marketing research Flashcards
why do market research?
- reduce uncertainty
- reduce chance of failure
- better understand environment and customer
- help monitor competition
- so we can implement insights
what are the 5 steps in the marketing research process?
1) research planning
2) research design
3) data collection
4) data analysis & interpretation
5) implement insights
describe step 1 in the research process
define the research problem and objectives
know how you will use the research before you conduct it
base the research on relevant questions
research objectives are driven by business issues that companies want to examine, and a wide variety of testing methods and inputs can be used
describe step 2 in the research process
design the research plan
researchers identify the type of data needed and determine the type of research necessary
essentially create a blueprint for the research design
describe step 3 in the research process
collect data
begins after the research design process
data can be collected from primary or secondary data sources
what is primary data?
those data collected to address specific research needs (ex. focus groups, in-depth interviews, surveys)
what is secondary data?
pieces of info that have been collected prior to the start of the focal research project
pre-existing data
include both external (gov, commerical or private, public) and internal data sources
what is step 4 in the research process?
analyze data and develop insights
should be thorough and methodical
can be raw numbers
there is a notable difference between data and information
what is information (compared to data)?
organized, analyzed, and interpreted data that is in a form that is useful to marketing decision makers
we convert data to information in order to describe, explain, predict, and/ or evaluate a particular situation and then use it to develop insights
data: stats - average, stdev
info: simple terms
describe step 5 in the research process
determine the action plan
prepare the results and present them to decision makers, who undertake appropriate marketing actions and strategies
what is internal secondary data?
cache of customer info and purchase history
what is data mining?
part of secondary data
uses a variety of statistical tools to uncover previously unknown patterns in the data or relationships among variables
what is big data?
part of secondary data
data sets that are too large and complex to analyze with conventional data management software
accessed from a bunch of sources, including sales transactions, customer relationship management (CRM) systems, websites, social media, blogs, locational devices, wearables, etc
analyzed using data mining tools
there are 5 v’s of big data - characteristics
what are the 5 v’s of big data?
volume, variety, velocity (how quickly the data can be gathered as well as how promptly marketers need to respond to insights generated from the data), veracity (data offers different levels of accuracy and reliability, so firms need to determine how trustworthy the collected data might be), and value dimensions (stems from the insights they provide into factors that are critical to marketers)
what are the three different types of external secondary data?
syndicated, scanner, and panel data
what is syndicated data?
data available for a fee from commercial research firms
what is scanner data?
obtained from scanner readings of UPC codes at checkout counters and used in quantitative research
what is panel data?
info collected from a group of consumers (the panel) over time
includes records of what they have purchased, as well as their responses to surveys questions that the client gives to the panel to ask the panelists
what is the key difference between scanner and panel data?
the way the data gets aggregated
scanner: focuses on weekly consumption of a particular product at a given unit of analysis
panel: total weekly consumption by a particular person or household
what are primary data collection techniques?
observing consumer behaviour, conducting focus groups, or surveying customers by using the mail, the telephone, in-person interviews, or the internet
what is qualitative research?
uses broad, open-ended questions to understand the phenomenon of interest
more informal than quantitative
words based, open-ended, exploratory
what is reliability?
the extent to which you will get the same result if the study is repeated
what is validity?
the extent to which the study actually measures what is supposed to measure
what is quantitative research?
structured responses that can be statistically tested
provides info needed to confirm insights generated via qualitative research of secondary data, allowing managers to pursue appropriate courses of action
numbered based, structured, can be statistically tested
what are qualitative research methods?
observation
ethnography: observational method that studies people in their daily lives and activities in their homes, work, and communities; used to determine how consumers might use a product
social media: companies monitor, gather, and mine these vast social media data, to learn ab customer preferences
in-depth interviews - can provide historical context for the phenomenon of interest, particularly when they include industry experts of experienced consumers
focus group interviews (8-12 people) - have a trained moderator
what are the quantitative research methods?
survey research : survey, questionnaire
panel & scanner
experimental - how one variable affects another
what are the two types of questionnaires?
structured: close-ended questions for which a discrete set of response alternative, or specific answers, is provided for respondents to evaluate
unstructured: open-ended and allow respondents to answer in their own words
