Chapter 4 Flashcards
Stages of the basic approach commonly used to conduct market research studies
1) define the problem
2) develop a research plan
3) collect relevant information
4) develop findings
5) take marketing actions
Examples of constraints
Limitations to things like lack of time and lack of money
Why do market researchers use smaller “samples” of the population they are studying?
To save time and money
Social listening
Monitors public online consumer conversations and images on social media sites to measure positive and negative sentiments, popularity scores, message reach, levels of conversation, and buzz and crisis monitoring
What’s the first step in Market Research?
Defining the problem clearly
What is a characteristic of a focus group?
They are used to filter ideas and concepts
Focus Groups
Quantities research technique where a small group of poodle meet for a few hours with a trained moderator to discuss predetermined areas
Big data
Massive amounts of data that is high in volume , velocity, and variety
Metrics
Numeric data used to track information
What is the process of planning, collecting, and analyzing information in order to recommend actions to improve marketing activities?
Market research
What are some future trends in market research
Ethical and legal data considerations
growth in use and techniques
Lost horse forcast
Starting with the last known value of the item being forcast , listing the factors that could affect the forcast, accessing whether they have a positive or negative impact, and making the final forcast
Gets its name from how you would find a lost horse - put yourself in its shoes and go where it was last seem, consider factors of where you would go, and go there. Ie. a pond if your thirsty
5 steps in market research approach
1- define the problem
2- develop a research plan
3- collect relevant information
4- Develop findings
5- take marketing action
Market research
Process of defining a marketing problem and opportunity , systematically collecting and analyzing info, and recommending actions
Expolatory
Descriptive
Casual
Statistical Interference
Used to generalize the results from the larger sample groups.
Part of step 2 of market research approach - developing a research plan
Secondary data
Already exists in the world. Info we get from online articles, etc.
Cheaper and quicker.
Internal, and external
Examples are passport, statista, etc
Internal data - secondary date
How much effort was put into marketing
Market input data - Related to the effort expended to make sales
Market output data - results of marketing efforts
External data - secondary data
How were the sales of the product bases on the marketing efforts,
Comes from published sources outside the organizations - stats Canada , trace associations, syndicated panel
Primary Data
Newly collected for the purpose of that project. A lot more specific and relevant to the product
Part of step 3 of marketing research approach - collecting relevant data
Observational data
Part of primary Data collection
Watching people and seeing what they do and how they behave .
Based off this they can sell advertising
Samples - mechanical method, personal method, neuromarketing method
“Asking People”
A part of primary data collection - step. 3 in market research approach
Asking questions and recording answers. Idea generation and evaluating ideas - in depth interviews, focus groups, idea evaluation methods
Panels
Social listening
Companies monitor online conversations and images in order to measure public sentiments, message reach, and popularity
