Introduction; Define the Problem; "Waterfall" + Agile Research Methods

Question 1

Agile Marketing Research

Answer 1

Build new product/service.
Test it out.
Learn how to use/changes necessary.
Repeat.

• Can do multiple steps at a time.
• Circular process and receptive to change along the way.
• Less risk, easier to adapt

Question 2

“Waterfall” Research Method (Traditional)

Answer 2

Problem definition. 
Develop approach to problem. 
Research design. 
Data collection. 
Data preparation/analysis. 
Report prep/analysis. 

• Has more risk associated.
• Must do ONE step at a time.

Question 3

“Passing” Marketing Research Tools

Answer 3

Telephone surveys: No longer effective. There is a stereotype of a person who has a home phone, no longer varied.

Question 4

“Timeless” Marketing Research Tools

Answer 4

Marketing mix modeling: a mix of multiple channels of research.
Online surveys
Focus groups: facilitator collects valuable opinions from a group of recruited people about a certain product/service.
Ethnography: observing people in their natural habitat
Econometric modeling: statistical relationships held between different economy measurables.

Question 5

“Transitional” Marketing Research Tools

Answer 5

Social media
Insight communities: online group of people who provide value and change through their opinions, +/-, and are chosen because they are the “right people.”
Text analytics: finding common words and patterns with those words.
Virtual reality
Neurobiometrics

Question 6

Emerging Technologies

Answer 6

Mobile Research
Passive Data: GPS, RFID
Web-Use tracking

Question 7

Value Proposition

Answer 7

The problem that has been defined by the customer and YOU are solving it.

Question 8

4 Stages of successful start ups.

Answer 8

1: Customer discovery (Marketing Research)
2: Customer validation
3: Customer creation
4: Company building

Question 9

Problem Identification definition.

Answer 9

We do not know the problem and we are SEARCHING for it, qualitative, maybe the problem isn’t even relevant yet.

-Ex: Market potential, images, market characteristics, analysis/forecastings

Question 10

Problem Solving defintion.

Answer 10

We KNOW specifically what is going on and we need answers, quantitative, searching for LOTS of answers.

-Ex: Segmentation, 4Ps, distribution research

Question 11

Backwards Research

Answer 11

Start at the issue and go backwards as to how it was related to previous steps.

Will this end report help you get correct data?
What decisions would you like to make based on this issue?
How important/strategic is this issue to your company? (Scale, price range)

Question 12

Demographics

Answer 12

Descriptors whether that be age, height, color, smell, equipment type, etc.

Question 13

Psychographics

Answer 13

Psychological demographics.

Examples: life stage, maturity, personalities of that age

Question 14

Problem audit

Answer 14

Comprehensive examination of a marketing problem with the purpose of understanding its origin and nature.

• Events leading up to problem/history.
• Alternative options available to decision maker.
• Criteria used to evaluate alternatives.
• Recommendations based on research.
• Information needed to answer decision maker’s ?s.
• Manner in which information is used towards decision.
• Corporate culture issue resides in.

Question 15

Management decision problem (a DECISION)

Answer 15

The strategic issue of interest to management. What they need to decide. Not specify enough to derive the research process.

Should new product be introduced?
Should advertisement campaign be changed?
Should price be increased?

Ex: Should Harley Davidson invest to produce more motorcycles?

Question 16

Marketing Research Problem (a RESEARCH APPROACH)

Answer 16

To determine consumer preferences and purchase intentions. To determine effectiveness of current campaign/product. DIRECTLY relates to what is important to management, plan a research approach from this.

Question 17

Different between Management Decision Problem and Marketing Research Problem.

Answer 17

Management decision problem: asks what the DECISION maker needs to do.

Marketing research problem: asks what INFORMATION is needed and how best it can be obtained (via type of research)