Exam #2 Flashcards
What is Marketing Research?
It is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions.
Steps in the Marketing Research Process
- Define the problem
- develop the research plan
- collect relevant information
- develop findings
- take marketing actions
Step 1: Define the Problem
SMART Research Objectives:
Specific
Measurable
Attainable
Relevant
Time Based
Step 2: Develop the Research Plan
Constraints: restrictions on the marketing research project
Data: the relevant facts and figures to the project
Methods: how to collect data
Exploratory Research
Ideas about a vague problem
Descriptive Research
Frequently something occurs
Casual Research
relationship between two or more factors
Secondary Data
+ saves time, inexpensive
- out of date,not specific enough
Primary Data
+ specific to the problem, more control
- expensive and time consuming
Observational Data
watching people interact with the marketplace
Personal methods to observational data
mystery shoppers, ethonography
neuromarketing
brain scanning tech like MRI’s and CT’s
Questionnaire Data
asking people about their attitudes, intentions and behaviors
individual interviews
one on one 30 min interviews that are expensive but insightful
depth interviews
lengthy free flowing 2hr interviews
focus groups
6-10 people with 1 moderator, the problem of peer influence
open-ended question
capture voice of consumers, no restrictions
dichotomous question
two options, yes or no
close-end or fixed alternative question
Choose from a set of options
semantic differential scale
based on characteristic and amount of importance
likert scale
give a statement, based on agreement
Why do wording questions matter?
correct interpretations and and actionable results
Conversation Velocity
total online mentions
share of voice
% of conversation relative to competitiors
