Chapter 7 Flashcards
Marketing Research
The process of collecting and analyzing information in order to recommend actions
What is a decision?
conscious choice among two alternatives
What are the five steps of the marketing research plan
- Define the problem
- Develope the research plan
Collect relavant information - Develop findings
- Take marketing actions
What stages occur during the “define the problem step”
- Set research objectives
2. Indentifiy possible marketing actions
What occurs during step two, “Develop the researching plan”
- Specify constraints
- Indentify data needed for marketing actions
- Determine how to collect data
What happens during step three “Collect relevant information”
- Obtain secondary data
2. Obtain Primary data
What happens during step four?
- Analyze the data
2. Present the findings
What happens during step five, “Take marketing actions”
- Make action recommendations
- Implement action recommendations
- Evaluate results
What are measures of success
criteria or standards used in evaluating proposed solutions to the problem
What are constraints
Restrictions placed on potential solutions to a problemWhat are concepts
What are concepts
ideas about products or services
What is selecting a group of distributors, customers, or prospects , asking the mquestions, and treating their answers typical of all those in whom tthey are interested
sampling
What is statistical iference
generalizing sampling results to much larger groups
What is data?
facts and figures related to the problem
What is secondary data
data that have already been recorded prior to the project at hand
What are the tro types of secondary data?
internal and external
What is primary data
facts and figures that are newly collected for a project
What are the two sources of internal secondary data
marketing inputs
marketing outcomes
Whar are marketing input data
Things like budgets, financial statements, sales reports
What are marketing outcome data
actual sales and customer communications
What are the main two advantages of secondary data?
- time savings
2. Cheaper
Disadvantages of secondary data
- out of date
2. Too general
What are the two main types of primary data collection
Watching people
Asking people
Observational Data
Facts and figures obtained by wartching either mechanically or ion person how people behave
What is ethnographic research
Watching consumers in their natural environments
What are the two braod types of primary data collection
Idea generation methods
2. Idea evalation methods
Questionnaire data
Facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors
What is a focus-group?
A group of 6 to 10 past, present, or prospective customers in which a moerator asks their opinions about the firms and competitors’ prodcuts, how they use those products etc. (Often recorded and done with one-way glass)
What are some idea evaluation methods?
questionnaires using personal, mail, telephone, fax, and online surveys
Why are online surveys used?
low cost, fast turnaround
What is an open-ended question?
respondants express opiinions, ideas, etc
What is a close-ended question?
predetermined choices
dichotomous question
yes/no
semantic differential
five point scale in which the opposite ends have one or two word adjectives that have opposite meanings
What are some other sources of primary data?
social media
panels and experiments
information technology
data mining
What is a test market
offering a product for sale in a small geographic area to help evaluate potential marketing actions
What is a sales forecast
the total sales of a product that a firm expects to sell during a specified time period under specified conditions
