Chapter 8 Flashcards
Marketing Research
The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions.
Define the Problem
Step #1
Set Research Objectives
Identify possible marketing action
Develop a Research Plan
Step 2
Specify constraints
Identify data needed for marketing
Determine how to collect data
Collect Relevant Information
Step 3
Obtain secondary data
Obtained primary data
Develop Findings
Step 4
Analyze Data
Present the findings
What Marketing Question Did We Come Up With in Class?
Which Flavor Do You Prefer
Take Marketing Action
Step 5
Make action recommendations
Implement action implementations
Evaluate Results
Measure of Success
Criteria or standards used in evaluating proposed solutions to the problem.
Specify Constraints
Are, in decision, the restrictions placed on potential solutions to a problem
Data
Facts and Figures related to the project that are divided into main parts; secondary data and primary data
Secondary Data
The facts and figures that have already been recorded prior to the project at hand.
Primary Data
Facts and Figures that are newly collected for the project.
Observational Data
Facts and Figures obtained by watching, either mechanically or in person, how people actually behave.
Questionnaire Data
The Facts and Figured obtained by asking people about their attitudes, awareness, intentions, and behaviors
Informational Technology
Involves operating computer networks that can store and process data
Cross Tabulation (Cross Tab)
presenting and analyzing data involving two or more variables to discover relationships in the data
Sales Forecast
Total sales of a product that a firm expects to sell during a specific time period
What is Measure of Success for Lego Mine Stores
Playtime
Advantages and Disadvantages of Secondary Data
Time Savings
Inexpensive
Out of Date
Definitions not right
Not Specific Enough
Primary Data (Personal Methods)
Watching Consumers
Mystery Shopper
Observational Research
Ethnographic Research
Neuromarketing Methods: Technologies used to study the brain
Test Markets (Primary Data)
Used in small geographies to evaluate marketing Actions
