market research Flashcards
markets are researched in order to
To understand better the conditions, tendencies and opportunities within the sector and the market.
To broaden our knowledge of competition, strengths and weaknesses, strategies, key factors, mistakes and successful factors of a company and its competitors.
To collect detailed information on specific issues.
To broaden the business vision.
To establish short- and long-term objectives.
To make decisions in a more rapid and efficient manner
Marketing Research used for
Market structure Market potential Market segmentation User and consumer behaviour Strategic planning analysis Competitors' strategies analysis
Market research used for (2)
Products: Product purchase and use Product and brand image and positioning Concept testing Product testing New-product selling models Price: Price structure (discounts, sales…) Demand/price elasticity Cross elasticity Consumer price perceptions
Market research used for (3)
Distribution: Distribution channels selection Warehouse and store locations Store design and decoration Sales: Sales performance, compensation and motivation Sales territories and quotas Advertising and PR Message testing Media selection Effective advertising Branding
target population or universe represents the aggregate of all the elements sharing one or some common characteristics that comprise the universe for the purpose of the marketing research problem
universe or population
complete enumeration of the elements of a population.
census
subgroup of elements of the target population. The sample characteristics are used to deduce population parameters
sample
based on the personal judgement of the researcher rather than on the opportunity of selecting sampling elements
non-probability sampling method
based on sampling units randomly selected
probability sampling
data is gathered from a company’s sales and profits records
internal sources
data is not within the company and is elaborated ad hoc, that is to say, it is collected for specific purposes. For example, a marketing research carried out by third parties in order to evaluate the risks associated to a new product launch.
Advantages: very appropriate for the object of study and tend to be more reliable.
Disadvantages: huge costs and slow process of data collection
primary external sources
data is not within the company, though it is already existing and available. This data is generated by a particular sector in any country where a company operates, such as the Gross Domestic Product.
Advantages: low cost, fast data collection, these sources may provide data that the company may not be able to obtain through primary data.
Disadvantages: secondary data may not meet entirely the needs of the research, and data accuracy is hard to check.
secondary external sources
facts and figures that have been recorded before the project at hand (census, studies, commercial associations, magazines)
primary data
facts and figures that have been gathered specifically for the project at hand. There are two approaches to secondary data collection: observation and interviews.
secondary data
aim is to discover ideas and knowledge. In addition to this, they aim to identify problems in a more precise way through the identification of relevant variables. They are preliminary research; they are very flexible and not very formal and are often based on data studies that already exist
Exploratory researches
these are the most common and their aim is to discover the characteristics of certain groups, to determine the frequency with which something occurs, to estimate the relationship between two or more variables and to carry out predictions. They are divided into longitudinal and latitudinal studies
descriptive researches
these are used to establish cause and effect relationships via units
causal researches
objective of describing the qualities of a phenomenon. It does not aim to test or to measure to which grade quality can be found in a given event, but rather tries to discover as many qualities as possible- holistic, does not often test theories or hypothesis, does not have statistical analysis
qualitative research
examine data in numerical way- collects and analyses data on countable variables - identification of problem, selection of sample, selection of model, design of questionnaire, collection of data, data processing
quantitative data
online surveys and consumer panels, online focus groups, website visitor tracking, measuring advertising, user identification systems, marketing mailing lists, embedded research (personlization of products like Nike ID)
seven methods of international research through the internet
segmentation is completed before a market research is carried out. This means that the segmentation criterion applied is based on the object of study without being certain that it will be the best criterion
A priori segmentation
after a market research is carried out, and according to the results obtained, one type of segmentation is applied - research, factor analysis, cluster analysis, definition of segment profiles
optimal segmentation
