Marketing Research Flashcards
What is market research
It is the research taken to understand markets aka customers, channels and competitors
What is marketing research
Research taken about the efficacy of marketing activities like pricing and supply chain activities
What are customer insights
Knowing your customers
What is big data
Systematically analyze high volume highly volatile and highly varied data
What is marketing analytics
Analyze mathematical patterns in the market such as sales and activities
Is consumer insight research more commin un b2b or b2c
B2c
When is a customer insight process most valuable
When it is rare, difficult to imitate and useful for management decisions
What should CEOs and CMOs do to affectively implement consumer insights
Provide the necessary resources for proper research and act upon evidence and not preconceptions
How should researchers act to effectively implement customer insights
As problem solvers not reporters and give concrete ways to implement their findings
What is a marketing research brief
A brief outline if a clients marketing problem to a marketing research firm
I hat is most often included in a market research brief
A summary of the company and its offerings, a statement if why research is needed and what decision the research will inform. It also includes a detailed list if information needed, schedule and scope
What is a good marketing research question
A question outlining the problem of the marketer that can be subdivided int smaller questions
What is a research proposal
A detailed outline if how a research agency will investigate a problem
What types of research objectives are there in business research
Exploratory, descriptive and causal
What is exploratory research
Develop hypothesis of new concepts when little is known about a management problem
What is descriptive research
Accurately describe variables considered
What is causal research
To research if a variable causes an effect in another variable
What is primary research
Research conducted for the first time
What is desk research
Gaining access yo previous research aka secondary research
How is primary and desk research commonly conducted
First desk and then fill in knowledge gaps with primary
How is qualitative data often obtained
Interviews, observations and focus groups to get an idea of underlying meaning. Popular in exploratory research
What distinguishes quantitative research
They use organized and structured procedures as well as a large amount of tests and data to answer specific questions
How is quantitative business research commonly conducted
Through survays
How do you determine the validity and reliability of the test results
You check for statistical errors and sample bias
Bow may you test the validity and external reliability of research results
Through multiple tests aka the test retest strategy if at different times or split half strategy if two tests at ones
What is a face validity test
Yo read research results critically
What is the difference between market, research and testing
Market research researches attitudes in the market through surveys while market testing puts these ti the test using a test market
What are the five types of data sources
Public data, private data, data exhausts, community data and self quantification data
What is public data
Data held by public authorities
What is private data
Data held by private entities that cannot be ascertained from public sources
What is data exhaust
Information generated through everyday actions like search data
What is community data
Unsorted raw data like social media reviews that concern social trends
What is self quantification data
Data generated by people reviewing themselves
What should you think of when making research questions for other cultures
Conceptual, functional, measurement, sampling, data collection and translation equivalence in the interview questions
What ways are there to conduct market research
You can do it in house, hire researchers, go via a trade association or study official statistics
Name some sources of official statistics
Eurostat, scb, national accounts and household expenses
What is the difference of knowledge in social science and natural science
In natural science there is a hard truth while social science is more open for different interpretations. Social constructs etc
What is ontology
The study of knowledge
How does realists look at the social world
As something objective and external that exists independent of actors
How do idealists look at the social world
As something that is constructed by the actors in it
How do positivists learn about the world
Use established theory to construct a hypothesis that can be tested. Research objective cause and effect
How do hermeneutics learn about the social world
They interpret the subjective meaning of social actions
What are type of research is preferred by positivists
Quantitative studies
How do you evaluate qualitative studies
Is it credible and relevant, is your results similar to others, is it dependable aka sufficiently backed up with data and is it confirmable through links between the data and conclusions that others can understand
When should should you employ a quantitative study
When you know what to study and need information about something specific and important
When should you employ qualitative studies
When identifying new challenges, when there are complex dynamic contexts and when exploring large social changes
Name some methods of data collection
Primary or secondary collection, document studies and literature review
What is co-shopping
Join a customer and chat while they shop to gain insight about their experience
What is a netnograohy
An ethnography on the internet detailing the dreams ideas and complaints of a group online
Explain an attitude survay
Ask consumers to rank their attitudes in a scale
