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MARS501 Marketing Insights > 11 Market Research > Flashcards

11 Market Research Flashcards

1
Q

What does Market Research do?

A

Links the customer and the public to the company and the marketer with information used to identify and define:

  1. Marketing opportunities and problems
  2. Market segments and selecting target markets
  3. An ideal marketing mix
  4. Monitor marketing performance
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2
Q

What does Marketing Research help decision-makers do?

A

Shift from intuitive information gathering to systematic and objective investigating.

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3
Q

What is Market Research?

A

Defined as the systematic and objective process of generating accurate information to aid and reduce uncertainty in marketing decisions.

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4
Q

What does Market Research imply?

A
  • 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.
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5
Q

What is the Market Research Process?

A
  1. Define research objectives and needs.
  2. Design the research.
  3. Collect data.
  4. Analyse data and develop insights.
  5. Action plan and implementation/conclusions and recommendations.
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6
Q

What are the three common steps to help form research objectives (for step 1)?

A
  1. Evaluate the current status of a business
  2. Find ways to seize a business opportunity
  3. Find ways to solve a business problem

Crucial activity in defining an objective is isolating the symptom from the problem.

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7
Q

What are the different types of research design?

A
  • Exploratory research design.
  • Descriptive research design.
  • Causal research design.
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8
Q

What is exploratory research design?

A 
• Used to explore a phenomenon
• Undertaken when relatively little is
known about the phenomenon
• Mainly uses interviews, focus groups &
observations
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9
Q

What is descriptive research design?

A

• Used to describe a phenomenon • Tells us “who, what, when, where
and how”?
• Mainly uses surveys

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10
Q

What is causal research design?

A

• Used to explain relationships
between two or more phenomena
• Tells us “why”?
• Mainly uses experiments

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11
Q

What are the different types of data collection?

A
  • Primary
  • External secondary
  • Internal secondary
  • Social Media Monitoring
  • Web Analytics
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12
Q

What does primary data collection consist of?

A
  • Qualitative Data.

- Quantitative Data.

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13
Q

What is Qualitative Data?

A
  • Used to understand phenomenon of interest through broad open-ended questions.
  • Provides initial information that helps the research more clearly formulate the research objectives
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14
Q

What things happen during qualitative data collection?

A
  • Interaction – stimulate new ideas
  • Fun for participants
  • Generate consumer insight
  • Small group
  • Recruitment
  • Honesty
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15
Q

What occurs during in-depth interviews?

A 
• 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
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16
Q

What is Quantitative Data?

A
  • Seeks responses that are statistically tested.

* Provides information needed to confirm insights and hypotheses generated via qualitative research or secondary data.

17
Q

What is a Survey?

A

A systematic means of collecting information from people using a questionnaire.

18
Q

What occurs in an Experiment?

A 
Manipulate variables
(e.g., price) and observe outcomes (e.g., purchase) while controlling for the effects of extraneous variables.
19
Q

What are examples of External Secondary data collection?

A
  • 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
20
Q

What are examples of Internal Secondary data collection?

A 
• 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?
21
Q

What is Social Media Monitoring?

A

Social listening, customer attitudes, opinions, preferences for products.

22
Q

What do business owners want to know when using Web Analytics?

A
  • How do visitors find my website?
  • Am I creating effective content?
  • How does this impact my bottom line?
23
Q

What are the three types of data analysis techniques?

A
  1. Descriptive analysis
  2. Difference analysis
  3. Associative analysis

The type of analysis you choose depends on the research objectives set in Step 1.

24
Q

What do you do when making conclusions from Market Research?

A
  1. Interpret data
  2. Clearly present research findings
  3. Related findings back to original objectives

MARS501 Marketing Insights (12 decks)

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