Chapter 4: managing marketing information to gain consumer insights Flashcards
market research
The systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organization
Reasons for market reseach
- analysis is not enough
- the analysis has given you a hypothesis you want to test before the launch
- the business model needs it
Internal databases
Collection of consumer and market information obtained from data sources within the company’s network
Where to get internal databases information
- instore and online sales transactions
- web, advertising and social media site visits
- customer satisfaction surveys
- newsletters
- accounting information
- sales information
Marketing intelligence
systematic monitoring, collection and analysis of publicly available information about consumers, competitors and marketplace
Marketing research
Systematic design, collection, analysis, and reporting of data relevant to a specific situation
defining the problem and objective
What question we want to understand and what output of information do we want to achieve
primary data
information collected for the specific purpose at hand
External primary sources
collect information from the general market, consumers, distributors. Original information is collected by the researcher through different techniques
Internal primary sources
The information found within the company on sales, prices, inventories, customers
Secondary data
Information that already exists somewhere, having being collected for another purpose
Internal secondary sources
consultation past studies, reports, internal databases
External secondary sources
information gathered by other researchers with our research purposes
Quantitative research
Gathering structured numerical data and using statistical analysis.
Qualitative research
Dives into a particular topic to understand the subjects experiences, thoughts and opinions in detail
Exploratory research
investigate and analyse specific information that has not been deeply studied
Descriptive research
designed to describe the characteristics of a population, according to its geographical location. Done to detect changes in preferences, places of interest or factors that may affect or alter consumer preferences
Casual research
Find the relationship between the cause and consequence of a specific phenomenon
Observational research
observing people interact with your product or service
Overt observations
ask customers if they will let you watch them using a product
Covert observations
study users in the wild without them knowing
ethnographic research
studies the individual in the real life situation and not under any market setup or lab
focus group
form of discussion wherein six to ten people gather and discuss the common topic given by the moderator
Delphi
based on a previous questionnaire sent to experts, the information is collected and processed and then sent to participants asking them to review their initial response
Eye tracking
Determines where the attention and interest of the customer is drawn by tracking the pattern of consumers eye movement but also the invisible zones
Interviews
Typically conducted one on one and go deep into a particular topic
projective techniques
using incentives to meet beliefs, motivations, feelings, attitudes, ect without being aware of the purpose of the investigation
Conjoint analysis
Survey-based statistical technique that helps determine how people value different attributes that make up an individual product or service
experimental research
undertaken to study the effects of change in the customers behaviours due to the change in the products attributes
consumer insights
getting or interpreting trends of customer preferences and behavious in order to service them in the best way possible
Survey research
Collect feedback, perceptions and opinions from a sample of your target market
Samples
Sampling unit: whom shall we survey
Sample size: how many units in the population should be surveyed
sampling procedure: how the respondents shall be chosen
probability sample
- simple stratified: every member has equal chance of selection
- stratified random: population divided into exclusive groups and samples are drawn from each group
- cluster sample: population is divided into exclusive groups and a sample of the groups is chosen to interview
Nonprobability sample
- convenience sample: select easiest population
- judgement sample: use of judgement to select population members who are good prospects for accurate information
- quota sample: find and interview a prescribed number of people in each category
Collecting data instruments
- questionnaires
- mechanical instruments
- big data sources
Flow model
diagram that tracks the flow of information within a system by creating a simple visual representation of how users interact with the product
Affinity model
Way of sorting large amounts of data into groups to better understand the big picture
customer journey mapping
diagram that shows the way typical prospect becomes a paying customer
Website and social media
through google analytics or social media analytics tools, companies are able to analyse real-time the information occurring within their platforms
how to present findings?
- know the audience
- introduce the problem, research method and reveals
- add recommendations
- optimise visual data
- dont be carried away by slides
making a decision
- optimise brand strategy and positioning
- imrpove your content marketing strategy
- assess competition
- understand target market
- measure effectiveness of marketing
- learn about substitures and new entrants in the market
- improve decision making with reduced risks
- check on hypothesis
