Chapter 7 - Marketing Research Flashcards
what is marketing research?
A set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid in the decision-making involved in marketing goods, services and ideas/
List out the 5 steps of the marketing research process?
Step 1 - Define research problem and objectives
Step 2 - Design the research plan
Step 3 - Collect Data
step 4 - Analyze data and develop insights
step 5 - present action plan
Define step 2
Identify the type of data needed.
determine type of research necessary to collect the data
define step 3
Collect the actually data
Secondary Data - Pieces of information that have been collected prior to the start of the project, internal or external data
Primary Data - Data collected to address specific research needs, focus groups, interviews, surveys
define step 1
What information is needed to answer specific research questions
How is the information obtained
ex: How do teenagers use smartphones? focus on only teenagers and only smartphones for the research project
define step 4
Converting data information to explain/predict and or evaluate a particular situation
should be straight-forward
define step 5
Prepare the results (summary, body of report, conclusion, etc)
Present the results (short and to the point, interesting and appropriate to style of audience, no jargon)
what is syndicated data?
business pays for data
what is scanner data?
type of quantitative research that uses data obtained from scanner readings of UPC codes at checkout
what is qualitative research?
exploratory in nature, qualitative research is more informal, it uses broad, open-ended question methods, including observations, in-depth interviews, and focus groups
what is quantitative research?
Structured responses that can be statistically tested to confirm insights and hypotheses generated via qualitative research or secondary data.
