Lesson 6 Flashcards
What is a market analysis?
A systematic planning, collection, analysis and dissemination of collected data that is relevant to the company’s strategic decisions
What is primary data?
Information that is collected first-hand generated by original research tailor-made to answer specific research questions
What is secondary data?
Information that has already been collected for other purposes and is thus readily available in databases
What is internal data?
It is firm-specific data (inside the company)
What is external data?
It is market data (outside the company)
What is the role and purpose of makreting research?
To gather information about the company’s market in order to reduce the uncertainty involved in decision making.
To describe and explain (a part of) ”the world and the way it works”.
The role is primarily to act as an aid to the decision-maker.
The role of marketing research is NOT to make decisions but to improve the foundation on which you are making decisions.
Marketing research can NOT guarantee success, but it can in fact increase the probability of making a ”right” decision.
What are the benefits of secondaary data?
Secondary data can rarely provide all the answers to a research problem, but they can help us to:
Diagnose the research problem
Develop an approach to the problem
Answer certain research questions and test some hypotheses
Interpret primary data with more insight
What are the disadvantages of secondary data?
Non-availability of data (does the information exist?)
Who collected the data? (trustworthy?)
For what purpose was the data collected? (hidden agenda?)
How was the data collected? (methodology)
Data classification
(problems of fit?)
Comparability of data (variations in national definitions?)
Currency (is the information up-to-date?)
What does primary data - qualitative analysis show?
Provides a holistic view of a research problem by integrating a larger number of variables, but asking only a few respondents.
A semi-structured interview, primarily exploratory design based on small samples, intended to provide deep insight and understanding.
