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Mktg Management > CH05: Conducting Marketing Research > Flashcards

CH05: Conducting Marketing Research Flashcards

1
Q

marketing research

A

the function that links the consumer, customer, and public to the marketer through information

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2
Q

the 4 goals of marketing research

A
  1. identify and define marketing opportunities and problems
  2. generate, refine, evaluate marketing actions
  3. monitor marketing performance
  4. improve understanding of marketing as a process
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3
Q

marketing insights

A

how and why we observe certain effects in the marketplace

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4
Q

who performs marketing research?

A
  • marketing departments in big firms
  • syndicated-service research firms (Nielsen, IRI); sold for a fee
  • custom marketing research firms (hired for specific projects)
  • specialty-line marketing research firms (e.g. field interviewing services)
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5
Q

the 5 steps in marketing research process

A
  1. define the problem
  2. develop the research plan
  3. collect the information
  4. analyze the information
  5. make the decision
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6
Q

types of research

A
  • exploratory
  • descriptive (quantitative)
  • causal (cause/effect relationships)
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7
Q

marketing research problem components

A
  • decision alternatives
  • research objectives
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8
Q

secondary data

A

data that were collected for another purpose and already exist somewhere

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9
Q

primary data

A

data freshly gathered for a specific purpose or project

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10
Q

observational research

A

observe unobtrusively as customers shop or consume products; sometimes include informal interview sessions

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11
Q

ethnographic research

A

uses concepts and tools from anthropology and other social science disciplines to provide cultural understanding of how people live and work; goal is to uncover deeper, unarticulated desires

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12
Q

focus group research

A

gathering of 6 to 10 people convened to discuss various topics at length for a small payment; professional moderator asks questions and probes based on an agenda; goal is to uncover consumers’ real motivations

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13
Q

survey research

A

surveys to assess people’s knowledge, beliefs, preferences, and satisfaction

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14
Q

behavioral research

A

experimental research designed to capture cause-and-effect relationships by eliminating competing explanations of the findings; analyses traces of purchasing behavior from store scanning data, catalog purchases, and customer databases

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15
Q

dichotomous question type

A

two possible answers

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16
Q

multiple choice question type

A

three or more answers

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17
Q

Likert Scale question type

A

statement with levels of agreement/disagreement (1-5)

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18
Q

semantic differential question type

A

scale connecting two bipolar words; respondent selects the point that represents his or her opinion

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19
Q

importance scale question type

A

scale that rates the importance of some attribute

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20
Q

rating scale question type

A

scale that rates some attribute from “poor” to “excellent”

21
Q

intention-to-buy scale question type

A

describes respondent’s intention to buy

22
Q

completely unstructured question type

A

respondents can answer in an almost unlimited number of ways

23
Q

word association question type

A

words are presented, one at a time, and respondents mention the first word that comes to mind

24
Q

sentence completion question type

A

an incomplete sentence is presented and respondents complete the sentence

25
Q

story completion question type

A

an incomplete story is presented and respondents are asked to complete it

26
Q

picture interpretation question type

A

a picture of to characters is presented, with one making a statement; respondents are asked to identify with the other and fill in the empty speech bubble

27
Q

the 5 types of qualitative measures

A
  • word associations
  • projective techniques
  • visualization
  • brand personification
  • laddering
28
Q

components of the sampling plan

A
  • sampling unit
  • sample size
  • sampling procedure
29
Q

ways of collecting information

A
  • sampling plan
  • contact methods
  • data mining
30
Q

purposes of data mining

A
  • to identify prospects
  • to decide which customers should receive a particular offer
  • to deepen customer loyalty
  • to reactivate customer purchases
  • to avoid serious customer mistakes
31
Q

market demand

A

the total volume that could be bought by a customer group under certain environmental conditions

32
Q

market insight

A

observation made or conclusion drawn after analyzing relevant market data

33
Q

company demand

A

company’s estimated share of market demand at alternative levels of company marketing effort in a given time period

34
Q

market forecast

A

market demand corresponding to the action level of industry marketing expenditure

35
Q

company sales forecast

A

expected level of company sales based on chosen marketing plan and assumed marketing environment

36
Q

sales quota

A

sales goal set for product line, company division, or sales representative; generally set higher than estimated sales to motivate sales force

37
Q

sales budget

A

conservative estimate of expected volume of sales, used to make purchasing, production, and cash flow decisions; generally set lower than sales forecast to avoid excessive risk

38
Q

market potential

A

maximum sales available to all firms in an industry given certain environmental conditions

39
Q

company sales potential

A

sales limit approached by company demand as company marketing effort increases relative to that of competitors

40
Q

the 3 types of market demand forecasts

A
  • macroeconomic
  • industry
  • company sales
41
Q

past-sales analysis

A

time series analysis that breaks past sales into four components (trend, cycle, seasonal, erratic) and projects them into the future

42
Q

market-test method

A

directly test the market to help forecast new-product sales or sales of established products in new distribution channels; used when buyers don’t plan purchases carefully, or when experts are unavailable/unreliable

43
Q

marketing metrics

A

the set of measures that help marketers quantify, compare, and interpret their performance

44
Q

marketing-mix modeling

A

analyzes data from a variety of sources to understand more precisely the effects of specific marketing activities

45
Q

marketing dashboards

A

provide real-time information necessary to run the business operations for a company; e.g. sales vs forecast, brand equity evolution, etc.

46
Q

customer pathway

A

customer journey; how prospects become customers, from awareness to preference to trial to purchase

47
Q

unit metrics pathway

A

reflects what marketers know about sales of product/service units

48
Q

cash-flow metrics pathway

A

focuses on how well marketing expenditures are achieving returns; focused on ROI models, NPV, etc.

49
Q

brand metrics pathway

A

tracks the longer-term impact of marketing through brand equity measures that assess perceptual and financial health of the brand

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