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Market Research > Flash Cards > Flashcards

Flash Cards

1
Q

Classification of Market Research

A

Problem Identification & Problem Solving Research

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2
Q

Market Research Process

A
  1. Defining the Problem [MDP & MRP]
  2. Developing an Approach to the Problem [How it will be addressed - Framework/Model, Research Q’s & Hypothesis, Specification of Information]
  3. Formulating a Research Design [Framework for conducting research- Explorator, Descriptive, Casual]
  4. Doing Field Work or Collecting Data
  5. Preparing and Analysing Data
  6. Preparing & Presenting the Report
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3
Q

Problem Definition & Approach Development Process

A
  1. Initial Research: Discussion with DM’s, Interviews with Experts, Secondary Data analysis, Qualitative Research
  2. Environmental Context of Problem
  3. Problem Definition - MDP & MRP
  4. Approach to Problem - Framework/Model, Research Q’s & Hypothesis, Specification of Information
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4
Q

Defining the Problem

A

Conduct problem audit:
Events lead to decision that action needed
Alternative Caourses of Action available
Criteria for evaluation of alternative actions
potential actions that are likely to be suggessted
information needed to answer DM’s questions
ENVIRONMENTAL FACTORS:
past info & forecasts
resorces and constraints that restrict scope definition
objectives of the organisation and decision maker
buyer behaviour
legal context
economic environment
marketing and technological skills.

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5
Q

MDP

A

ASKS: What the DM needs to do
IS: Action Oriented
FOCUSES ON: Symptoms

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6
Q

MRP

A

ASKS: What information is needed
IS: Information Oriented
FOCUSES ON: Underlying causes

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7
Q

Approach to Problem

A
  1. Analytical Framework and Models - Verbal, Graphical, Mathematical
  2. Research Questions and (possible answers) Hypotheses
  3. Specification of Information Needed
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8
Q

Research Design Framework

A
  1. Define Information Needed
  2. Design the research phases - exploratory, descriptive and/or causal
  3. Specify the measurement and scaling procedures
  4. Construct & Pretest questionnaire
  5. Specify sampling process and size
  6. Develop a plan of data analysis
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9
Q

METHODS: Exploratory Research

A

Survey of experts, Pilot Surveys, Case Study, Secondary Data Analsyis, Qualiative Research

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10
Q

Exploratory vs Conclusive Research

A

Objective: To Provide Insighs and Understanding vs To test specific Hypotheses.
Characteristics: Loose definition of information needed, flexible and unstructured process, small size, qualitative analysis vs Clearly definined information needs, formal and structure dresearch process, large sample, quantiative analysis.
Findings: Tentative vs Conclusive

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11
Q

METHODS: Descriptive Research

A

Secondary Data analysis, surveys, paels, observational data.

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12
Q

Cross Sectional Research

A

Designs involve the collection of information from a sample population at a single point

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13
Q

longitudinal research

A

Design involves collection of information from a fixed sample population repeatedly.

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14
Q

PURPOSE: Descriptive Research

A

To describe the characteristics of relevant groups/population

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15
Q

PURPOSE: Causal Research

A

To establis cause-and-effect impacts of relationships

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16
Q

METHODS: Causal Research

A

Expirements.

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17
Q

DESIGN Acryonym

A

D-Data Analysis Pln
E - Exploratory, descriptive, causal design
S - Scaling and Measurement
I - Interviewing forms: Questionnaire Design
G - Generating the needed information
N - Number: Sample size and plan

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18
Q

DEFINITION: Secondary Data

A

Data that already exisits and that is collected for the purpose other than need at hand.

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19
Q

Secondary Data Classification

A

Internal - Customer Databases, Data Warehousing & Mining, CRM & Database Marketing, Social Media
External - Syndicated Services, Government, Business/Nongovernment, Social Media

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20
Q

PROS/CONS: Secondary Data

A

PROS: Helps identify MRP, Helps develop an approach to problem, Answers questions and tests hypotheses, Cheaper and faster than primary Research
Cons - May be collected for other problems, may not be useful or irrelevant, may not be collected appropriately for this purpose, may be inacurate

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21
Q

CRITERIA: Evalating 2ndry Data - SECOND

A

S - Specifications: Data collection methodology
E - Error: Accuracy of Data
C - Currency: When the data was collected
O - Objective: Purpose for collection
N - Nature: Content of the data
D - Dependibility: How dependable is data

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22
Q

Secondary Data: Overcoming Disadvantages

A

Use Reliable Sources
Evaluate the primary source research Design
Assess the purpose of publication
Use multiple sources to help verify the quality of Secondary Data
Use information that is as relevant as poss.
Use original Source
Use most current data.

