Ch. 4 | Marketing Research Flashcards
what is market research?
the process of
- defining a marketing problem and opportunity
- systematically collecting and analyzing information
- recommending actions
what are the 3 types of market research?
1) exploratory
2) descriptive
3) causal
define what exploratory market research is:
preliminary research that clarifies the scope and nature of a marketing problem or opportunity
define what descriptive market research is:
The basic characteristics of a given population to clarify its usage and attitudes
define what causal market research is:
designed to identify cause-and-effect relationships among variables
what is the five-step market research approach?
- define the problem, issue, or opportunity
- develop the research plan
- collect relevant information
- analyze and develop findings
- take marketing actions
what is involved in step 1 of the five-step market research approach?
Most market research issues stem from poorly defined problems and objectives that are vague and unclear
- objectives: specific, measurable, and achievable goals that the decision makers seeks to achieve
- measures of success: criteria or standards used in evaluation proposed solutions to the problem
Step 1: Define the problem, issue, or opportunity
what is involved in step 2 of the five-step market research approach?
identify which approach will be taken to complete the project
this includes:
- what information is needed
- how it will be collected
- and whether sampling is needed
Step 2: Develop the research plan
apart of step 2 of the five-step market research approach.. what are the 2 types of sampling?
- probability sampling
- non-probability sampling
what is non-probability sampling?
selecting a sample so that the chance of selecting a particular element of a pop. is either unknown or zero
eg: If a university selected to view 100 graduates, but only selected those who live closest to the uni, many would be excluded
what is probability sampling?
it involves precise rules when selecting a sample so that each element of a population has a specific known chance of being selecting
eg. if your university wants to know how last year’s 1,000 graduates are doing, it can put their names into a bowl and randomly select 100 names to contact. the chance of being selected is 1-in-10 is known in advance, and all graduates have an equal chance of being contacted. this helps select a sample (100 graduates) that represent the entire 1,000 graduates.
what is involved in step 3 of the five-step market research approach?
collect different kinds of information and data to make informed and rational decisions
- primary data
- secondary data
Step 3: Collect relevant information
what is secondary vs primary data?
Step 3: Collect relevant information
primary data
data that is originally and specifically collected for the project at hand.
- obervational and experimental data
- questionnaire data
secondary data
facts and figures already recorded orior to the project.
- internal data
inside the firm.
marketing input / outcome data
- external data
from outside the firm.
articles, publications, reports, etc.
what are the 5 differents forms of primary research?
Step 3: Collect relevant information
1) focus groups
2) in-dpeth interviews
3) online research communities
4) online research bulletin boards
5) social listening
what are the 3 primary quantitative research techniques?
- examples
Step 3: Collect relevant information
1) observational research
- personal observations / consumer interaction
- social listening
2) surveys / questionnaires
- interviews
- mail, telephone, internet surveys
3) experiments
- test markets
- lab experiments
