unit 6 Flashcards
(47 cards)
What is the definition of Market Research?
Process of collecting and analyzing information to recommend actions to improve marketing activities.
What are the classifications of research in market research?
Classifications include:
* Exploratory Research
* Descriptive Research
* Casual Research
Also referred to as explanatory research.
What is the purpose of exploratory research?
To gather data/details for better understanding of objectives and to create strategies.
What is descriptive research?
research designed to describe basic characteristics of variables
what is casual research?
research designed to identify cause and reffect relationships among variables
what is problem awareness?
a. pinpoint challenge, issue, opportunity that needs further understanding
b. identify research objectives
c. plan should be presented in a written proposal
clarify what the research process is trying to achieve
What is secondary data?
previously collected/compiled and available to researcher
What is primary data?
Data collected by the researcher to address specific objectives.
data is largely qualitative in nature
What is a focus group in market research?
A small group of participants with common characteristics discussing predetermined topics with a trained moderator.
What is online marketing research?
Research conducted using internet/mobile surveys, online focus groups, and consumer tracking.
what is behavioural targeting?
using online consumer tracking data and analytics to target advertisements and marketing offerss to specific consumers
social targeting: same thing but through social media
What is the significance of social listening in marketing?
Monitoring social media channels for brand mentions and analyzing online conversations.
what is quantitative research?
collection of numerical data from larger samples using structured formats
what is sample design?
determine who will be in the study and collect the data
what is sampling?
process through which a subset of indivudals is taken from a larger population
What is the difference between probability and non-probability sampling?
Probability sampling involves random selection of participants, while non-probability sampling does not.
Non-probability sampling may involve convenience sampling.
how is data collected?
Questionnaires, mechanical instruments, observational, survey, survey panel, experiments
Non-probability sampling may involve convenience sampling.
What is the purpose of attention check items in surveys?
To test whether participants are paying attention to the survey.
Important to avoid non-representative responses that can skew conclusions.
what is analyze & interpret?
a. statistically analyze the collected data
b. synthesize and simplify
c. address the guiding hypothesis
what is recommend & implement?
a. prepare a report to communicate the research findings
b. include recommendations that address the marketing problem and research objectives
c. continue to monitor
What is the aim of market targeting?
Evaluating each segment’s attractiveness and selecting one or more segments to serve.
What is differentiation in marketing?
Differentiating the marketing offering to create superior customer value.
What is positioning in marketing?
Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
What is market segmentation?
Process of dividing potential customers into groups based on shared characteristics.
