Chapter 4: Market Research Flashcards

1
Q

Market Research

A

Process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Step 1 of Market Research

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Objectives

A

Specific, measurable, achievable goals.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Step 2 of Market Research

A

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
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Sampling

A

process of gathering data from a subset of the total population rather than from all members of that particular group

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Probability Sampling

A

selecting a sample so that each element of a population has a specific known chance of being selected

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Non-Probability Sampling

A

selecting a sample so that chance of selecting a particular element of a population is either unknown or zero

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Step 3 of Market Research

A

Collect Relevant Information

- primary and secondary data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Secondary Data

A

facts and figures that have already been recorded prior to the project at hand
- divid into internal and external secondary data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Primary Data

A

facts and figures newly collected for the project

  • observational data
  • questionnaire data
  • other sources of data
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Internal Data

A

exists within a company and can include data from data analytics, sales reports, profitability data and costing info
- marketing inputs or marketing outcomes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

External Data

A

comes from published sources outside the organization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Disadvantages of Secondary Data

A
  1. May be out of date
  2. Definitions or categories may not be right for the project
  3. Data may not be accurate or specific enough for the study
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Qualitative Research Techniques

A
  • focus group
  • in-depth interview
  • online research communities
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Observational Research

A

Obtained by watching how people behave, in person or by using a machine to record the event

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Syndicated studies

A

hybrid of primary and secondary research conducted by a research company
- spread cost across many clients to reduce the price

17
Q

Quantitative Research Techniques

A
  • experiments

- survey

18
Q

Step 4 of Market Research

A

Develop Findings

- collected, compiled, analyzed and summarized to turn into actionable info

19
Q

Metrics

A

numeric data that is collected and grouped to track performance

20
Q

KPIs

A

Key performance indicators

21
Q

Market share

A

% of sales volume for a product, relative to entire sales volume of the category in which it competes

22
Q

Brand Development Index (BDI)

A

an index that shows how well a brand’s sales are developed in a region relative to population size

23
Q

Analyzing methods

A
  • big data
  • data analytics
  • data mining
  • predictive modelling
24
Q

Data mining

A

processing of large amounts of data using sophisticated software to find insightful correlations and patterns

25
Q

Predictive Modelling

A

based on statistic models that use data mining and probability analysis to foretell outcomes

26
Q

Analytics

A

process of taking metics data and applying smart thinking and technology to gain actionable insight

27
Q

Descriptive analytics

A

focused on what has happened

- simplest and most common form of analytics

28
Q

Web analytics

A

measurement and analysis of web data

- visits, unique visitors, page view, traffic sources, bounce rate, etc.

29
Q

Social analytics

A

insights from social media interaction and social listening

30
Q

Social listening

A

Research that monitors public online consumer conversations on social media

31
Q

RFM analysis

A

Recency, frequency and monetary value analysis

32
Q

Predictive analysis

A

combines data from varied sources to reveal patterns to predict what might happen in the future