Chapter 10 - Marketing Research

Question 1

What is the function of marketing research?

Answer 1

• Link the consumer to the marketer by providing info that can be used in making marketing decisions
• Helps provide them value that can help them in the marketplace

Question 2

What is marketing research?

Answer 2

research that is Principled, careful, systematic inquiry to describe, explain, and predict a particular phenomenon.

Question 3

What is the goal of marketing research?

Answer 3

to create knowledge (Data and information, marketing knowledge, actionable insights)
- to understand the market of interest through Product and service expectations & Consumer value preferences
- and to make strategic marketing decisions identify opportunities and threats and monitor marketing performance

Question 4

What is the marketing research process?

Answer 4

1) Defining the objectives and research needs
2) Designing the research
3) Collecting the data
4) Analyzing data and developing insights
5) developing and implementing an action plan

Question 5

Different types of research

Answer 5

1) Exploratory (UNAWARE OF THE PROBLEM)
- Initial research conducted to clarify and define the nature of a problem (not conclusive evidence)
2) Descriptive (AWARE OF THE PROBLEM)
- Describes characteristics of a population or phenomenon (answers who, what, where, when, how)
- ethnography, focus group, depth interview
3) Casual (PROBLEM CLEARLY DEFINED)
- Conducted to identify cause-and-effect relationships & Makes specific predictions

Question 6

Primary vs Secondary Data

Answer 6

Primary (data collected by YOU)
- Focus groups, observations, in-depth interviews
- Takes time and is more expensive
Secondary (info collected by someone for another purpose prior to the current study)
- Lit reviews, company records, private research companies
- Data may not be relevant, may not be accurate

Question 7

Qualitative Data

Answer 7

Observation, in-depth interviews, focus groups, social media (OPEN-ENDED/OPINIONS & typically unstructured)

Question 8

Quantitative Data

Answer 8

Experiments, surveys, scanner, panel (NUMERICAL)

Question 9

Syndicated data

Answer 9

data available for a fee from commercial research firms (Neilson, IRI etc.)

Question 10

Scanner data

Answer 10

obtained from scanner readings of UPC codes at the check out counters

Question 11

Panel data

Answer 11

is info gathered from a group (or panel) of consumers over a period of time

Question 12

Big data

Answer 12

refers to massive data files that can be obtained from both structured and unstructured databases (use for customer relationship management & discover trends to predict future buying behaviors)

Question 13

Bias’

Answer 13

Confirmation bias - ignoring points because they don’t fit in with our existing assumptions
Anchoring bias - information we receive before going out and doing the research
Blind-spot bias - being unaware of our own biases, leading us to fall into traps
Relationship bias - who will administer?
Sampling bias - Sample non-representaitive
Non-response bias - lack of participation