CHAPTER 1 Flashcards
What is Geofencing?
Geofencing is a fence that is virtually placed around a location that enables market researchers to collect data from its consumers.
What is a database?
A database is a collection of recent information stored for efficient retrieval and analysis.
What is a Data Warehouse?
A Data Warehouse is a collection of historical/previous data collected from various sources of the company.
What is a CRM?
A Customer Relationship Management (CRM) manages important customer information, such as customer’s interaction throughout all points of purchase.
What is Market Research
Market Research is a function that ties a company or organization to its market through the gathering of information.
Why do organizations utilize Market Research (3)?
- To identify new product opportunities
- To develop advertising strategies
- To implement new data-gathering techniques to further understand their customers
What are the Four Major Steps of the Marketing Research Process?
- Collecting Information
- Managing Information Collection Process
- Analyzing and Interpreting Results
- Communicating Findings to Decision Makers
What is Positioning?
Positioning is a process in which a company seeks to understand how present or potential products are perceived by consumers compared to other relevant product attributes/features.
What is Concept Testing?
Helps to identify weaknesses in a product concept prior to its launch.
What is Perceptual Mapping?
A technique used to picture the relative position of products on two or more dimensions important to consumers making their choice to purchase..e.g. A graph that shows how brands are viewed relative to one another
What is Retail Research?
Research investigations on aspects of the retail indusctry:
E.g.
1. trade area analysis
2. store image/perception
3. in-store traffic patterns
4. location analysis
What is Behavioral Targeting?
Displaying ads at one website based on the user’s previous surfing behavior.
What is Shopper Marketing?
Marketing to consumers based on research of the entire process consumers go through from pre to post purchase.
Examples:
1. Product Category Management
2. Displays
3. Sales
What are Segmentation Studies?
Creating customer profiles and understanding behavioral characteristics
What are Benefit and Lifestyle Studies?
Examines similarities and differences in consumers’ needs.
What is Ethnography?
Involves studying and observing people in their natural environments to understand their behaviors, preferences, and experiences related to products or services
E.g.:
1. Observing concertgoers
2. Observing children in the playground
What is a Customized Research Firm?
Research firms that provide tailored services for clients. Many customized research firms concentrate their activities in one specific area such as brand-name testing, test marketing, or new-product development
What is a Standardized Research Firm?
Research firms that provide general results following a standard format so that results of a study conducted for one client can be compared to norms
What are the 3 major Sources for ethical issues in marketing research? Give a couple examples:
- Research Providers:
-pricing issues
-client confidentiality
-black box methodology
-unethical standards
-respondent abuse - Research Information Users
- Requesting detailed research proposals from several competitor research providers with the sole intent of gaining information.
* Promising to commit to a research provider for the long term or additional projects in order to get a low price on the initial research project. Then, when the researcher finishes the initial project, the client forgets about the long-term promises.
-Clients may also be tempted to overstate results of a marketing research project. - Research Respondents
-falsifying answers
-faking behavior
What is Black Box Methodology?
When a marketing research provider shares the results of the research without exposing their methods. Which poses a challenge to research users because they can’t prove the credibility of the research and results.
What is Sugging?
Selling Under the guise of a survey, when companies pretend that they are conducting a survey when their intentions are to sell their products/services
What is Frugging?
Fundraising under the guise of a survey; when companies pretend that they are conducting a survey to raise money for a cause or charity or project.
What types of Marketing Research are there?
Internal vs. External
What is the difference between Internal VS. External Marketing?
Internal: Research providers within an organization
External: Independent Marketing Research staff or facilitating marketing research firms.
What is Subject Debriefing?
The process of fully explaining to respondents any deception used during the research process
