Chapter 8 Flashcards
Marketing Research
the process of 1. defining a marketing problem and opportunity, 2. systematically collecting and analyzing information, and 3. recommending actions
Decision
choice made from among available alternatives
decision making
Choosing among two or more alternatives
Uses of Marketing Research
1) Segmentation
2) New Product Testing
3) Demand Forecasting
4) Market Tracking
5) A/B & Ad Pretesting
5 step marketing research approach
- Define the problem
- Develop the research plan
- Collect relevant information
- Develop findings
- Take marketing actions
Concepts
ideas about products or services
new-product concept
a picture or verbal description of a product or service the firm might offer for sale
Methods
the approaches that can be used to collect data to solve all or part of a problem
Main methods
Observing people/asking them questions
special methods
sampling; statistical inference
Marketing Information System (MIS)
an integrated, ongoing decision support system
Data
Facts, figures, and other evidence gathered through observations related to the project
secondary data
facts and figures that have already been recorded prior to the project at hand
Data collected without your specific purpose in mind
Secondary Internal
Published data from inside the organization
Secondary External
Published data from outside the organization
Ex: US Census reports, trade association studies, business periodicals, internet based reports
Advantages of Secondary Data
time savings, inexpensive
Disadvantages of Secondary Data
may be out of date definitions or categories might not be what you’re looking for
Might not be specific enough for your project
Primary Data
facts and figures that are newly collected for the project
collecting data specifically for your purpose/need
Primary Internal
collecting data yourself/inside the org for your specific purpose/need
Primary External
collecting data from outside sources for your specific purpose/need
Ways to collect primary data
Observing people
Asking them questions
3 types of marketing research
- Exploratory
- Descriptive
- Causal
Exploratory Research (EXTERNAL PRIMARY)
provides ideas about a vague problem/question
Want to understand overall what’s going on & identifying things that may be interesting to dig into
questionnaire data (asking ppl questions)
facts & figures obtained by asking people about their attitudes, awareness, intentions, & behaviors
Idea Generation Methods
coming up with ideas
Idea Generation Methods (Exploratory research)
observations
individual interviews
depth interviews
focus groups
observation
observing what’s going on in different types of settings
individual interview
a single researcher asking questions of one respondent
depth interview
A one-on-one interview between a professional researcher and a research respondent conducted about some relevant business or social topic
-more deeper & it’s about their own opinion
focus groups
informal sessions of 6 to 10 past, present, or prospective customers in which a discussion leader, or moderator, asks for opinions about the firm’s products and those of its competitors, including how they use these products and special needs they have that these products don’t address
descriptive research (EXTERNAL PRIMARY)
Finding the frequency with which something occurs or the extent of a relationship b/w two factors
Ex: Lego asking middle/high school students specific questions about preference
Idea Evaluation Methods
Testing an idea
Idea Evaluation Methods (Descriptive research)
Observation
Surveys
observational data (observing ppl)
facts and figures obtained by watching how people actually behave, using mechanical, personal, or neuromarketing data collection methods
3 Ways observational data is collected
1) Mechanical
2) Personal
3) Neuromarketing
mechanical/electronic method (observational data)
people meter-Nielsen TV
personal methods (observational data)
Watching consumers in person
-mystery shoppers & ethnographic research
mystery shoppers
Companies pay researchers to shop at their stores, outlets, or showrooms to obtain the point of view of actual customers. Mystery shoppers can check on the availability and pricing of products and services and on the quality of the customer service provided by employees
ethnographic research
sending trained observers to watch and interact with consumers in their “natural environments”
Neuromarketing
merges technologies used to study the brain with marketing’s interest in understanding consumers
4 Types of Surveys
1) Personal
2) Mail
3) Phone
4) Online
Personal Interview Surveys
enables interviewer to be flexible in asking probing questions/getting reactions
Mall Intercept Interviews
personal interviews of consumers visiting shopping centers
Mail Surveys
usually biased because those most likely to respond have had especially positive or negative experiences with the product or brand
Online Surveys
survey data collected using the internet
email/internet
Phone Surveys
a survey in which interviewers question respondents over the phone and then record their answers
Causal Research (EXTERNAL PRIMARY)
Determines the extent to which the change in one factor changes another one
-test markets use causal research
Causal Research Methods
lab experiments
field experiments
panels
experiment
obtaining data by manipulating factors under tightly controlled conditions to test cause & effect
Lab experiment
conducted in a controlled, indoor environment
-internal validity
Field (Test Marketing) experiment
collecting usage data from customers before launch
-external validity
Panel
a sample of consumers or stores from which researchers take a series of measurements
Primary Data Adv
more flexible/specific to problem being studied
Primary Data Disadv
More costly/time consuming
Sales forecast
the total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts
3 Salesforecasting Techniques
1) Judgements of the decision maker
2) Surveys of knowledgeable groups
3) Statistical Methods
Judgements of the decision maker
- direct forecast
- lost-horse forecast
Direct Forecast
involves estimating the value to be forecast without any intervening steps
lost-horse forecast
starting with the last known value of the item being forecast, listing the factors that could affect the forecast, assessing whether they have a positive or negative impact, and making the final forecast
surveys of knowledgeable groups
-survey of buyers intentions forecast
-salesforce survey forecast
survey of buyers’ intentions forecast
asking prospective customers if they are likely to buy the product during some future time period
salesforce survey forecast
asking the firm’s salespeople to estimate sales during a forthcoming period
statistical methods
trend extrapolation
linear trend extrapolation
trend extrapolation
extending a pattern observed in past data into the future
Linear trend extrapolation
using a straight line to extend a pattern observed in past data into the future
Measures of Consumer Memory
free recall
cued recall
recognition
Free Recall
a testing condition in which a person is asked to remember information without explicit retrieval cues
Ex: What brands do you remember seeing during the Super Bowl?
Cued Recall
A test of long-term memory that involves remembering an item of information in response to a retrieval cue
Ex: Which brands of pickup trucks did you see advertised during the Super Bowl?
Recognition
the ability to match a piece of information or a stimulus to a stored image or fact
Ex: Did you see an ad for Chevy during the Super Bowl?
Syndicated
Firms that gather info and produce reports for sale to other orgs
Secondary/external
