11 Market Research Flashcards
What does Market Research do?
Links the customer and the public to the company and the marketer with information used to identify and define:
- Marketing opportunities and problems
- Market segments and selecting target markets
- An ideal marketing mix
- Monitor marketing performance
What does Marketing Research help decision-makers do?
Shift from intuitive information gathering to systematic and objective investigating.
What is Market Research?
Defined as the systematic and objective process of generating accurate information to aid and reduce uncertainty in marketing decisions.
What does Market Research imply?
- Implies that market research information is not intuitive or haphazardly gathered
- And that the researcher should be detached and impersonal rather than biased and attempting to support his or her preconceived ideas.
What is the Market Research Process?
- Define research objectives and needs.
- Design the research.
- Collect data.
- Analyse data and develop insights.
- Action plan and implementation/conclusions and recommendations.
What are the three common steps to help form research objectives (for step 1)?
- Evaluate the current status of a business
- Find ways to seize a business opportunity
- Find ways to solve a business problem
Crucial activity in defining an objective is isolating the symptom from the problem.
What are the different types of research design?
- Exploratory research design.
- Descriptive research design.
- Causal research design.
What is exploratory research design?
• Used to explore a phenomenon • Undertaken when relatively little is known about the phenomenon • Mainly uses interviews, focus groups & observations
What is descriptive research design?
• Used to describe a phenomenon • Tells us “who, what, when, where
and how”?
• Mainly uses surveys
What is causal research design?
• Used to explain relationships
between two or more phenomena
• Tells us “why”?
• Mainly uses experiments
What are the different types of data collection?
- Primary
- External secondary
- Internal secondary
- Social Media Monitoring
- Web Analytics
What does primary data collection consist of?
- Qualitative Data.
- Quantitative Data.
What is Qualitative Data?
- Used to understand phenomenon of interest through broad open-ended questions.
- Provides initial information that helps the research more clearly formulate the research objectives
What things happen during qualitative data collection?
- Interaction – stimulate new ideas
- Fun for participants
- Generate consumer insight
- Small group
- Recruitment
- Honesty
What occurs during in-depth interviews?
• Group pressure eliminated • One-to-one – feel valued • Lengthy probing = feelings + motivations • Improvisation, flexibility • No influence on others • Anytime, anywhere • Cost + time • Small sample size • Application – exploratory, understanding, new product, idea
What is Quantitative Data?
- Seeks responses that are statistically tested.
* Provides information needed to confirm insights and hypotheses generated via qualitative research or secondary data.
What is a Survey?
A systematic means of collecting information from people using a questionnaire.
What occurs in an Experiment?
Manipulate variables (e.g., price) and observe outcomes (e.g., purchase) while controlling for the effects of extraneous variables.
What are examples of External Secondary data collection?
- Census data, reports,
trade associations, internet info, books, journal articles, blogs. - Syndicated external secondary data • Roy Morgan (media usage), AC
Nielsen (consumer & media insights), Passport
What are examples of Internal Secondary data collection?
• Data warehouse - Countdown One Card, NW Club Card, fly buys, Les mills app. • Datamining - What can we find out from a till receipt? - How might a retailer use this information?
What is Social Media Monitoring?
Social listening, customer attitudes, opinions, preferences for products.
What do business owners want to know when using Web Analytics?
- How do visitors find my website?
- Am I creating effective content?
- How does this impact my bottom line?
What are the three types of data analysis techniques?
- Descriptive analysis
- Difference analysis
- Associative analysis
The type of analysis you choose depends on the research objectives set in Step 1.
What do you do when making conclusions from Market Research?
- Interpret data
- Clearly present research findings
- Related findings back to original objectives
