Marketing Research Flashcards
Is the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company.
Marketing Research
Marketing research process
Define the problem
Develop research plan
Collect information
analyze information
present findings
make decision
What are the two sources of data
Primary (freshly gathered)
Secondary (already exist)
What are research approaches
Observation
ethnographic
focus group
survey
behavioral data
experimentation
What are research instruments?
Questionnaires
Qualitative measures
mechanical devices
What are various question types?
Dichotomous
multiple choice
likert scale
semantic deferential
importance scale
rating scale
intention to buy scale
completely unstructured
word association
sentence completion
story completion
Types of samples in mechanical measures
Probability samples (simple random, stratified random, cluster)
Nonprobability samples (convenience, judgment, quota)
is the set of measures helps marketers quantify, compare and interpret marketing performance
Marketing metrics
two types of marketing metrics
External and Internal
Measures of market demand
Potential market
available market
target market
penetrated market
consumers who profess a sufficient level of interest in a market offer.
potential market
consumers who have interest, income and access to a particular offer.
available market
qualified available market the company decides to pursue
target market
consumers who are buying the company’s product
penetrated market
Vocabulary for demand measurement
Market demand
market forecast
market potential
company demand
company sales forecast
company sales potential
product is the total volume that would be bought by a defined customer group in a defined geographical area in a defined time period
market demand
market forecast shows expected market demand, not maximum market demand
market forecast
the limit approached by market demand as industry marketing expenditures approach infinity for a given marketing environment
Market potential
company’s estimated share of market demand at alternative levels of company marketing effort in a given time period.
company demand
expected level of company sales
ccompany sales forecast
sales goal set for a product line, company division, or sales representative
sales quota
estimate of the expected volume of sales and used for purchasing, production, and cash flow decisions.
sales budget
the sales limit approached by company demand as company marketing effort increases
company sales potential
absolute limit of company demand is the
market potential