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23
Q

PROS/CONS: Surveys

A

PROS: Easy, Reliable Results, Simple codifying and Analysis
CONS: Respondents Unable or unwilling to respond, Fixed results may mean loss of data validity, question wording difficult

24
Q

Modes of Survey Admin

A

Telephone
CATI
Personal interview at home
Mall intercept Personal Interview
CAPI
Mail Interview
Mail Panel
Email Survey
Internet Survey

25
Q

DEFINITION: Syndicated Data

A

Common pools of data that have a known commercial value that is collected and sold

26
Q

CLASSIFICATION: Syndicated Data

A

HOUSEHOLD/CONSUMER
Surveys: Physographic/Lifestyles, advertising evaluation, general
Panels: Purchase & Media
electronic Scanner Services: Volume Tracking Data, Scanner Panels, Scanner Panes with Cable TV
INSTITUTIONS
Retails/Wholesales: Audits
Industrial Firms/Organisations: Direct inquiries, Clipping Services, Corporate Reports

27
Q

SYNDICATED DATA: Panels

A

PROCESS - Record purchases and behaviour in diary/over internet.
MAKEUP - Representative of the target population in terms of demographics.
Electronic recording methods have made more accurate.
Useful for estimating market share, forecasting sales, assessing brand loyalty.

28
Q

SYNDICATED DATA: Surveys

A

Can be used for marget segmentation, consumer profile development or determining consumer preferences.
PROS: Very flexible regarding content and aids, enables targeting of respodnents with specific characteristics
CONS: Data may not be accurate, ncorrect recollection or pressured answering from respondents, questions may be biased, results misinterpreted.
PANELS ARE BEST

29
Q

SYNDICATED DATA: Purchase Panels

A

Physical recording of purchase habits.

30
Q

SYNDICATED DATA: Media Panels

A

Electronic recording of media consumption. Television, Radio, Internet, Mobile.

31
Q

SYNDICATED DATA: Pros & Cons

A

PROS: accuracy of datam generation of longitudinal data, reduce recall errors and human error
CONS: might not be representative of larger population, response errors inherent in maintaining a panel. Underrepresented society groups, time committment of participant.

32
Q

SYNDICATED DATA: Scanner Data

A

PROS: prompt feedback, most accurate, less response bias and recall error, store variables recorded.
CONS: lack of representiveness of WHOLE industry Only as good as scanning process

33
Q

SYNDICATED DATA: Audit Data

A

PROS: Relatively accurate information of many products at wholesale and retail levels
CONS: Limited retail coverage, delay due to compiling and reporting, not linkd to consumer characteristics.

34
Q

Criteria for selecting Survey Method

A

If no method is clearly superior - consider overall consideration of advantages and disadvantges.
__________
complex and diverse or physical stimuli: personal methods are preferable (Capi, In-home, Mall intercept)
sample control issues: cold mail, fax and electronic may not work
high Data quantity: in-home and mail panels
low response rates: cold mail and electronic disadvantages
social disarability issues: Mail, mail panel and internet are best
interview bias problems: mail, electronic are favoured
Speed: Internet, email & telephone
Cost: Cold mail, electronic, mail panels, telephone, mal intercept, capi and in-home (IN THAT ORDER)

35
Q

SURVEY: improve response Rates

A

Prior Notification, Incentivisation (Money/Nonmonetary), Follow-Up

36
Q

Measurement

A

The assignment of numbers to characteristics according to pre-specified rules so that statistical data analysis is possible.

37
Q

Scaling

A

creation of a continuum upon which measured objects are placed. Allows classification of consumers according to attitudes.

