chapter 7: marketing research (up to midterm)

Question 1

what is the marketing research process?

Answer 1

1. define research problem and objectives
2. design the research plan
3. collect data
4. analyze data and develop insights
5. determine action plan

Question 2

step one of the marketing research process

Answer 2

define research problem and objectives

-what info is needed to answer specific research questions?
-how should that info be obtained?

Question 3

step two of the marketing research process

Answer 3

design the research plan

-identify type of data needed
-determine type of research necessary

Question 4

step three of the marketing research process

Answer 4

collect data

-secondary data (internal and external): pieces of info that have been collected prior to start of the focal research project

-primary data: data collected to address specific research needs (surveys, interviews, focus groups)

Question 5

step four of the marketing research process

Answer 5

analyze data and develop insights

-converting data to information to explain, predict and/or evaluate a particular situation

Question 6

step five of the marketing research process

Answer 6

determine action plan

-prepare and present the results

Question 7

secondary data: internal sources

Answer 7

-can be free or very inexpensive
-use data mining
-cons: may not be data you need

Question 8

what is big data and how is it analyzed, what are types (volume, variety, velocity, veracity, value)

Answer 8

-extremely large quantities of data that companies have access to but must be analyzes by using various statistical tools (data mining)

volume: data in large quantities
variety: data in many forms
velocity: data moving quickly
veracity: data in doubt
value: data into money

Question 9

secondary data: external sources

Answer 9

-census data, books, reports, etc
-can be purchased from specialized research firms

cons: may be dated, not relevant, or inadequate to researcher’s needs

Question 10

secondary data: external sources (syndicated data, scanner data, panel data)

Answer 10

syndicated: data available for a fee from commercial research firms

scanner data: type of quantitative research that uses data obtained from scanner readings

panel data: info collected from a group of consumer’s over time

Question 11

primary data collection techniques

Answer 11

-can help eliminate problems inherent to secondary data

qualitative research: observation, informal, broad

quantitative: structured responses tested to confirm insights

Question 12

define reliability, validity, and sampling within data collection

Answer 12

reliability: extent to which you will get same results if the study is reported in identical situations

validity: the extent to which the study actually measures what it’s supposed to measure

sampling: segment of population that adequately represents the entire population of interest