Marketing Research & Information Systems Flashcards
What is Market Research?
The systematic DESIGN, COLLECTION and INTERPRETATION of DATA as well as the REPORTING of information gained to help marketers SOLVE specific marketing problems or take advantage of marketing opportunities.
What is the aim of Market Research?
To INFORM firms about customer’s NEEDS and DESIRES, particular market OPPORTUNITIES for goods and services and changing ATTITUDES and purchase patterns of customers.
Name the Five steps of the Market Research Process:
- Determining the scope for marketing research.
- Selecting the research method.
- Collecting and preparing the data.
- Analysing the data.
- Transforming the analysis results into insights.
Market Research Process - Determining the scope:
Uncovering the NATURE and BOUNDARIES related to marketing strategy. PROBLEM/ISSUE DEFINITION.
Market Research Process - Select the Research Method:
Requires determining what types of research is most appropriate for answering the research question(s).
Exploratory research.
Descriptive research.
Experimental research.
What is Exploratory Research?
Conducted to gather more data about a problem or to make a TENTATIVE HYPOTHESIS more specific. E.g. “How are consumers car buying habits changing?”
What is Descriptive Research?
Conducted to CLARIFY the characteristics of certain PHENOMENA and thus solve a particular problem. e.g “How are consumers gathering information to assist in car buying?”
What is Experimental Research?
Research that allows marketers to make casual inferences about relationships.
What does Reliability and Validity mean in terms of research techniques?
Reliability is when a technique produces almost identical results in repeated trials.
Validity is when a research method measures what it is supposed to measure.
Market Research Process - Collecting and Prepare the Data:
Two types of data, Primary data and Secondary data.
Primary data is OBSERVED, RECORDED or COLLECTED directly from respondents.
Secondary data is compiled from internal and/or external sources for some purpose other than the current investigation.
The two basic types of sampling that marketing researchers use are:
Probability sampling - every element in the population being studied has a known chance of being selected for study.
Non-probability sampling - There is no way to calculate the likelihood that specific element of the population being studied will be chosen .
Market Research Process - Analyse the Data:
The AIM is to be able to interpret the data and analyse what is typical or what DEVIATES from the average.
Market Research Process - Transform the Results into Insights:
Have a clear, objective view on findings, determine the level of detail and supporting data and recommendations.
What are some ethical considerations in Marketing Research?
Data is collected in an ethical manner while maintaining information quality.
Must have professional standards by which research can be judged.
E.g. collecting data from Internet users without their knowledge.
Define Marketing Information systems…
Is a framework for the management and structuring of data gathered regularly from data sources inside and outside an organisation.
