Chapter 4 Flashcards
Marketing Research [definition]
Process of defining a marketing problem and opportunity, collecting and analyzing information, and then recommending actions
What are the challenges of doing marketing research?
- How can market research determine if consumers will buy a product they’ve never seen?
- How can they obtain answers that people know but are reluctant to reveal
- How can marketing research help people accurately remember and report their interests, intentions, and purchases?
What is the 5 step approach in market research
- Define the problem
- Develop research plan
- Collection relevant information
- Develop findings
- Take marketing actions
2 key elements of defining the problem when approaching market research?
- Setting the research objectives
- Identifying possible marketing actions
New product concept [definition]
picture or verbal description of product or service the firm might offer to sell
Probability Sampling [Definition]
Selecting a sample so that each element of the population has a specific known chance of being selected
Non-Probability Sampling [Definition]
Selecting a sample so that the chance of selecting a particular element of a population is either unknown or zero
Secondary data
Facts that figures that have already been recorded prior to the current project at hand
Test market
In market localized approach, or short term online destination used to test the success of promotional offers, new services, or new product launches
Analytics
Process of taking metrics data and applying smart thinking and technology to gain actionable insights that can help make better business decisions
Descriptive vs. Predictive analytics
Descriptive analytics focus on what has to happen
Predictive analytics combines data from varied sources to reveal patters that are modelled to predict what might happen in the future
