Chapter 5: Marketing Research

Question 1

Define Marketing Research

Answer 1

Collecting data systemically, analyzing and integrating them, in order to help the process of decision making

Question 2

What is the Role of Marketing Research?

Answer 2

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

Question 3

What is the First Functional Role?

Answer 3

Descriptive: Presenting factual statements

Question 4

What is the Second Functional Role?

Answer 4

Diagnostic: Explaining relationships within data (what is the impact on sales if)

Question 5

What is the Third Functional Role?

Answer 5

Predictive: Predicting the results of a marketing decision (what is the impact on sales if)

Question 6

What is the Marketing Research Process?

Answer 6

It is a scientific approach to decision making that maximizes the chance of receiving accurate and meaningful results

Question 7

Define Step One: Identifying the Problem

Answer 7

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?)

Question 8

What is the Objective of Marketing Research?

Answer 8

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

Question 9

Define Step Two: Design the Research

Answer 9

This is like a creation of a road map that specifies how to go about answering the question and achieving the objectives

Question 10

What is Exploratory Research?

Answer 10

Looking to find relationships based on logic and theory

Question 11

What is Conclusive Research?

Answer 11

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.

Question 12

What is the Research Design Process?

Answer 12

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

Question 13

Define Step Three: Collecting Data

Answer 13

Actually collecting the data and how you collect it

Question 14

Define Primary Data

Answer 14

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

Question 15

Define Quantitative Data

Answer 15

More structured questions such as: Surveys, Structured Interviews, Online Surveys, Telephone calls, Social Media

Question 16

What are the 3 types of Questions

Answer 16

1. Open Ended? (Why, What else, getting their opinions)
2. Close Ended (Choose one of these specific options and only these
3. Scaled Response (Rate from 1-10)

Question 17

What Types of Quantitative Data are there?

Answer 17

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

Question 18

Define Secondary Data

Answer 18

Pieces of information that have been collected prior to the start of your project

Question 19

What are some Qualitative Types of Data

Answer 19

• 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

Question 20

Define a Sample

Answer 20

Subset of a larger population

• Must represent the general population that relates to the survey

Question 21

Define Probability Sample

Answer 21

Sample in which every element in the population has a known statistical likelihood of being selected

Question 22

Define a Random Sample

Answer 22

Sample in which every element in the population has an equal chance of being selected as a part of the sample

Question 23

Define Non Probability Samples

Answer 23

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.

Question 24

Define a Measurement Error

Answer 24

Occurs when the information desired by the researcher is different from the information provided by the collecting process

Question 25

Define a Sampling Error

Answer 25

Occurs when a sample does not represent the target population

Question 26

Define a Frame Error

Answer 26

When another type of sampling error arises when the sample drawn from a population differs from the target population

Question 27

Define a Random Error

Answer 27

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.

Question 28

Define Step Four: Analyze the Data

Answer 28

Converting data into information to explain, predict, and/or evaluate a particular situation

Question 29

Define Step Five: Present the Report

Answer 29

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

Question 30

Define Step Six: Provide a Follow Up

Answer 30

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

Question 31

What is the Positive Impact of Technology (2 key areas)

Answer 31

1. Internet

2. Mobile (Observation- less expensive)

Question 32

What is Social Media Marketing Research

Answer 32

Collecting research more efficiently and in a larger amount

Question 33

Define Volume

Answer 33

Refers to the amount of data being held, and these numbers can be staggering

Question 34

Define Velocity

Answer 34

Refers to how quickly this volume of data is entering a system

Question 35

Define Variety

Answer 35

Refers to the various forms and formats in which the data are going to arrive in velocity and volume