chapter 2 Flashcards
QUIZ: True or False: Marketing research is used then marketers need insights into customer needs, product preferences, buying behavior, satisfaction, and many other things and the data is not readily available.
True
QUIZ: The research question, when referred to in marketing research, is the —
Primary goal of the market research
The only question being asked in market research
The question asked in surveys
All of these can be used to define a research question
Primary goal of the market research
QUIZ: Which of the questions below is NOT a valuable research question?
Which new product ideas would customers most likely
purchase?
What criteria do customers use when making purchase
decisions?
How do customers rate our solutions against competing
solutions?
How likely are our customers to recommend our solutions?
All of these are valuable research questions.
All of these are valuable research questions.
QUIZ: Exploratory research is useful when
Marketers have many broad research questions and need to narrow them down into more precise questions
Marketers aren’t sure what to research
Marketers have plenty of data but aren’t sure what it means
Marketers want to do something brand new
Marketers have many broad research questions and need to narrow them down into more precise questions
QUIZ: Pre-existing data is also known as
Primary data
Secondary data
Free data
Online data
Secondary data
QUIZ: Which data is more expensive to collect?
Primary data
Qualitative data
Secondary data
Quantitative data
Primary data
QUIZ: True or False: Surveys are a type of market research.
True
QUIZ: Which of these is NOT a common failure in creating suryeys?
Forgetting to introduce your survey
Asking too many questions
Failing to understand the survey population
All of these are common failures in creating surveys
All of these are common failures in creating surveys
QUIZ: A survey which often is just a single question, “How likely is it that you would recommend [brand] to a friend or colleague?” and measures customer experiences is called a
NPS or Net Promoter Score Survey
Customer Satisfaction Survey
Brand Image Survey
Brand Awareness Survey
NPS or Net Promoter Score Survey
QUIZ: True or False: Customer behavior is the most important thing that marketers attempt to measure through market research
True
define marketing research
the process of collecfing and analyzing information from and about consumers to influencr marketing strategy and decisions
the different types of research performed by marketers using various methods depending on their need for information
all the stuff marketers might perform when you need information
marketint research process
Step 1. Gaining Consumer Insight
Step 2. A Focus on Exploratory Research
Step 3. A Focus on Conducting Surveys
Step 4. Final Marketing Research Thoughts
step 1. gaining consumer insight
regular market research gives marketers a competitve edge
it is important to agree on the research question or the primary goal of the marketkng redearch effort
what is a research question?
- usually made to target a specific problem
- seek feedback from consumers
- can be very clear or hazy
EXAMPLES:
How satisfied are our customers?
Which new products would customers most likely purchase?
How aware are potential customers of our solutions?
What attributes of our service or product do customers find most valuable?
What criteria do customers use when making purchase decisions?
How do customers rate our solutions against competing solutions?
How likely are our customers to recommend our solutions?
What are our customers’ most pressing unmet needs?
How do customers compare our solutions to competing ones?
exploratory research
useful in gaining insights and ideas. is often used to funnel broad research questions intk more precise ones
- usually collected by asking open-ended questions
- qualitative in nature
- common to do this through a series of casual concersations
descriptive research
focuses on determining how often something occurs
- most online surveys fall into this category
- is quantitative in nature
- focuses on how often sometbing occurs or how two things are related to each other
- structured questiond and response options (numerical responses and ratings)
casual research
focuses on discovering the cause-and-effect relationship between variables
- quantitative in nature
- usally experiments
- focused on the cause-and-effect relationship
primary data
research done by yourself. this is data collected from the comapny or individual not data bought. MORE COSTLY AND TIME CONSUMING
examples:
- surveys
- studies
benefits:
- tailored to specific questions
- variety of ways to find them
- may help resrarch questions besides yours
where to find them:
- depth interview
- focus groups
- case analyses
- projective methods
typed of primary data
- demographic/socioeconomic
- awareness and intention
- behavior
- morivatikn and attitudes
- psychographic/life style
primary data:
- depth interview
- focus groups
- case anlyses
- projective methods
Depth Interview
Interviews with people who are knowledgeable about the general subject under investigation.
Focus groups
A small group of individuals from whom a researcher wishes to gain insights through a structured interview process that is moderated by a facilitator.
Case analyses
Intensive study of representative examples (cases) of the subject under study.
