase advertising= increased sales)
The marketing research process
1.) Identify and formulate the problem/ opportunity
2.) Plan the research design and gather secondary data
3.) Specify the sampling procedures
4.) Collect primary data
5.) Analyze the data
6.) Prepare and present the report
7.) Follow up
1.) Identify and Formulate the Research Problem (also called Statement of
Information Needs)
1.) Identify and Formulate the Research Problem (also called Statement of
Information Needs)
2.) Secondary/ Primary Data
1.) Secondary Data - Data that is already published, although may not answer all questions so primary data may be necessary
2.) Primary Data- consider cost
-personal( indept interviews, focus groups, mall intercepts..)
- Mail, Telephone, Observational ( Mystery Shopper)
- Internet or web-based surveys
Questionnaire Design: Open and closed-ended surveys.
3.) Sampling Procedures
- Nonprobability (Nonrandom) Samples:
- Convenience: No pattern, easy to reach individuals.
- Judgment: Based on researcher’s knowledge.
- Quota: Nonrandom selection within subgroups.
- Snowball: Member referral.
- Probability (Random) Samples:
- Simple: Equal chance for every individual.
- Stratified: Subgroups based on characteristics.
- Cluster: Random clusters selected, all within chosen clusters included.
- Systematic: Regular intervals after random starting point.
- Errors in Sampling:
- Frame: Inaccurate sampling frame.
- Non-Response: Lack of participant response.
- Random Errors: Chance variations, reduced by larger samples.
4.) Collecting Data
Can often be contracted to a field service firm
Product
A tangible offering or satisfaction of need ( most important of the four P’s of the marketing mix
Types of consumer products: Convenience
Unplanned, impulse (distribution is key)
Types of Consumer Products: Shopping
infrequent, expensive ( comparison shop)
Types of Consumer Products: Specialty
Luxury (exclusive distribution, status-conscious, brand importance)
Types of Consumer Products: Unsought
Burial plots, insurance ( aggressive selling)
Advertising economies
Several products under one advertising umbrella
Package uniformity
A common, recognizable look
Standardized components
reduces manufacturing and inventory costs
Efficient sales and distribution
Distributors and retailers more inclined to stock a company’s products if it offers a full line
Equivalent Quality
perceived consistency in quality
Product Line
group of closely related items
- Increase depth to attract buyers with different preferences, economies of scale
-Increase width to spread risk across many product lines and leverage brand equity.
Product line: Extension
add additional products to compete
Product line: Contraction
Concentrate on fewer products to compete
Product line: Modification
Change product’s charactersitics- Price, function, style
Product Line: Planned obsolescence
Modifying products so that those that have been sold become obsolete before they actually need replacement
