Chapter 4 - market research, Metrics, analytics Flashcards
1
Q
Types of market research design
A
- exploratory
- Descriptive
- Casual
2
Q
what are the 5 steps to the Market research approach
A
- define the problem
- design the research plan
- collect relevant information
- Develop findings
- Take Marketing actions
3
Q
(Market research approach) step 1. Define the problem
A
- Set the research objectives ( Research objectives are specific, measurable goals the decision maker seeks to achieve in conducting the marketing research. Common research objectives are to discover consumer needs and wants, and to determine why a product is not selling.
- identify possible marketing actions (effective decision-makers develop specific measures of success, which are criteria or standards used in evaluating proposed solutions to the problem.)
4
Q
(Market research approach) step 2. Design the research plan
A
- Specify constraints
- identify data needed for marketing actions
- determine how to collect data
5
Q
(Market research approach) step 3. Collect relevant information
A
- Secondary data (Fatcs and figured that have been recorded already within the organization, for instance internal data and external data)
- Primary data (data that is original and specifically collected for a project. for instance like observational data, questionnaire data and other sources data like social media, experiments etc)
6
Q
(Market research approach) step 4. Develop findings
A
- Compile
- Analyze (Analytics refers to the process of taking metrics data and applying smart thinking and technology to gain actionable insights that can help make better business decisions)
- interpret data (such as big data, analytics, and artificial intelligence)
7
Q
(Market research approach) Take marketing actions
A
- make actions recommenders
- Implement the action recommencement
- evaluate the results
8
Q
Examples of secondary data sources
A
Statista, passport, simply analytics, Environics, google news, market research companies, business today etc.
