EXAM 2 Flashcards
Factors that affect Consumer Decisions
Cultural factors, Social factors, Individual factors, Psychological / contextual factors
Examples of Cultural factors
Culture & values, subculture, social class
Examples of Social factors
Reference groups, Opinion leaders, family
Examples of Individual factors
Gender, Age, Personality
Examples of psychological / contextual factors
Perception, Motivation, Attitudes & knowledge
5 step decision making process
Need Recognition, Information Search, evaluation of alternatives, Purchase, post-purchase behavior.
Marketing Research
The process of planning, collecting, and analyzing data relevant to a marketing decision
3 goals of marketing research
Describe, diagnose, predict
7 steps of marketing research
Identify the Problem, Plan the research design, Decide on sampling procedure, Collect data, Analyze data, Report, Follow up
Secondary data
Pre-existing data or data someone has already collected
When not to do market research
Have enough info, Lack of resources, costs outweigh benefits, opportunity has passed, Decision has been made.
Primary data
Collecting new data to answer the questions at hand
Examples of Qualitative methods
Depth interviews, Focus groups, Projective tests, Observation methods
Survey design process
Plan what to measure, draft the questionnaire, Pretest and correct problems
Market research process
Define the problem, Plan the research, Decide on sampling. Sampling is either Probability or non-probability.
