Chapter 7 - Marketing Research Flashcards
Marketing research
a set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data than can aid decision makers involved in marketing goods, services, or ideas
The Marketing Research Process
Step 1: Define the Research Problem and Objectives -
Step 2: Design the Research Plan -
Step 3: Collect Data -
Step 4: Analyze Data and Develop Insights
Step 5: Determine the Action Plan -
Step 1: Define the Research Problem and Objectives -
Once research problem is defined, marketers must specify the research objectives or questions to be answered
- Poor design arises from three major sources: basing research on relevant research questions, focusing on research questions that marketing research cannot answer, or addressing research questions to which the answers are already known
Step 2: Design the Research Plan -
Researchers identify the type of data needed and determine the type of research necessary to collect it
Factors that determine the type of data needed is the objectives of the project
Step 3: Collect Data -
secondary vs primary
- Secondary data - pieces of information that have been collected prior to the start of the focal research project - both internal and external data sources
- Primary data - data collected to address specific research needs - focus groups, in-depth interviews, and surveys
Step 4: Analyze Data and Develop Insights
Data - can be defined as raw numbers or other pieces of factual information that, on their own, have limited value to marketers
Information
when the data is interpreted, which is results from organizing, analyzing, and interpreting the data, and putting it into a form that is useful to marketing decision makers
Step 5: Determine the Action Plan -
Analyst prepares the results and presents them to decision makers, who undertake appropriate marketing actions and strategies
Secondary Data
Secondary data can come from free or inexpensive external sources such as census data, information from trade associations, books, journal articles, and reports published in magazines and newspapers
Internal Secondary Data -
One of the most valuable resources firms have at their disposal is their rich cache of customer information and purchase history
Data mining -
- uses a variety of statistical analysis tools to uncover previously unknown patterns in the data or relationship among variables - some retailers try to customize their product and service offerings to match the needs of their customers
Big Data
data sets that are too large and complex to analyze with conventional data management software
Volume of big data
an inherent quality of big data that infers that big data contain a large amount of data - Ex - Amazon gathers nearly unlimited data about their purchases, viewing and listening preferences, and preferred devices
Variety of big data
pertains to their multifaceted forms, including numeric and textual data, and is obtained from different media formats
Velocity of big data
how quickly the data can be gathered as well as how promptly marketers need to respond to insights generated from the data
Veracity of big data
offer different levels of accuracy and reliability, so firms need to determine how trustworthy the collected data might be
Value of big data
stems from the insight they provide into factors that are critical to marketers, such as consumer or purchasing decisions
External Secondary Data
- Syndicated data
- Scanner data
- Panel data
Syndicated data -
this is data that is available for a fee from commercial research firms such as IRI, National Purchase Diary Panel, Nielsen, and Leger Marketing
Scanner data
are obtained from scanner readings of UOC codes at checkout counters and are used in quantitative research
Panel data
information collected from a group of consumers (the panel) over time, the data collected from the panelists often include records of what they have purchased, as well as their responses to survey questions that the client gives to the panelists
Primary Data Collection Techniques
Marketers collect primary data by using variety of means, such as observing consumer behaviour, conducting focus groups, or surveying customers by using the mail, telephone, in person-interviews, or the Internet
- Primary research can be tailored to fit the research questions
Primary Data Collection Disadvantages
Costs more to collect and can take longer
Marketers often require extensive training and experience to design and collect primary data that are unbiased, valid, and reliable
Qualitative research
uses broad, open-ended questions to understand the phenomenon of interest - it provides initial information that helps the researcher more clearly formulate the research problem or objectives
Ethnography
observational method that studies people in their daily lives and activities in their homes, work, communities
Social Media
can provide valuable information that could aid their marketing research and strategy endeavors
In-depth interviews
help managers better understand the nature of their industry, as well as important trends and consumer preferences, which can be invaluable for developing marketing strategies
Focus group interviews
Gather qualitative data about initial reactions to a new or existing product or service, opinions about different competitive offerings, or reactions to marketing stimuli
Reliability
is the extent to which you will get the same result if the study is repeated in identical situations
Validity
is the extent to which the study actually measures what it is supposed to measure
Sample
- a segment or subset of the population that adequate represents the entire population of interest
Quantitative research
- structured responses that can be statistically tested
Survey research
- most popular type - used to study consumers attitudes, preferences, behaviours, and knowledge about products and brands
- More cost effective
- Consumers may not be able to recall the information, answer certain questions, or may interpret the questions differently than the researcher intended, not answer all the questions
Questionnaire
a form of strategy that features a set of questions designed to gather information from respondents and thereby accomplish the researchers objectives
Unstructured questions
open-ended and allow respondents to answer in their own words - what are the most important characteristics of x?
Structured questions
- closed-ended questions for which a discrete set of response alternatives, or specific answers is provided
Experimental Research
type of quantitative research that systematically manipulates one or more variables to determine which variable(s) have a causal effect on another variable