38
Q

Scale Types

A

Nominal : numbers serve only as labels for indentifying or classifying objects (do not reflect amount of characteristics)
Ordinal: which numbers are assigned to objects to indicate the relative xtent to which some characteristic is possessed.
Interval scale: numbers used to rank objects which are numerically equal distances on a scale. (i.e. time/temp)
ratio : identify or classify objects, rank order the objects and compare intervals/differences

39
Q

Scaling Techniques: Comparative

A

Comparative: direct comparison of stimulus objects with one another. Done in relative terms - Ordinal/Rank only. Methods: Paired Conmparison Scaling (select one object of two on offer). Rank order scaling ( presented with several objects, asked to order or rank them)

40
Q

Scaling Techniques: Non-Comparative

A

Non-Comparative: Does not compare against another object or standard. One object evaluated at a time - monadic scales
Continuous rating Scale: rate objects by placing at an approproate position on a line that runs from one criterion to another
Itemised Rating scale: Have number or brief descriptions associated with each category. Required to select which best describes - Likert, Semantic Differential Scale, Stapel all this type.

41
Q

Likert Scale

A

Indicate degree of agreement or disagreement with a series of statements.

42
Q

Semantic differential scale

A

Rating scale with end points associated with bipolar labels that have semantic meaning

43
Q

Questionnaire Design Process

A
  1. Specify the information needed
  2. Specify the type of intervew method (will effect nature of qustions)
  3. Determine question content (do you need some double-barrelled)
  4. Desin Questions to overcome unwillingness or inability to answer
  5. Decide on Question structure (Unstructured (at start) vs Structured)
  6. Determine quesiton wording
  7. Arrange the question in proper order
  8. Identify the form and layout
  9. Reproduce the questionnaire
  10. Eliminate Bugs by Pretesting.
44
Q

Overcome unwillinness and inability to respond

A

Factos that limit ability: Are they Informed? Can they Remember? Can they Articulate
Combating Unwillingness - manipulate context for appropriateness of request, Explain legitimate purpose of data collection, assure security of data.

45
Q

Wording Question

A

Define the Issue
Use Ordinary Words
Avoid ambigious words
avoid leading questions
avoid implicit aassumptions
avoid generalisations and estimates

46
Q

Question Order

A

Start with interesting, simple and non threatening questions before moving into more difficult, complext, sensitive or dull questions –> USE a FUNNEL approach

47
Q

General Question Order

A

Qualifying/Screening Questions
Inroductory Questions
Main Questions Easy
Main Questions More Difficult
Psychographics/Lifestyles
Demographics
Iedntification information

48
Q

DEFINITION: Census

A

A complete enumeration of the elements of a population or study of objects

49
Q

DEFINITION: Sample

A

A subgroup of the elements of the populaton selected for participation in the study.

50
Q

DEFINITION: Population

A

The aggregate of all of the elements that share some common set of characteristics and that comprise the universe for the purpose of the MRP.

51
Q

Sampling: Defining the target population

A

The collection of elements or objects that possess the information sought by the researcher and about which inferences are to be made.
Define in terms of:
Element - is the object about which or from which the information is desired.
Sampling Unit: is an element or a unit containing the element that is available for selection
Extent: Geograpic Boundaries
Time: Time period under consideration

52
Q

Sampling Design Process

A
  1. Define the Population
  2. Define the Sampling Frame
  3. Select Sampling Technique
  4. Determine the Sample Size
  5. Execute the Sampling Process
53
Q

Sampling Frame

A

Consists of a list of directions for identifying the elements of the target population

54
Q

Sample Frame Error

A

A survey error caused when the sample frame is not a perfect representation of the population. (false respondents)

55
Q

Reducing Sample Frame Error

A

1 - Redfining the population in terms of the sampling frame (turning te frame into the population)
2 - Screening respondents through qualifying questionnaires
3 - Applying a weighting scheme to counterbalance errors (statistically adjust the sample by weighting over or under represented segments).

56
Q

Sampling Techniques

A

Non-Probability: relies on personal judgement of reseacher to arbitrarily/consciously decide which elements to includez.
Probability: selected by chance - everyone has a non-zero chance of being selected (evenly) - requires precise definition of target population and specificatin of sampling frame

57
Q

Sampling Types

A

Non Probability –> Convenience Sampling, Judgement Sampling, Quota Sampling, Snowball Sampling
Probability –> Simple random, Systematic, stratified, cluster

Market Research (6 decks)

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