From Data to Information to Action Flashcards
What is Marketing Research?
It is the set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers involved in marketing goods, services, or ideas
What is Data?
Data – the raw facts, recorded measures of certain phenomena
What is Information?
Information – transformed and organized facts in a form suitable for managers to base decisions
Who does Market Research?
- Producers of Products and Services
- Advertising Agencies
- Marketing Research Companies
What are Producers of Products and Service?
Organizations that produce products or deliver services for businesses or consumers often conduct research designed to develop and market their products and services
What are Advertising Agencies?
Often conduct research designed to help:
- Create and measure the effectiveness of advertising campaigns
- Determine the market potential of a proposed new product or the client’s market share
- Better understand consumers, their interests and behaviors
What are research roles of firms that provide syndicated research?
- Collect data on a regular basis
- Information is then sold to interested parties
- Research is NOT custom designed for a specific client
What are research roles of Firms that provide custom-designed research?
- Field service: collect data and return it to the sponsor
- Limited service: Collect and analyse the data
- Full service: Design the research and collect and analyse data
What research roles do other organizations like Government Agencies, Trade Associations, and University do?
• In many instances, the data collected by these organizations is shared with the public
What are Marketing Research Ethics?
Principles, values, and standards of conduct followed by marketing researchers.
The goal of any marketing research project should be to uncover the truth.
What is Advocacy Research?
Unethical research that is conducted to support a position rather than to find the truth
What is Sugging?
Unethical research that is contacting people under the guise of marketing research when the real goal is to sell products or services
