Marketing Research Flashcards
(34 cards)
Purpose of Marketing Research
Reduction of uncertainty about market needs and the responiveness of customers to market actions of potential action
Applications of Marketing Research
To collect background data
To generate hypotheses
To gather impressions on new product concepts
To stimulate new ideas about older products
To interpret previously obtained quantitative results
Common Problems addressed by Marketing Research
Potential demand for a new product Sales forecasting Buyer Analysis Segmentation Choice processes and information processing Selecting proper marketing mix Customer satisfaction levels Optimal product features
Valid Market Research qualifications:
Valid
Reliable
Representative
Five Steps Approach to MR
Defining the Problem Analyzing the Problem Getting problem specific data Interpreting the data Solving the problem
Defining the Problem
Specify the problem and set research objectives
Most difficult step
Management Decision Problem
General
Dicision oriented
Diffused
Marketing Research Problem
Specific
Data oriented
Focused
Analyzing the Situation
Informal study of information already available
Primary Data Sources
Observation
Questioning
Observation
Equipment, Website analysis, personal approaches
Questioning
In-depth and focus group interviews, online mail, phone, personal surveys
Secondary Data Sources
Inside Company
Outside Company
Inside Company
Company files, intranet, reports, marketing information system, people, sales, cost data
Outside Company
Internet, libraries, government, trade associations, universities, private research organizations
Types of Secondary Data
Scanner Data Store Level Data Discussion groups or newsgroups Competitor's press release Government data Summary publications
Advantages of Secondary Data
Readily available and often cheaper
Identify potential problems
Provide data research method alternatives
Provide possible solutions to marketing problems
Disadvantages of Secondary Data
Data may be too old
Insufficient information
Units of measurement are different
Reliability and validity of the date may be in question
Purpose of Experiments
Who are our customers?
Where do they live?
What are their needs?
Why do they buy our brand?
Two categories of experiments
Qualitative Research
Quantitative Research
Qualitative Research
Seeks in depth, open ended questions with few directions and guidlines
Major advantage is depth
Not yes or no questions
Costly, difficulty of analysis, hard to measure results
Quantitative Research
Seeks structured respones that can be summarized in numbers
Adavantages: Simplified analysis, cost
Disadvantages: lack of depth, low response rates
Qualitative Types of Experiments
Focus Group Interview
Online Focus Group
Focus group internew
Very expensive
Overly positive response
