Chapter 7 - Marketing Research

Question 1

Marketing research

Answer 1

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

Question 2

The Marketing Research Process

Answer 2

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 -

Question 3

Step 1: Define the Research Problem and Objectives -

Answer 3

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

Question 4

Step 2: Design the Research Plan -

Answer 4

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

Question 5

Step 3: Collect Data -
secondary vs primary

Answer 5

• 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

Question 6

Step 4: Analyze Data and Develop Insights

Answer 6

Data - can be defined as raw numbers or other pieces of factual information that, on their own, have limited value to marketers

Question 7

Information

Answer 7

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

Question 8

Step 5: Determine the Action Plan -

Answer 8

Analyst prepares the results and presents them to decision makers, who undertake appropriate marketing actions and strategies

Question 9

Secondary Data

Answer 9

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

Question 10

Internal Secondary Data -

Answer 10

One of the most valuable resources firms have at their disposal is their rich cache of customer information and purchase history

Question 11

Data mining -

Answer 11

• 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

Question 12

Big Data

Answer 12

data sets that are too large and complex to analyze with conventional data management software

Question 13

Volume of big data

Answer 13

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

Question 14

Variety of big data

Answer 14

pertains to their multifaceted forms, including numeric and textual data, and is obtained from different media formats

Question 15

Velocity of big data

Answer 15

how quickly the data can be gathered as well as how promptly marketers need to respond to insights generated from the data

Question 16

Veracity of big data

Answer 16

offer different levels of accuracy and reliability, so firms need to determine how trustworthy the collected data might be

Question 17

Value of big data

Answer 17

stems from the insight they provide into factors that are critical to marketers, such as consumer or purchasing decisions

Question 18

External Secondary Data

Answer 18

• Syndicated data
• Scanner data
• Panel data

Question 19

Syndicated data -

Answer 19

this is data that is available for a fee from commercial research firms such as IRI, National Purchase Diary Panel, Nielsen, and Leger Marketing

Question 20

Scanner data

Answer 20

are obtained from scanner readings of UOC codes at checkout counters and are used in quantitative research

Question 21

Panel data

Answer 21

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

Question 22

Primary Data Collection Techniques

Answer 22

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

Question 23

Primary Data Collection Disadvantages

Answer 23

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

Question 24

Qualitative research

Answer 24

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

Question 25

Ethnography

Answer 25

observational method that studies people in their daily lives and activities in their homes, work, communities

Question 26

Social Media

Answer 26

can provide valuable information that could aid their marketing research and strategy endeavors

Question 27

In-depth interviews

Answer 27

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

Question 28

Focus group interviews

Answer 28

Gather qualitative data about initial reactions to a new or existing product or service, opinions about different competitive offerings, or reactions to marketing stimuli

Question 29

Reliability

Answer 29

is the extent to which you will get the same result if the study is repeated in identical situations

Question 30

Validity

Answer 30

is the extent to which the study actually measures what it is supposed to measure

Question 31

Sample

Answer 31

• a segment or subset of the population that adequate represents the entire population of interest

Question 32

Quantitative research

Answer 32

• structured responses that can be statistically tested

Question 33

Survey research

Answer 33

• 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

Question 34

Questionnaire

Answer 34

a form of strategy that features a set of questions designed to gather information from respondents and thereby accomplish the researchers objectives

Question 35

Unstructured questions

Answer 35

open-ended and allow respondents to answer in their own words - what are the most important characteristics of x?

Question 36

Structured questions

Answer 36

• closed-ended questions for which a discrete set of response alternatives, or specific answers is provided

Question 37

Experimental Research

Answer 37

type of quantitative research that systematically manipulates one or more variables to determine which variable(s) have a causal effect on another variable