Chapter 5: Marketing Research Flashcards
Define Marketing Research
Collecting data systemically, analyzing and integrating them, in order to help the process of decision making
What is the Role of Marketing Research?
Marketing Research should be used to bring clarity to unknown aspects of the marketplace; to make connections between marketing actions and consumer needs
- Helped to make decision
What is the First Functional Role?
Descriptive: Presenting factual statements
What is the Second Functional Role?
Diagnostic: Explaining relationships within data (what is the impact on sales if)
What is the Third Functional Role?
Predictive: Predicting the results of a marketing decision (what is the impact on sales if)
What is the Marketing Research Process?
It is a scientific approach to decision making that maximizes the chance of receiving accurate and meaningful results
Define Step One: Identifying the Problem
This is the most important step in the process. You must differentiate between a management decision and a research problem
- Management Problem: Is often a big picture dilemma (what do they need to do?)
- Research Problem: Identifies what information needs to be gathered (what do they need to know?)
What is the Objective of Marketing Research?
The specific information needed to solve a marketing issue. This develops as a series of questions that decision makers need to know to make a marketing decision. It guides the overall approach necessary to meet the objectives and answer the questions
Define Step Two: Design the Research
This is like a creation of a road map that specifies how to go about answering the question and achieving the objectives
What is Exploratory Research?
Looking to find relationships based on logic and theory
What is Conclusive Research?
Wanting to make some conclusions; you have information from the exploratory but you want to verify what you know, get statistics, and generalize. Explain what is happening in a picture, and show the Cause and Effect.
What is the Research Design Process?
The process where researchers begin with exploratory research to provide clarity and structure to the problem and try to find any existing studies that might help identify the key variables. Then based on that, the researchers will choose which type of descriptive research to solve the problem
Define Step Three: Collecting Data
Actually collecting the data and how you collect it
Define Primary Data
Data you collect to address your specific research needs. Primarily focused on groups, interviews, and surveys. The advantage is that you know the source and how reliable it is, but can be very time consuming and expensive
Define Quantitative Data
More structured questions such as: Surveys, Structured Interviews, Online Surveys, Telephone calls, Social Media
What are the 3 types of Questions
- Open Ended? (Why, What else, getting their opinions)
- Close Ended (Choose one of these specific options and only these
- Scaled Response (Rate from 1-10)
What Types of Quantitative Data are there?
Observation: People watching, machines watching people (cameras, red light camera)
Ethnographic Research: Studying people in their daily life setting (deeper understandings) - can be expensive
Experiments: Casual Method to collect Primary Data
Define Secondary Data
Pieces of information that have been collected prior to the start of your project
What are some Qualitative Types of Data
- In depth Interviews (one on one)
- Focus groups
- Can be time consuming and expensive
- Internal Data: Annual Reports, Reports to shareholders, producing testing data
- External Data: Stats Canada
Define a Sample
Subset of a larger population
- Must represent the general population that relates to the survey
Define Probability Sample
Sample in which every element in the population has a known statistical likelihood of being selected
Define a Random Sample
Sample in which every element in the population has an equal chance of being selected as a part of the sample
Define Non Probability Samples
Are acceptable as long as the researcher understands their non-representative nature. Because of their lower cost, non probability samples are the basis of much marketing research.
Define a Measurement Error
Occurs when the information desired by the researcher is different from the information provided by the collecting process
Define a Sampling Error
Occurs when a sample does not represent the target population
Define a Frame Error
When another type of sampling error arises when the sample drawn from a population differs from the target population
Define a Random Error
Occurs when the selected sample is not an accurate representation of the overall population. It represents how accurately the chosen sample’s true average (mean) value reflects the population’s true average (mean) value.
Define Step Four: Analyze the Data
Converting data into information to explain, predict, and/or evaluate a particular situation
Define Step Five: Present the Report
The researcher must present a compelling and convincing report and presentation.
- Clear and Concise statement of the research objectives
- Simple but brief
- Summary of Major Findings
- Conclusions and Recommendations
Define Step Six: Provide a Follow Up
Whether an internal or external firm, it is key to ensure that the questions are answers
- What sufficient decision making information was provided?
- What could have been done to make the report more useful to management
What is the Positive Impact of Technology (2 key areas)
- Internet
2. Mobile (Observation- less expensive)
What is Social Media Marketing Research
Collecting research more efficiently and in a larger amount
Define Volume
Refers to the amount of data being held, and these numbers can be staggering
Define Velocity
Refers to how quickly this volume of data is entering a system
Define Variety
Refers to the various forms and formats in which the data are going to arrive in velocity and volume
