week 4 Flashcards
(30 cards)
what is market research
set of techniques systematically collect record analyze interpret data that aid in marketing
factors make market reserahc success
o 1- will research be useful beyond what managers know and reduce uncertainty
o Is topmanagement committed and abide by result
o Small or large
why is market research conducted
understand consumer, market validity, competitor anlysis, market trends, product dev, communication strat
role of market research
data informed decesions, research the past and present to help judge the future
process market research
define objectives, design plan, collect data, analyze and dev insights, determine action plan
market research Most important step is
is 1 because if wrong problem = wrong solution and if oprocess done wrong = mislead or useless data
research design includes
methodology, data collection method, creating instrument, sampling, project management, ethical considerations
internal vs external data
o Internal: we collect from customer’s data mining, big data
o External: Statista passport etc
Must be relevant and useful
important consideration of data
o Important consideration: reliability consistent over time, doesn’t matter collect now or in a year, need to be the same if I collect vs other collector. About being consistent with info collected
o and validity measures exactly the qs and variables we are trying to assess
pannel data is prmary or secondary
o Panel: info from group over time if what they purchased = secondary but survey is primary
primary methods for market reasearch qual and quant include
qual: ethnogrophy, interview, focus group
quant: experiemnt and surveys
qual vs quant
qual: o Understand phenomena in deep= qualitative start with why and how
o If our q starts with what and which
o Qual: broad open end qs
Like observation and in depth interview
ID theme or pattern, natural setting
Quant: o Quant = structured resonse that can be tested
numerical compare and stat infrences, controlled enviroment,
sampling 3 qs
who should, how big and whattype of sample
observation (ethnogrophy)
observe consumer using product, in natural setting, maybe cameras in family house to see way wash clothes or cook
o Make observe and take notes
o Useful when customer cant articulate
interviews and in depth interviews
o Understand what are they doing and why they are doing
o In depth: explore feelings and insights in the individual level how do you feel about new product
On personal level
group level intercew
o Group level: focus group interview: explore feeling and reaction at the group level
Like why a product failed
Reaction to marketing campaign
focus group interview
8-12 people discussion and guided by moderator
qual interview advice
prep, effective qs, implement, explain purpose, format, time, confedentiality
SM method
o Mine data from SM
o Large sample
o Current
o More timely to search for data and no interviewer bias
o Not rep sample
o Feeback not thought out
quant method try to
verify insight to aid decision maker
o Can be descriptive like profile typical user
o Or expirmental like what is preffered
quant method includes
o Survey research
Study attitude preference and behavior
Cost effective
Anlyze stat to exam relation among variable
Not answer all q and wrong interpretation
o Survey typically use questionnaire
Set of q
Structured vs unstructured go general to specific
pilot tesdting
few people with the exact characteristic of info we want
o Like target market or info, we expect to have from them
- How to conduct effective research qs
o Open ended qs so answer in own terms
o Qs should be neutral as possible
o Word qs simply
o Data saturation
info we collect is repeating that is for how many
One more interview not get more insights but have exactly the same insights
