Chapter 3 Flashcards
What is Marketing Intelligence?
Everyday information about developments in the market environment
What is market research?
Systematic design, collection, analysis, and reporting of data and findings (information) relevant to a specific marketing situation (problem)
What does the research process include?
- Define the research problem
- Establish research design
- Search secondary sources
- Collect the data
- Analyze the data
- Report the findings
What are the components of a research plan?
- Data sources (internal and external)
- Research approaches (observation, focus group, survey, behavioral experimental)
- Research instruments (Data recording: questionnaires, questions)
- Sampling plan (unit, size, and procedures)
- Contact methods ( consideration of the results being bias)
What does the macro environment include?
- Major trends globally, nationally, or regionally
- Demographic
- Economic
- Natural
- Technological
- Political / legal
What does the micro environment include?
- Part of the SWOT analysis
- Competitors
- Customers
- Channel intermediaries
- Company itself
- Publics
What is Qualitative Research?
is less structures and can employ methods such as surveys and interviews to collect data. It employs small samples and is not meant to be used for statistical analyses.
What is Quantitative Research?
is used to develop a more measured understanding using statistical analysis to assess and quantify the results.
What are some different forms of data collection?
- Focus Groups
- In-depth interview
- Observational data
- Mechanical Observation
- Open-ended questions
- Closed-ended questions
Types of data collected for marketing intelligence
- Demographics
- Economic Conditions
- Technology Transformations
- Natural World
- Political/Legal Environment
- Competition
Good marketing research…
- Follows a well-defined set of activities and does not happen by accident
- Enhances the validity of the information
- Is impartial and objective
