Tutorial 1 rest Flashcards
different stakeholder categories, primary vs. secondary data, three types of research projects and the stages of a market research project (26 cards)
What are the 3 distinct stakeholder categories?
- Organizational stakeholders: internal to the firm
- Economic stakeholders: external stakeholders
- Societal stakeholders: external stakeholders
Name examples of organizational stakeholders
employees, managers, board
members, and stockholders
Name examples of economic stakeholders
customers, competitors, creditors,
suppliers and unions
Name examples of societal stakeholders
communities, governments and other
regulators at a local, state, federal or supranational level (e.g. the European Union), media and
non-profit or non-governmental organizations.
What is the definition of primary data?
Definition: data does not yet exist and must be collected by the researcher or third parties.
What is the definition of secondary data?
Definition: data already exists within the company or is collected by third parties at specific
intervals and in standardized form
What are the advantages of primary data? (3)
- Optimal adaptation of the data to the project goals
- Greater control over the data quality
- Exclusiveness of the data
What are the disadvantages of primary data? (2)
- Many times, more cost intensive (money & time) than secondary data
- Uncertainty with regard to the response rate
What are the advantages of secondary data? (3)
- Lower costs (money & time, especially since the advent of the Internet)
- Can be the background/indication for primary research
- Some information can be obtained only from secondary data
What are the disadvantages of secondary data? (6)
- Fit with the research goals may be doubtful (collected for other purpose)
- No control over the data quality
- May not be very accurate
- May not be reported in the required form
- Data can be outdated
- A number of assumptions have to be made
What are the three types of research projects (project approaches) that were mentioned in the lecture?
- exploratory
- descriptive
- causal
What is the purpose of an exploratory project approach? (3)
- Generate general insights into a problem
- Identify decision options
- Identify relevant variables
What is the purpose of a descriptive project approach? (1)
- Precise description of a phenomenon / state
What is the purpose of a causal project approach? (1)
- Identify and quantify presumed relationships / interactions
How is data collected for an exploratory project approach? (2)
- Qualitative survey
or - Ad hoc suvery
How is data collected for a descriptive project approach? (3)
- Ad hoc survey
- Panel
- Secondary data collection
How is data collected for a causal project approach? (3)
- Ad hoc survey
- Panel
- Experiment
How does the data get analyzed in an exploratory project approach? (3)
- Content analysis
- Multivariate analysis
- Conjoint measurement
How does the data get analyzed in a descriptive project approach? (1)
- Univariate analysis
How does the data get analyzed in a causal project approach? (1)
- Multivariate analysis
What are the 5 stages of a market research project?
- Problem definition
- Project design
- Data collection
- Analysis and interpretation
- Decision and actions
Explain the first stage, problem definition
Translate the managerial question into a research question
Explain the second stage, project design
Selection and design of relevant data collection and analysis methods for solving the identified problems
Explain the third stage, data collection
Establish the target population, source of data and sampling procedure
