Lecture 18 Marketing Research and Analytics Flashcards
(39 cards)
What is marketing research?
This is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organisation
What are the steps involved in marketing research?
Defining the problem and research objectives
Developing the research plan for collecting information
Implementing the research plan and collecting and analysing the data
Interpreting and reporting the findings
What are the 3 types of research?
Exploratory research
Descriptive research
Causal research
What does exploratory research do?
It gathers preliminary information that will help define the problem and suggest hypotheses
What does descriptive research do?
This describes marketing problems, situations or markets, such as the market potential for a product or the demographics and attitudes of customers
What is causal research?
This tests hypothesis about cause and effect relationships
What is involved in the research plan?
Management problem Research objectives Information needed How the results will help management decisions Budget
What is primary data?
This is information collected for the specific purpose at hand
What is secondary data?
This is information that already exists somewhere, having been collected for another purpose
What are the advantages of collecting secondary data?
Lower cost
Obtained quickly
Cannot collect otherwise
What are the disadvantages of secondary data?
Data may not be relevant, accurate, current or impartial
What 4 things are involved in primary data collection?
Research approaches
Contact methods
Sampling plan
Research instruments
What are the 4 primary research approaches?
Observational research
Ethnographic research
Survey research
Experimental research
What is observational research?
This involves gathering primary data by observing relevant people, actions and situations
What is ethnographic research?
This involves sending trained observers to watch and interact with customers in their “natural environments”
What is survey research?
This involved gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behaviour
What is experimental research?
This involves gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses
What happens in a focus group?
This is a personal contact method
Six to ten people with a trained moderator
What are the issues with focus groups?
Expensive
Difficult to generalize from small groups
Consumers not always open and honest
What are advantages of online contact methods?
Low cost
Speed
Higher response rates
Good for hard to reach groups
What is a sample?
This is a segment of the population selected for marketing research to represent the population as a whole
What should be thought about when creating a sampling plan?
Who is to be studied?
How many people should be studied?
How should the people be chosen?
What are the 3 types of probability sample?
Simple random sample
Stratified random sample
Cluster (area) sample
What is a simple random sample?
Every member of the population has a known and equal chance of selection
