Chapter 4: Market Research Flashcards
Market Research
Process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions
Step 1 of Market Research
Define the Problem
- if objectives are too broad, the problem mat not be tangible; if objects are too narrow, the value of research may be questionable
Objectives
Specific, measurable, achievable goals.
Step 2 of Market Research
Develop the research plan
- identify which approach will be taken
- identifying what info is need, how it will be collected, and whether a sampling plan is needed
Sampling
process of gathering data from a subset of the total population rather than from all members of that particular group
Probability Sampling
selecting a sample so that each element of a population has a specific known chance of being selected
Non-Probability Sampling
selecting a sample so that chance of selecting a particular element of a population is either unknown or zero
Step 3 of Market Research
Collect Relevant Information
- primary and secondary data
Secondary Data
facts and figures that have already been recorded prior to the project at hand
- divid into internal and external secondary data
Primary Data
facts and figures newly collected for the project
- observational data
- questionnaire data
- other sources of data
Internal Data
exists within a company and can include data from data analytics, sales reports, profitability data and costing info
- marketing inputs or marketing outcomes
External Data
comes from published sources outside the organization
Disadvantages of Secondary Data
- May be out of date
- Definitions or categories may not be right for the project
- Data may not be accurate or specific enough for the study
Qualitative Research Techniques
- focus group
- in-depth interview
- online research communities
Observational Research
Obtained by watching how people behave, in person or by using a machine to record the event
