Lecture 3 Flashcards
What is marketing research?
It is the systematic process of identifying, collecting, analyzing, sharing, and using information to make better marketing decisions, solve problems, and find opportunities.
What are the two types of marketing research?
Problem-identification research (e.g., market potential, market share, sales analysis, forecasting reasearch).
Problem-solving research (e.g., segmentation, product, pricing, distribution research).
What are the three main marketing research areas?
Market Research(strategic marketign): Analyzes primary and secondary data to decide which markets to compete in.
Consumer Research(strategic marketign) (or Insight): Understands consumer needs and guides portfolio decisions.
Market Measurement(operational marketign): Tracks business performance and decides investment levels.
Why is market research strategic, and what does it require?
It requires long-term commitment and reliable, updated data to minimize mistakes. Secondary data helps quickly and cost-effectively understand the market framework.
What checks are essential when using secondary data?
- Objective of the study and who conducted it.
- Type of information and data collection method.
- Coherence with similar studies.
- Data update.
- Study coverage (market, segment, distribution channel).
What are the three tasks of consumer research?
- Understand consumer needs deeply.
- Assess reactions to new products/services.
- Evaluate responses to marketing activities (e.g., communication).
What methodologies are used in consumer research?
- Usage, needs, and attitudes studies.
- Customer satisfaction surveys.
- Brand awareness and positioning studies.
- Pre/post promotion tests.
What is the purpose of market measurement?
- **Monitor business health and performance* to enable timely corrective actions.
- Use retail and home panels to track market size, trends, prices, frequency of purchase and more.
What is the role of marketing research in decision-making?
- Links the company to its consumers.
- Places the consumer at the center of business actions.
- Allow the company to keep up with the consumer’s needs and to
be future oriented. - Reduces risks and focuses on promising opportunities.
How does marketing research ensure long-term success?
By delivering the right product, to the **right consumer*, in the right way, while ensuring profitability and measuring performance.
What are the limitations of marketing research?
- It represents events in the best way possible, not objectively.
- External, unpredictable factors may affect decisions.
- Decisions ultimately depend on managers, not researchers.
What are the three techniques in marketing research?
- Desk analysis.
- Qualitative research.
- Quantitative research.
What are goals and tools of desk analysis?
Goals: Understand the framework of the phenomenon and put data into a context.
Tools: Official sources (e.g., ISTAT), databases, sector studies, web, and other available research.
What are goals and tools of qualitative research?
Goals: Explore the new phenomenon, find key variables, understand the target and discover insights.
Tools: Personal interviews and focus groups.
What are goals and tools of quantitavie research?
Goal: Conduct extensive analysis of key variables, quantify their importance, establish priorities justify decisions.
Tools: Surveys and questionnaires.
What defines qualitative research?
- Flexible, unstructured, and exploratory.
- Uses small, non-representative samples.
- Provides provisional results often followed by further research.
(example: provides ideas)
What defines quantitative research?
- Structured and formal.
- Uses large, representative samples.
- Results are definitive and support decision-making.
(example: tell you if idea was well received)
Who are the main players in the research process?
- Client: Defines the problem and sets research objectives (e.g., marketing manager, top management).
- Supplier: Provides methods and expertise (e.g., researchers, field managers, interviewers).
Whats the structured process of in market research?
- Objectives definition - Client
- Reasearch design - Research agency
- Tools preparation - Research agency
- Research execution - Research agency
- Analysis / interpret - Research agency
- Presentation - Research agency
- Decision - Client
Why is problem definition crucial in research?
It ensures the correct questions are asked and useful information is collected, making it more important than problem resolution.
What are the steps in defining research objectives?
- Understand the background and decision type.
- Translate business problems into research problems.
- Generate hypotheses or investigate possible reasons.
What are the key elements of the marketing problem in market research?
Action-oriented and focuses on the decision to be taken.
Requires specific information to take the decision.
Examples include:
- New product launch.
- Price positioning.
- Evaluating advertising efficacy.
- Shopper purchase behavior in the POS (point of sale).
- Satisfaction with the product.
What are the key elements of the research problem in market research?
Information-oriented and focuses on the problem’s symptoms and causes.
Examples include:
- Understanding consumers’ needs.
- Evaluating interest in a concept/product.
- Measuring price elasticity and defining the right price.
- Measuring advertising recall levels.
- Measuring brand image.
- Understanding shopper’s choice drivers in the POS.
- Understanding consumer satisfaction drivers.
What should be considered before starting new research?
- Is it necessary?
- Will the results be used?
- Are time and resources available?
- Does the required information already exist?
