CH.15 - Marketing Research Tools Flashcards
the systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities.
* marketing decisions should be fact-based.
* firms should continually g
Marketing Research
1) Define the problem
2) Develop the research plan
3) Collect relevant data
4) Develop findings
5) Take marketing action
5 steps of the Marketing Research Process
- Set research objectives
- Identify possible marketing actions
- Possible marketing actions
Step 1: Define the Problem
- specify constraints
- identify required data
- determine how to collect data
Step 2: Develop the Research Plan
- collect data
- collect secondary data
Step 3: Collect Relevant Data
- analyza data
- present the findings
Step 4: Develop Findings
- make action recommendations
- implement action recommendations
- evaluate results
Step 5: Take Marketing Action
- Exploratory Research
- Descriptive Research
- Casual Research
3 types of marketing research
- provides ideas about a relatively vague
problem. It is appropriate when investigating a problem that has not been clearly defined. - helps determine the best research design, data collection method and selection of subjects.
Exploratory Research
- Used to describe the characteristics of a
population or phenomenon being studied. It does not answer questions about how/when/why the characteristics occurred. - Rather it addresses the “what” question (what are the characteristics of the population or situation being studied?).
Descriptive Research
- The most sophisticated, tries to determine the extent to which the change in one factor changes another one.
- It explores the effect of one variable on another (i.e., X Y).
Casual Research
- Surveys
- Interviews
- Focus Groups
- Observation
4 common marketing research methods
(the most common) are a form of quantitative or qualitative research that ask respondents a short series of open- or closed-ended questions.
*think of qualtrics
Surveys
(the most insightful) are one-on-one conversations with members of your target market.
Interviews
(the most difficult) bring together a carefully selected group of people who fit a company’s target market.
- used for concept testing
- demographically the same or different group of people
Focus Groups
(the most powerful). Someone takes notes while they watch an ideal user engage with their brand/product, or competitors’ brand/products.
Observation
- Primary Data
- Secondary Data
2 types of marketing data
Facts and figures newly collected for the project
Advantages
* design, collect
* more specific to the problem
Primary Data
Facts and figures already recorded prior to the project
Advantages
* already exist
* relatively inexpensive
* relatively easy to collect
Secondary Data
group of people who collectively identify themselves with the brand and share similar views and notions about the brand.
A product that reaches cult-like status.
Brand Tribalism
- Cluster Analysis
- Big Data
Popular Research Techniques
- form groups within groups of customers
- each group has unique characteristics
- often used for segmentation
Cluster Analysis
represents extremely large data sets that
may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions.
Big Data
Market demand measures:
* Potential
* Available
* Target
* Penetrated
Forecasting demand and measurement
A global market-entry strategy that entails
a domestic firm investing in and owning a
foreign subsidiary or division.
Direct Investment
the nation where a product is produced or branded, and the mental associations and beliefs triggered by a country.
Country-of-Origin (COO) Effect
