Ch.4 Flashcards
Good marketing information enables marketers to understand consumer needs in order to create value for customers (T/F)
True
Marketing research will be able to tell you about the future (T/F)
False
- Defining the problem and research objectives
- Developing the research plan for collecting information
- Implementing the research plan - collecting and analyzing the data
- Interpreting and reporting the findings
4 steps to marketing research
data observed and recorded or collected directly from respondents (for the purpose of the current research project)
primary data
data compiled both inside and outside the organization, already exists (for some purpose other than the current research project)
secondary data
data the originates within the organization for which the research is being done
internal data
data that originates outside of the organization for which the research is being done
external data
databases of consumer information, databases of financial information, databases of online and social media information (Data warehouse and Big Data, data mining)
internal secondary data
uses statistical tools to extract patterns and relationships from big data (e.g. identify dissatisfaction, reveal co-purchasing, recommend changes)
data mining
public and inexpensive data, syndicated data (i.e. scanner data & panel data)
external secondary data
U.S. Census, reddit, twitter, yelp
public and inexpensive data
purchased from commercial research firms
syndicated data
UPC (universal product code) data from scanner systems
scanner data
UPC tracks surveys/purchases of groups of consumers over time
panel data
Primary data ‘fits better and is more current, but secondary data is faster and cheaper to obtain (T/F)
True
Should you start with primary or secondary data?
Secondary