Projective methods
Indirect methods (usually some sort of task) that cause study participants to reveal their feelings,
secondary data
(secondary as is in second person)
pre-exsisting data found from literature searches, census data, etc.
something you can get from a data company
benefits:
- low cost
- available immediately or almost immediately
- often easy to find
where to find it
- literature search
- data mining
- company data base
seconday data:
- literature search
- data mining
Literature search
A search for statistics and content in various journal articles, blogs, books, newspapers, or magazines for data or insight into the research subject.
Data mining
The process of searching or “mining” for insights from the patterns, trends, and relationships within sets of data
true or false: all data must be quantitative or qualitative?
true
Primary quaNtitative data
Survey data
Primary quaLitative data
Focus group results
Secondary quaNtitative data
Census data
Secondary quaLitative data
Magazine article
customer behavior
very important for marketers and marketing
this is insight into why customers do what they do
this is not necessarily easy to obtain.
behavioral data is often derived from other, primary data that marketers collect
behaviors may come from…
Awareness
Attitudes
Demographics/socioeconomic
Intention
Motivation
Psychographic/lifestyle
similar to primary data
example of a data-driven marketing campaign
Dove’s Campaign for real Beauty
Started because of a global survey in 2004 that found 23% of women felt that they are responsible for their own definition of beauty
54% of women agreed that when it comes to beauty, they are their own worst beauty critic which is about 672 million women around the world.
What happened?
Video went viral and was uploaded in 25 languages
Dove’s sales increase from 2.5 billion to over 4 billion over the course of the campaign
brand awareness
brand commonly create surveys to understand how well customers recognize their products. are customers able to recognize or recall their brand?
these surveys can be used to see if advertisinf is working
brand awareness RECALL
“There are several different types of ___ recall the names of the first three __ brands that come to mind”
FILL IN THE BLANK
brand awareness RECOGNITION
“Which of the following ___ have you seen in retail stores?”
MARK ALL YOU HAVE SEEN/MULTIPLE CHOICE/FILL IN THE CIRCLES NEXT TO THE BRAND NAMES
whys is brand awareness recall important?
helps the most with increasing sales. companies want the highest brand awarness recall. if customers are able to just say they like [brand] whenever they think of [product] that means that brand’s marketing is really good
brand image
a consumer could have awareness of a brand but feel disdain for it
for this reason, marketers will also use survey to measure how target customer groups feel about brands
“If you wanted to tell your friend about your __ how would you DESCRIBE it to them”
FILL IN THE BLANK WITH HOW YOU WOULD DESCRIBE THE PRODUCT
customer satisfaction
regular surveys will reveal if satusfaction is rising or falling, giving marketers insights into what causes satisfaction levels to change
net promoter score (nps)
the nps is a specific type of survey that measures the experience customers have with brands
“How likely is it that you would recommend [brand] to a friend?” (0-10 scale) -> THE ULTIMATE QUESTION
0-6 are detractors
7-8 are passives
9-10 are promoters
how to calculate net promoter score (nps)
overall % of promoters - overall % of detractors
what are promoters, passives and detractors?
they are part of the net promoter score
high NPS = growth as a company
Promoters - (9-10) customers who are loyal enthusiast
Passives - (7-8) customers who are satisfied but not enthusiastic about the brand
Detractors - (0-6) customers who are unhappy and an hurt your brand
how to create a survey
- Reexamine the research question
- Specify what information the survey must collect
- Identify who should take the survey
- Develop the questions to ask
- Create “dummy” tables to show how you will use the data
- Devise a way to recruit people to take the survey
- Build and test the survey
- Field the survey
top survey design mistakes
Failing to build the survey around the research question
Failing to understand the survey population
Forgetting to introduce the survey
Putting the most important questions at the end of the survey
Requiring participants to answer all questions
what do poorly structured survey questions look like?
Too many or too few answer choices
Too many or too few questions
Too many open-ended questions
Complex or inconsistent response options
Failure to include “other” or “i don’t know” response options
Leading questions
what is the biggest mistake of all time when creating a survey?
is to field a good survey, collect valid data and not do anything with it
- using the same questions over multiple years is powerful
what is most advertising designed to do?
to get consumers to either DO SOMETHING or BELIEVE SOMETHING
price can signal what?
price can signal quality
sometimes cheap prices convey the idea that the product is not that good
what is intention data?
measure future, anticipated behaviors; this data help marketers predict demand or future consumption
what is psychographic/lifestyle data?
measure personality traits, interests, opinions, or lifestyle characteristics of consumers; this data are frequently combined with demographic data to let marketers create a persona of the ideal consumer
