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Marketing 1MA3 > Marketing Research - Chapter 7 > Flashcards

Marketing Research - Chapter 7 Flashcards

1
Q

What is

Marketing research

A

Set of techniques & principles for systemically collecting, recording, analyzing I interpreting data that can aid decision makers involved in marketing goods prices, or ideas.

Provides info for when marketing managers attempt to develop strategies

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2
Q

Why do marketers find research valuable?

A
  1. Helps reduce some of the uncertainty under which they currently operate.
  2. Marketing research provides a crucial link between firms & their environments, which enables firms to be consumer-oriented
  3. Respond quickly to competitive moves
  4. Identify emerging opportunities and new & improved ways of satisfying consumer needs/wants from changes in the external environment.
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3
Q

What is CLV short for?

A

Customer Lifetime Value

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4
Q

What is CLV

A

Metric to determine customer’s value to a firm

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5
Q

What is the Marketing Research Process

A
  1. Define research problem & objectives
  2. Design the research plan
  3. Collect data
  4. Analyze data and develop insights
  5. Determine action plan
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6
Q

What is

Data mining

A

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

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7
Q

What is

Big data

A

Data sets that are too large and complex to analyze w conventional data management software

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8
Q

What is

Volume of big data

A

An inherent quality of big data that infers that big data contain a large amt of data

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9
Q

What is

Variety of big data

A

An inherent quality of big data that infers that big data contain both numeric and textual data and r obtained from diff media formats

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10
Q

What is

Velocity of big data

A

An inherent quality of big data that infers that data are collected and can be analyzed and accessed quickly

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11
Q

What is

Veracity of big data

A

An inherent aspect of big data that infers that big data users must evaluate the accuracy and reliability of the collected data

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12
Q

What is

Syndicated data

A

Data available for a fee from commercial research firms such as Symphony IRI Group, National Diary Panel, etc

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13
Q

What is

Scanner data

A

A type of quantitative research that uses data obtained from scanner readings of UPC codes at checkout counters

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14
Q

What is

Panel Data

A

Info collected from a group of consumers over time

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15
Q

What are

Focus groups

A

Small groups of consumers who are asked to meet and discuss a product

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16
Q

What does analysis of primary data require

A

Very experienced and knowledgeable market researchers to make sense of hrs of video tapes, audio tapes or a volume of notes from the researcher’s diary

17
Q

What does Quantitative research provide?

A

Mathematical info needed to confirm insights, allowing manageers to pursue appropriate course of action

18
Q

Wjat are

External secondary data

A

Info bits that have already been collected from other sources before

19
Q

What is a

Survey

A

Systemic means of collecting info from people that generally uses a questionnaire

20
Q

Areas in which laws are yet to catch up with protecting consumers from “questionable” marketig research is

A
  • Facial recognition software
  • Neuromarketing
  • Social media
21
Q

Characteristics of structured questions

A

Close-ended
Have specific answers

22
Q

Marketing research consists of:

A
  • Collecting data
  • Recording data
  • Analyzing data
  • Interpreting data
23
Q

What is

Data

A

The raw numbers that have limited value to marketers on their own

24
Q

Advantages of secondary data

A
  • Often inexpensive
  • Obtained quickly
  • Sometimes obtained by the company itself
25
Q

Why do we define the research problem and objectives?

A

Since research is both expensive and time consuming.
Correctly defining the problem is one of the most important elements of the marketing research process

26
Q

What do researchers do when designing the research plan?

A

They identify the type of data needed and determine the type of research necessary to collect it

27
Q

What do researchers do when collecting data

A

They collected data from secondary and primary data sources

28
Q

What is

Primary Data

A

Data collected to address specific research needs.
Methods to collect primary data are focus groups, in-depth interviews and surveys

29
Q

What do researchers do when analyze data and developing insights

A

They analyze the data
It should be thorough and methodical

30
Q

What is

Information

A

Data that has been organized, analyzed , interpreted, and converted into a useful form for decision makers

31
Q

What do researchers do in determing the action plan?

A

The analyst prepares the results and presents them to decision makers, who undertake appropriate marketing actions and strategies

32
Q

What is

Reliability

A

The extent to which the same result is achieved when a study is repeated in identical situations

33
Q

What is

validity

A

The extent to which a study measures what it is supposed to measure

34
Q

What is a

Sample

A

A segment or subset of the population that adequately represents the entire population of interest

35
Q

What is a

Hypothesis

A

A statement or proposition predicting a particular relationship among multiple variables that can be tested through research

36
Q

What is a

observation

A

A qualitative research method that entails examining purchase and consumption behaviours through personal or video camera scrutiny

37
Q

What is

ethnography

A

An observational method that studies people in their daily lives and activities in their homes, work, and communities

38
Q

Characteristics of unstructured questions

A

Open-ended
Allows respondents to answer in their own words

Marketing 1MA3 (13 decks)

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