MAR 6646 Final Exam Flashcards
What is Marketing Research?
Marketing research is the process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem.
Explain how marketing research is a business function
Marketing research links the consumer, customer, and public to the marketer through information used to define, refine, monitor, and improve.
Define: Identify and define marketing opportunities and problems
Refine: Generate, refine and evaluate marketing actions
Monitor: Monitor marketing performance
Improve: the understanding of marketing as a process
What is the most useful information for decision making in marketing?
(Three Octopus And Unicorns Eat Ripe Avocados)
- Timely
- Objective
- Accurate
- Up to date
- Easy to understand
- Relevant
- Actionable
What are the five steps of the marketing research process?
I.D.C.A.S
- Identify a research need: information that does not currently exist in the business
- Design your research: align your objective, audience, type of study, and study instrument.
- Conduct the study
- Analyze the results
- Share the research insights
Why do we use decision analysis?
To determine a recommended decision option
What are the four criteria’s for your research objectives
Research tools: format- survey, questionnaire, focus group, interview
Research audience: who are we conducting this research among?
Main idea of research: the construct - main idea your are trying to learn from research sample
Types of questions to be asked: How will you capture the main idea? What question will you ask to obtain the main idea
Research objective/recipe
Conduct a _______ among ______ to learn about _______ as measured by ________
Ex: Conduct a pre/post survey among active exercisers between the ages 24-39 who exercise at least 30 minutes a day and who have not purchased a fitness tracker product in the past to learn about the campaign as measured by their awareness of and likelihood to purchase our fitness tracker product on a 7-pt scale, 3 months before and 3 months after the campaign launches.
Why do we conduct qualitative research?
It is mainly used for exploratory purposes early in the decision phase.
To look deeper into why people think the way they do. It considers information at an emotional level
Driven by dialogue, more conversational than a survey, making it more subjective
Why did someone do something
Can be a time when it is definitive = if the group of people all say the same thing, while its directional its also definitive as they all sad the same thing
Name 3 research tools for qualitative research
Customer visits, focus groups, and interviews
Customer Visits: When a researcher and/or executive or manager from the organization goes and visits the customer in the place of business. Typically there are 4 reasons as to why we would do this.
Focus Group: A focus group is when a small group of people are brought together to answer questions in a moderated setting. This is done to gather in-depth insights and opinions from a group of individuals about a particular product, service, concept, or idea.
Interviews: An interview is a qualitative research method that involves asking questions to collect data
Name the two types of research
Qualitative, and quantitative.
Why do we conduct quantitative research?
To obtain precise numbers, percentages or averages.
with questions like: how many? Which one?
The goal:
Compare two or more numbers
Conduct statistical analysis
Key competence:
Sampling
Hypothesis construction
What three tools are used for confirmatory (to support or corroborate) purposes late in the decision phase?
- Descriptive surveys
- Experiments (concept tests and test markets)
- Choice modeling and conjoint analysis
What are the two types of data sources?
Primary & secondary
What is the difference between exploratory and confirmatory research?
Exploratory = Early in the decision phase
Confirmatory = Later in the decision phase
What is a questionnaire?
A broad term. Survey research represents a specific application of questionnaires.
Why do a descriptive survey?
- To get specific market data
- For complex inter-group comparisons on multiple descriptors
Ex: opinions and perceptions of large vs. small buyers, brand A vs.brand B owners, industry 1 vs. 2 vs. 3
- For purposes of developing a segmentation scheme or profiling segments
- to track a numerical quantity over time.
What are some strengths in running a survey?
- Provides a large sample precision (allows you to talk to a lot of people very quickly)
- Supplies objectively of large probability samples (easily apply statistical rules to make sure everyone in the sample is represented)
- Wealth of high-powered analytic tools available
- Reveal complex, multi-level distinctions among groups
- Inter-temporal comparisons (looking at data at different points in time - weekly, monthly, etc.
What are some weaknesses in running a survey?
- Gives broad but shallow data (what but not why)
- Can’t reveal what you don’t know to ask about
- Like interviews, represent self reports (which may include biases)
- Participation in surveys is intrinsically unrewarding
- Large amount of non-responses, which can lead to a biased data
What are the three types of non responses?
- Refusal: potential respondents do not engage with the survey attempt at all. They might ignore emails, discard direct mail without reading, or physically walk away from researchers in public spaces. As a result, no data is collected from these individuals.
- Break-off: respondent begins the survey but does not complete it. They might answer a few questions but then exit the survey prematurely for various reasons, such as finding the survey too long, too difficult, or the website too slow. This leads to incomplete data collection, with only the initial portion of the survey completed.
- Item omission: respondents skip certain questions within the survey but continue to answer others. Their reasons for skipping questions might vary, including disinterest in specific questions, accidental omission, or misunderstanding the questions. Like break-offs, this results in partial data collection, but in this case, the gaps are scattered throughout the survey rather than at its end.
What are some tips to avoid the three types of non-responses?
