Marketing Research Process (W2)

Question 1

Outline the market research process

Answer 1

1. Identify problem/ state research objectives
2. Create research design
3. Choose research method
4. Select sampling procedure
5. Collect data
6. Analyse data
7. Write and present report
8. Follow-up

Question 2

Explain

1. Identify problem/ state research objectives

Answer 2

Recognise problem 
Why is information wanted?
Understand the environment 
Make research problem 
Does the information already exist? 
State objectives

Question 3

Market opportunity

Answer 3

A situation that makes some potential competitive advantage possible

Question 4

Market problem

Answer 4

A situation that makes some negative consequence likely

Question 5

Explain

Why is information being sought?

Answer 5

What information will be used for?

What decisions will be made?

Question 6

What process do you do to understand the decision-making environment?

Answer 6

Understand company/ market/ industry 
Exploratory research 
Pilot study 
Survey 
Secondary data

Question 7

Symptom

Answer 7

A phenomenon that occurs because of the existence of something else

Question 8

Management decision problem

Answer 8

A statement specifying the type of managerial action required to solve the problem

Question 9

Marketing research problem

Answer 9

specifies what information is needed to solve the problem and how that information can be obtained efficiently and effectively

Question 10

Marketing research objective

Answer 10

goal statement defining the specific information needed to solve the marketing research problem

Question 11

Research question

Answer 11

what is the demographic, geographic and psychographic profile of the credit unions depositors, investors and mortgage holders?

Question 12

Research objective

Answer 12

to determine the demographic, geographic and psychographic profile of the credit unions depositors, investors and mortgage holders

Question 13

Hypothesis

Answer 13

an assumption or theory that a researcher or manager makes about some characteristic of the population being investigated

Question 14

Null hypothesis

Answer 14

there is no difference between variables

Question 15

Explain:

2. Creation of research design

Answer 15

Plan for addressing research objectives/ hypothesis

Question 16

Descriptive studies

Answer 16

research studies that answer the questions who, what, when, where and how

Question 17

Casual studies

Answer 17

research studies that examine whether the value of one variable causes or determines the value of another variable

Question 18

Dependent variable

Answer 18

a concept expected to be explained or influenced by the independent variable

Question 19

Independent variable

Answer 19

a concept over which the researcher has some control and that is hypothesized to cause or influence the dependent variable

Question 20

Temporal sequence

Answer 20

an appropriate casual order of events

Question 21

Concomitant variation

Answer 21

the degree to which a presumed cause and a presumed effect occur or vary together

Question 22

Spurious association

Answer 22

a relationship between a presumed cause and a presumed effect; that occurs as a result of an unexamined variable or set of results

Question 23

Secondary data

Answer 23

gathered for some purpose other then the one in hand

Question 24

Experience survey

Answer 24

discussions with knowledgeable individuals, both inside and outside the organization, who may provide insights into the problem

Question 25

Case analysis

Answer 25

reviewing information from situations that are similar to the current one

Question 26

Focus groups

Answer 26

in depth discussions, usually consisting on 8-12 participants, which are led by a moderator and are generally limited to one particular concept

Question 27

Methods of exploratory research

Answer 27

``` Expert survey Pilot survey Secondary data Experience survey Case analysis Focus groups Qualitative interviews Unstructured observations ```

Question 28

Conclusive research

Answer 28

to describe specific phenomena, to test specific hypotheses and examine relationships; more formal and structured. Based on large representative samples

Question 29

Methods of conclusive research

Answer 29

``` Survey Secondary data Databases Panels Structured observation Experiments ```

Question 30

Methods for collecting data

Answer 30

``` Surveys Observations Experiments Depth interviews Focus groups Projective techniques Ethnography Secondary data ```

Question 31

Survey

Answer 31

interviewer interacts with respondents to obtain facts, opinions and attitudes (except in mail, internet and mobile survey)

Question 32

Observations

Answer 32

monitors respondents’ actions without direct interaction

Question 33

Experiments

Answer 33

Measure causality in which researcher changes one or more independent variables and observes the effect of the changes on the dependent variable

Question 34

Depth interview

Answer 34

Face-to face interview which provides maximum probing; great depth on a topic

Question 35

Projective techniques

Answer 35

Involve the use of an ambiguous stimulus that an individual is asked to describe, expand on or build a story around

Question 36

Ethnography

Answer 36

Involves participant observation; studying human behaviours in its natural setting; interactions; reactions to events and experiences

Question 37

Sampling

Answer 37

involves any procedure that draws conclusion based on measurements of a portion of the entire population

Question 38

Sample

Answer 38

a subset from a larger population

Question 39

Population of interest

Answer 39

group of where the sample will be drawn; includes all people whose opinions, behaviours, preferences, attitudes etc. will yield the information needed to answer the research questions

Question 40

Probability sampling

Answer 40

A sampling technique in which every member of the population has a known nonzero probability of selection

Question 41

Non-probability sampling

Answer 41

A sampling technique in which units of the sample are selected on the basis of personal judgment or convenience the probability of any particular member of the population being chosen is unknown

Question 42

Data analysis

Answer 42

application of reasoning to understand the data that have been gathered; determining consistent patterns and summarising the relevant details revealed

Question 43

Raw data

Answer 43

survey questionnaires; interview or participants observation notes, recording (audio or visual)

Question 44

Editing

Answer 44

checking the data collection forms for omissions, legibility and consistency in classification, correcting problems before transferring to the computer

Question 45

Transcribing

Answer 45

Audio files are generated into transcripts for analysis

Question 46

Coding

Answer 46

establishing rules for interpreting, categorizing, recording and transferring the data to the data storage media

Question 47

Explain | 6. analysing data

Answer 47

Raw data Editing Transcribing Coding