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MKT1002 > Lecture 18 Marketing Research and Analytics > Flashcards

Lecture 18 Marketing Research and Analytics Flashcards

1
Q

What is marketing research?

A

This is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organisation

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2
Q

What are the steps involved in marketing research?

A

Defining the problem and research objectives
Developing the research plan for collecting information
Implementing the research plan and collecting and analysing the data
Interpreting and reporting the findings

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3
Q

What are the 3 types of research?

A

Exploratory research
Descriptive research
Causal research

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4
Q

What does exploratory research do?

A

It gathers preliminary information that will help define the problem and suggest hypotheses

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5
Q

What does descriptive research do?

A

This describes marketing problems, situations or markets, such as the market potential for a product or the demographics and attitudes of customers

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6
Q

What is causal research?

A

This tests hypothesis about cause and effect relationships

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7
Q

What is involved in the research plan?

A 
Management problem
Research objectives
Information needed
How the results will help management decisions
Budget
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8
Q

What is primary data?

A

This is information collected for the specific purpose at hand

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9
Q

What is secondary data?

A

This is information that already exists somewhere, having been collected for another purpose

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10
Q

What are the advantages of collecting secondary data?

A

Lower cost
Obtained quickly
Cannot collect otherwise

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11
Q

What are the disadvantages of secondary data?

A

Data may not be relevant, accurate, current or impartial

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12
Q

What 4 things are involved in primary data collection?

A

Research approaches
Contact methods
Sampling plan
Research instruments

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13
Q

What are the 4 primary research approaches?

A

Observational research
Ethnographic research
Survey research
Experimental research

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14
Q

What is observational research?

A

This involves gathering primary data by observing relevant people, actions and situations

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15
Q

What is ethnographic research?

A

This involves sending trained observers to watch and interact with customers in their “natural environments”

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16
Q

What is survey research?

A

This involved gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behaviour

17
Q

What is experimental research?

A

This involves gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses

18
Q

What happens in a focus group?

A

This is a personal contact method

Six to ten people with a trained moderator

19
Q

What are the issues with focus groups?

A

Expensive
Difficult to generalize from small groups
Consumers not always open and honest

20
Q

What are advantages of online contact methods?

A

Low cost
Speed
Higher response rates
Good for hard to reach groups

21
Q

What is a sample?

A

This is a segment of the population selected for marketing research to represent the population as a whole

22
Q

What should be thought about when creating a sampling plan?

A

Who is to be studied?
How many people should be studied?
How should the people be chosen?

23
Q

What are the 3 types of probability sample?

A

Simple random sample
Stratified random sample
Cluster (area) sample

24
Q

What is a simple random sample?

A

Every member of the population has a known and equal chance of selection

25
Q

What is a stratified random sample?

A

The population is divided into mutually exclusive groups (such as blocks), and the researcher draws a sample from each group

26
Q

What is a cluster (area) sample?

A

The population is divided into mutually exclusive groups such as blocks, and the researcher draws a sample of the groups to interview

27
Q

What are the 3 types of nonprobability sample?

A

Convenience sample
Judgement sample
Quota sample

28
Q

What is a convenience sample?

A

This is where the researcher selects the easiest population members from which to obtain information

29
Q

What is a judgement sample?

A

The researcher uses their judgement to select population members who are good prospects for accurate information

30
Q

What is a quota sample?

A

The researcher finds and interviews a prescribed number of people in each of the several categories

31
Q

How can questionnaires be used?

A

Used in exploratory research and are the most common form of primary research
Need to be careful of wording and ordering of questions (closed-ended or open-ended)

32
Q

What is a benefit of questionnaires?

A

They are flexible as they can be done in person or online

33
Q

What are 3 mechanical research instruments?

A

People meters
Checkout scanners
Neuromarketing

34
Q

What do people meters do?

A

People meters are attached to TV sets, cable boxes, and satellite systems to record who watches which programmes

35
Q

What is neuro-marketing?

A

This involves measuring brain activity to learn how consumers feel and respond

36
Q

What does CRM stand for?

A

Customer Relationship Management

37
Q

What is CRM?

A

This involves managing detailed information about individual customers and carefully managing customer touch points to maximise customer loyalty

38
Q

What are 7 CRM touchpoints?

A 
Customer purchases
Sales force contacts
Service and support cells
Web and social media
Satisfaction surveys
Credit and payment interactions
Market research studies
39
Q

What are some ethical issues with research?

A

Customer privacy

Misuse of research findings

MKT1002 (17 decks)

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