Chapter 1: Market Research Flashcards
Marketing officers function
Obtain information for decision making
Marketing information systems
- Internal databases
- Market intelligence
- Market research
- Information analysis
Marketing environment elements
- Target audiences
- Intermediaries
- Competitors
- Interest groups
- Macro environment of the market
Market research process definition
Systematic process of design, collection, analysis and presentation of information related to a specific marketing situation
Objectives of market research
- Reduce uncertainty
- Influence decision-making
- Help put a specific marketing mix plan into practice
Market research steps
- Problem definition
- Design of the research
- Analysis and data collection
- Final report
Market research: Problem definition steps
- Identification of the problem
2. Definition of objectives and hypothesis
Market research: Design of the research steps
- Design of the investigation
2. Information gathering sources and techniques
Market research: Analysis and data collection steps
- Sampling plan
Market research: Final report steps
- Data analysis
Types of market investigation
- Exploratory
- Conclusive
Exploratory market investigation
New ideas and hypotheses without starting from previous research
Conclusive market investigation
Contrast of previously established hypotheses. Large samples and structured investigation
Types of conclusive market investigation
- Descriptive studies
- Casual studies
Descriptive studies definition and types
Describes the characteristics of the study
- Transversal design: One observation at one moment in time
- Longitudinal design: Several observations over a period of time
Casual studies definition and types
Determines the cause-effect relationship between variables
- Transversal design: One observation at one moment in time
- Longitudinal design: Several observations over a period of time
Types of sources of information
- Primary sources
- Secondary sources
Primary sources of information
- External primary sources: Collect info from market, consumers, distributors…
- Internal primary sources: Inside info about sales, price, stocks, customers…
Secondary sources of information
- External secondary sources: Info collected by other researchers
- Internal secondary sources: Consulting past reports, studies, internal databases
Information collection techniques
- Quantitative techniques
- Qualitative techniques
Methods of information collection
- Surveys
- Panels
- Experiments
- Observation
- Depth interview
- Focus groups
- Projective techniques
- Delphi method
Surveys characteristics
- Most used techniques
- Questionnaries
- Versatility and flexibility
- Low cost and speed
Panels definition and characteristics
Ways of collecting primary external info. Quantitative and periodic
- Consumers panel
- Retailer panel
- Audience panel
Experimentation characteristics
- Casual research design
- Two ways to practice: Laboratory and field
- Variance analysis
Observation characteristics
- Info by observing behaviour
- Recommended that they are not aware of observations
- Quantitative and qualitative info
- High cost
Depth interview characteristics
- Psychological
- Direct unstructured method
- Open questions
Focus groups characteristics
- Interview with moderator
- Use of media
- Meeting are recorded
Projective techniques characteristics
- Stimuli to know beliefs, motivations, feelings, attitudes…
- Without awareness
- Sincere answers
Delphi method characteristics
- Sending questionnaires to experts on a topic. Median and dispersion are calculated
- Info and stats are sent back to participants asking to review initial response and modify if necessary
- If there are changes, each individual is asked to argue the motivation
Key concepts in a sampling plan
- Population: set of elements under investigation
Shows: representative units of population - Unit from sampling: set of elements available for selection
- Parameter: value that summarizes population variables and attitudes
- Statistical: value that summarizes sample variables and attitudes
- Standard error: discrepancy between unknown parameter and statistic
- Absolute error: maximum difference allowed between parameter and statistic
- Confidence interval: range of values in which parameter must be found
- Confidence level: probability that the parameter is within the confidence interval
Stages of sampling plan
- Definition of the population
- Delimit unit sample
- Determine sample size
- Selection of sample procedure
Types of sample procedure
- Probability sampling:
- Non-probability sampling
Types of probability sampling
- Random sampling
- Systematic sampling
- Stratified sampling
- Cluster sampling
Types of non-probability sampling
- Convenience sampling
- Sampling by judgments
- Sampling by quotas
- Snowball sampling
Data processing techniques
- Univariate techniques
- Bivariate techniques
- Multivariate techniques
