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- May be out of date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
Syndicated studies
hybrid of primary and secondary research conducted by a research company
- spread cost across many clients to reduce the price
Quantitative Research Techniques
- experiments
- survey
Step 4 of Market Research
Develop Findings
- collected, compiled, analyzed and summarized to turn into actionable info
Metrics
numeric data that is collected and grouped to track performance
KPIs
Key performance indicators
Market share
% of sales volume for a product, relative to entire sales volume of the category in which it competes
Brand Development Index (BDI)
an index that shows how well a brand’s sales are developed in a region relative to population size
Analyzing methods
- big data
- data analytics
- data mining
- predictive modelling
Data mining
processing of large amounts of data using sophisticated software to find insightful correlations and patterns
Predictive Modelling
based on statistic models that use data mining and probability analysis to foretell outcomes
Analytics
process of taking metics data and applying smart thinking and technology to gain actionable insight
Descriptive analytics
focused on what has happened
- simplest and most common form of analytics
Web analytics
measurement and analysis of web data
- visits, unique visitors, page view, traffic sources, bounce rate, etc.
Social analytics
insights from social media interaction and social listening
Social listening
Research that monitors public online consumer conversations on social media
RFM analysis
Recency, frequency and monetary value analysis
Predictive analysis
combines data from varied sources to reveal patterns to predict what might happen in the future
