Chap 10 Flashcards
What is marketing research?
collecting and using information for marketing decision making
Who conducts marketing research?
Syndicated services
Full-Service research suppliers
Limited-service research suppliers
Syndicated services
organization that provides standardized data on a PERIODIC BASIS TO ITS SUBSCRIBERS
Full service research suppliers
marketing research organization that OFFERS ALL ASPECTS of the marketing research process
Limited service research suppliers
firm that specializes in a LIMITED NUMBER OF ACTIVITIES such as conducting field interviews or performing data processing
What is the marketing research process?
- Define Problem
- Conduct exploratory research
- Formulating a hypothesis
- Creating a research design
- Collecting data (primary and secondary data)
- Interpreting and presenting the research information
What is a logical starting point in identifying the problem ?
Evaluate the firms’ target market and marketing mix elements.
What gets confused when defining the problem?
Symptoms vs. Problems
4P
Price
Place
Product
Promotion
What is involved in exploratory research?
- discover the cause of a specific problem
- process of talking about problem with informed sources both within and outside the firm and examining info from secondary sources
- informal investigation: talking to informed people outside the researchers’ firm
- using internal data
What is involved in sales analysis?
compare expected sales with actual sales and analyzed in a variety of ways such as:
by customer type and sales method
What is the hypothesis?
a tentative explanation for some specific event
Statement about the relationship among variables that carries clear implication for testing this relationship.
Variables: how does one thing effect another?
i.e. Ad —-> brand recognition
What is research design?
a master plan or model for conducting research
What to measure?
What is implication of research?
Who will be chosen for respondents?
What is primary data?
information collected for the first time for a specific investigation
Expensive, time consuming but results can provide more detailed info.
What is secondary data?
Information from previously published or compiled sources
less expensive and time consuming, can become obsolete, may not be relevant
What is involved with interpreting and presenting research data?
- Present findings in a format that is understandable to make effective judgments (clear and concise)
- Direct their reports toward management and not other researchers (to the people who need to make the changes not other researchers)
Where does secondary data come from?
internal data: sales records, product performance reviews
external data - government records, syndicated research services
What is the nation’s most important source of marketing data?
government data
census data provides the most frequently used government stats
Where does private data come from?
- trade associations
- business and trade magazines
- electronic systems
- radio-frequency identification technology
What are some sources for online secondary data?
- online databases
- research aggregators
- social networking sites
- computers cookies
What is sampling?
process of selecting survey respondents or research participants
What is the total group of people a researcher wants to study?
Population (universe)
What is a simple random sample?
Sample in which every individual in the relevant universe has an equal opportunity to be sampled.
What is an convenience sample?
sample selected from among readily available respondents
i.e. college kids in class taking a survey about the college
What is a quota sample?
a population as a whole that has a large proportion of certain characteristics among different segments
What are three types of primary research?
Observation
Surveys
Centralized Experiments
How does the observation method work?
researchers view the overt actions of subjects being studied
What is interpretative research?
a researcher observes a customer or group of customers in their natural setting and interprets their behavior based on an understanding of the social and cultural characteristics of that setting
What are possible survey methods?
TELEPHONE INTERVIEW
- quick and inexpensive
- people hate it
- not viable in international markets where telephone ownership is rare
PERSONAL INTERVIEWS
- mall intercepts
FOCUS GROUP
- small group discussing one topic
- sometimes has lack of honesty due to peer pressure
MAIL SURVEY
- cost effective and provides anonymity
- low response rate
- time consuming
ONLINE SURVEYS
- increase the speed of survey process
- increase sample sizes
- reduce costs
What are different types of experimental methods?
Controlled experiment
Test marketing
(least used method)
What is a controlled experiment?
scientific investigation in which a researcher manipulates a test group and compares the results with those of a control group
What is test marketing?
introducing a new product in a specific area and then observing its degree of success
- can be expensive
- competitors can learn about new products quickly
How does a researcher conduct international marketing?
- Follow same basic steps as for domestic marketing research
- Be aware of cultural and legal environments
- May have to adapt research methods to local conditions
What is data mining?
?
An organization that regularly provides a standardized set of data on a periodic basis to its subscribers is called a _______?
syndicated service
The process of discussing a marketing problem with informed sources both within and outside the firm and examining information from secondary sources is known as _____.
exploratory research
Which of the following is a limitation of secondary data not found in primary data?
It may not be completely relevant to the specific needs of the marketer
EXTRA CREDIT: Pros/Cons of Various Forecasting Techniques
Table 10.2
What is qualitative forecasting?
the use of Subjective techniques to forecast sales
What is quantitative forecasting?
the use of Statistical forecasting techniques
