marketing research

Question 1

why do market research?

Answer 1

• reduce uncertainty
• reduce chance of failure
• better understand environment and customer
• help monitor competition
• so we can implement insights

Question 2

what are the 5 steps in the marketing research process?

Answer 2

1) research planning
2) research design
3) data collection
4) data analysis & interpretation
5) implement insights

Question 3

describe step 1 in the research process

Answer 3

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

Question 4

describe step 2 in the research process

Answer 4

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

Question 5

describe step 3 in the research process

Answer 5

collect data

begins after the research design process

data can be collected from primary or secondary data sources

Question 6

what is primary data?

Answer 6

those data collected to address specific research needs (ex. focus groups, in-depth interviews, surveys)

Question 7

what is secondary data?

Answer 7

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

Question 8

what is step 4 in the research process?

Answer 8

analyze data and develop insights

should be thorough and methodical

can be raw numbers

there is a notable difference between data and information

Question 9

what is information (compared to data)?

Answer 9

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

Question 10

describe step 5 in the research process

Answer 10

determine the action plan

prepare the results and present them to decision makers, who undertake appropriate marketing actions and strategies

Question 11

what is internal secondary data?

Answer 11

cache of customer info and purchase history

Question 12

what is data mining?

Answer 12

part of secondary data

uses a variety of statistical tools to uncover previously unknown patterns in the data or relationships among variables

Question 13

what is big data?

Answer 13

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

Question 14

what are the 5 v’s of big data?

Answer 14

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)

Question 15

what are the three different types of external secondary data?

Answer 15

syndicated, scanner, and panel data

Question 16

what is syndicated data?

Answer 16

data available for a fee from commercial research firms

Question 17

what is scanner data?

Answer 17

obtained from scanner readings of UPC codes at checkout counters and used in quantitative research

Question 18

what is panel data?

Answer 18

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

Question 19

what is the key difference between scanner and panel data?

Answer 19

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

Question 20

what are primary data collection techniques?

Answer 20

observing consumer behaviour, conducting focus groups, or surveying customers by using the mail, the telephone, in-person interviews, or the internet

Question 21

what is qualitative research?

Answer 21

uses broad, open-ended questions to understand the phenomenon of interest

more informal than quantitative

words based, open-ended, exploratory

Question 22

what is reliability?

Answer 22

the extent to which you will get the same result if the study is repeated

Question 23

what is validity?

Answer 23

the extent to which the study actually measures what is supposed to measure

Question 24

what is quantitative research?

Answer 24

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

Question 25

what are qualitative research methods?

Answer 25

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

Question 26

what are the quantitative research methods?

Answer 26

survey research : survey, questionnaire

panel & scanner

experimental - how one variable affects another

Question 27

what are the two types of questionnaires?

Answer 27

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