Introduction Flashcards
What to do with Research Problems?
Identify and Formulate
Different Research Designs
Exploratory
Descriptive
Causal
Steps of Research Implementation
- Data Collection Method and Sample
- Data Collection
- Analysis and Interpretation
Three Main Topics of Market Research
Generating (Insights to Concept)
Developing (Concept to Product)
Monitoring (Product to Money)
Purpose of Market Research
Obtain (bekommen) customer insights (Verständnis) to help managers to make better decisions. Choice of tools depends on the problem to be solved
What concept of Market Research?
- Systematic gathering and interpretation of information about individuals or organisations
- using statistical and analytic methods and techniques of the applied social sciences
- to gain insight or support decision making
Different TYPES of Market Research?
Ad Hoc -> to deal with a specific issue
Programmatic -> returning research
When is Market Research conducted?
When there is uncertainty about what to do
The uncertainty should be balanced against the costs of conducting market Research
Complementary approaches to Market Research?
Research Projects
Information Systems
Providers of Market Research
Internal
External -> Full/Limited Service
Full -> Syndicated Data/Customized Services
Limited -> Segment Specialists/Field Service/Specialized
Sources of MR - PROBLEMS
Unanticipated Change - (in internal/external environment)
Planned Change - (growth plans -> products, services)
Serendipity („Antizipation)- (Change ideas -> from RnD, Sales..)
=> Marketing sympton can be a problem as well as a chance
Tasks of a Market Researcher
- Translates the decision problem into a research problem
- Makes sure the real problem is adressed and not only the symptoms
What is Research Design?
- Plan for a study
- used as a guide in collecting and analyzing data
What is the use of Research Design?
- Ensures the study is relevant to the problem
- Helps to limit the project costs
3 Research Designs for different problems
Ambiguous (mehrdeutig) Problem -> Exploratory Research
Somewhat defined Problem -> Descriptive Research
Clearly defined Problem -> Causal Research
Steps of application of exploratory research
Generate Hypotheses
Develop measure instruments
Understand structure
3 steps of Application of Descriptive Research
Understand the Market size
Segmentation
Measure archievement
2 Steps of Applications of Causal Research
Confirm and Quantify Correlations
Simulate Change in Marketing Mix
5 Methods of Exploratory Research
Literature Search Focus Groups Personal Interviews Observational Studies Ethnographic Studies
3 Methods of descriptive research
One-time survey
Longitudinal survey
Panel studies
3 Methods of Causal Research
Laboratory studies Field studies (incl test markets) Designs with a high control of the independent variable
Task and role of Research Projects
-> Executed to address specific marketing Problems
=> Play a major role when actionable information is required (new product/campaign)
Task and Role of Information Sytsems
Continuous monitoring of consumers and market behavior; Databases; Systems are called CRM (Customer Relationship Management)
=> work as a early warning system -> dont provide enough information for specific situations
Never conduct Market research, if…
… Decision is already made
… Decision needs to be taken at an instant
