Chapter 10

Question 1

What is the market research process and include the steps

Answer 1

1. Define objectives and research needs
   What marketing decisions are we trying to make?
   What information do we need in order to make a good decision?
   Defining the research goal
2. Design the research
   Given what we need to know, what type(s) of data do we need to collect and analyze?
   Use secondary data, qualitative primary data, and quantitative primary data
3. Collect the data
   Use secondary and primary data
4. Analyze data and develop insights
   Use quantitative or qualitative analytical methods to convert data into information that answers research questions
5. Develop and implement an action plan
   Research report is used to showcase the findings

Question 2

What is the difference between marketing data and marketing insights

Answer 2

Marketing data: is used to make better marketing decisions
Collection of numbers and/or words

Marketing insights:
Explains, predicts, or evaluates something to help markets make good decisions
More data is not necessary helpful it must be good and relevant that can then be analyzed

Question 3

What is the difference between primary and secondary data

Answer 3

Primary data: collected to address SPECIFIC research needs
Ex. focus groups, in-depth interviews, surveys, experiments, and observation
Usually more expensive, but gets exactly what you need

Secondary data: often collected as a first stage of research project (already exists)
External (free or purchases) -> ex. Census
Internal -> customer information and purchase history
Usually cheaper than primary, but not exactly what you need

Question 4

What are the sources of secondary data

Answer 4

Scanner data
Data from UPC codes that have been scanned at checkout
Own stores (internal)
Marketplace (external)

Panel data
Surveys or sales receipts from a preselected group of consumers
Helps firms assess what this sample of consumers is buying or not buying
Use scanners or panel of consumers diaries

Question 5

What is big data

Answer 5

Data sets too large/complex to analyze with conventional data management software
Refers to the huge amount of data now available due to
-Increased ability to collect data from transactions, CRM, social media, and websites
-Ease and low cost of storing data
-Increased access to software to convert data into decision-making insights
-Ex. Google analytics

Question 6

What are the 4 types of QUANtitative marketing research

Answer 6

Survey research
experimental research
panel research
scanner research

Question 7

What are the 4 types of QUALitative marketing research

Answer 7

observation
monitoring social media
In-depth interviews
focus groups