Chapter 4: Market Research Flashcards
market research
the process of collecting, analyzing, and interpreting data about customers, competitors, and the business environment to improve marketing effectiveness
steps of marketing
-define the research problem
-determine the research design
-choose a method to collect primary data
-design the sample
-collect the data
-analyze and interpret data
-prepare research report
data privacy
refers to the ability an organization or individual has to determine what data collected can be shared with third parties
confidentiality
refers to a condition in which the researcher knows the identity of a research subject, but takes steps to protect that identity from being discovered by others.
marketing information system
is a process that first determines what information marketing managers need. Then, it gathers, sorts, analyzes, stores, and distributes relevant and timely marketing information to users
syndicated research
is general information that specialized firms collect on a regular basis and subsequently sell to other firms
evidence-based decision making
which quite simply refers to a marketer’s capability to utilize all of the relevant information available (the “evidence”) to make the best possible marketing decisions
research design
A plan that specifies what information marketers will collect and what type of study they will do.
secondary data
Information that has been collected for some purpose other than the problem at hand
primary data
information they gather directly from respondents to specifically address the question at hand
exploratory research
To come up with ideas for new strategies and opportunities or perhaps just to get a better handle on a problem they are currently experiencing with a product.
qualitative research
which means the results of the research project tend to be nonnumeric and instead might be detailed verbal or visual information about consumers’ attitudes, feelings, and buying behaviors.
quantitative research
produces numeric results that can be analyzed using a variety of statistical programs
focus group
typically consist of five to nine consumers who have been recruited because they share certain characteristics (they all play golf at least twice a month, are women in their 20s, etc.). These people sit together to discuss a product, ad, or some other marketing topic a discussion leader introduces.
descriptive research
most often quantitative research, in which results typically are expressed in quantitative terms—averages, percentages, or other statistics that result from a large set of measurements. In such quantitative approaches to research, the project can be as simple as counting the number of Listerine bottles sold in a month in different regions of the country or as complex as statistical analyses of responses to a survey mailed to thousands of consumers about their flavor preferences in mouthwash
