Mark 5 Flashcards
Define marketing research
Marketing research is defined as the systematic design, collection, analysis and reporting of data relevant to a specific marketing situation
Marketing research describes a broad range of potential activities many of which are quite different from each other and therefore it can be classified in a number of different ways
Define a marketing information system
A marketing information system is defined as:
A system in which marketing information is formally gathered, stored, analysed and distributed to managers in accord with their informational needs on a regular planned basis
Marketing information system (MkIS) design is important since the quality of a marketing information system has been shown to influence the effectiveness of decision-maki
What are the two forms of marketing information and what factors affect them?
- Internal market information: Used what current information the company has available to investigating current customer interests. This is affected by the following factors:
- Marketing databases: companies can collect data on customers to identify certain trends or popular items.
- Customer relationship management systems: allows the firm to measure Customer retention (How many customers wish to remain loyal to the firm), Customer defection (How many customers leave the firm and whether the firm wishes to keep them or not) and finally customer acquisition (How many new customers are loyal to the firm and why)
- Website analysis: Analysing customer website behaviour by seeing which areas of the site are most frequented, what products are purchased and what is the payment method.
- Marketing intelligence: A catch-all term used to describe the systematic collection of data on what is happening in a market • Increasingly, the term ‘big data’ is used to describe the wide range of external sources of information that can be used to aid market decision making. This is affected by the following factors:
- Secondary research: research of existing resources and data that should always be carried out prior to primary research.
- Marketing research: The systematic design, collection, analysis and reporting of data relevant to a specific marketing situation. Marketing research describes a broad range of potential activities many of which are quite different from each other and therefore it can be classified in a number of different ways
What are the types of marketing research?
- Custom Research: research that is conducted for a single organization to provide specific answers to the questions that it has.
- Syndicated research: research that is collected by firms on a regular basis and then sold to other firms
- Exploratory Research: used to carry out a preliminary exploration of a research area to gain some insights or form some research hypotheses
- Descriptive Research: used to develop stronger conclusions about a research problem
- Casual research: seeks to establish cause-and-effect
- Ad-hoc research Focuses on a specific marketing problem and involves the collection of data at one point in time from one sample of respondents, such as a customer satisfaction study or an attitude survey.
- Continuous research Involves conducting the same research on the same sample repeatedly to monitor the changes that are taking place over time. This form of research plays a key role in assessing trends in the market and one of the most popular forms of continuous research is the consumer panel
Describe the marketing research process
A company will either carry out their own research via local customer or city resources or will hire an agency to conduct their own research while the company outlines what they wish to learn.
Define the process of sampling
What are the 5 methods of data collection
- Focus group Discussions
- Depth interviews
- Observation
- Ethnographic research
- Surveys
Discuss the process of designing a questionnaire
To obtain a true response to a question, three conditions are necessary:
– First, respondents must understand the question
– Second, they must be able to provide the information
– Third, they must be willing to provide it
Planning stage - Design stage - Pilot stage
What problems can cause a questionnaire to be unsuccessful
Define qualitative research and quantitative research
Qualitiative research involves a semi-structured, in-depth study of small samples in order to gain deep customer insights. Some of the key qualitative techniques include focus groups interviews, depth interviews, observation studies and ethnographic research.
Quanitative research is a structured study of small or larger samples using a pre-determined list of questions or criteria and the statistical analysis of findings. Typical quantitative techniques include surveys and experiments.
Define what occurs during the marketing research stage:
Research brief
Define what occurs during the marketing research stage:
Research proposal
Discuss the comparison of the survey methods
