Marketing Research (Midterm 1) Flashcards
Primary Research
YOU DO THE RESEARCH, targets a specific issue or problem, expensive.
Secondary Research
OTHERS HAVE ALREADY DONE IT, broad but relatively cheap or free and saves a lot of time.
Good Market Research
1) specific questions
2) relevant data sample
3) clear answers (methods fit the research)
4) strategic direction/how-to’s
5) flavored w/voice of customer
Market Research Process
1) Define
2) Design
3) Collect
4) Analyze
5) Act
Correlation
A and B occur simultaneously. Don’t assume that causality leads to a correlation!!! A could cause B OR B could cause A or C could cause A and B!
Causality
A causes B
Coverage Error
sample doesn’t represent population of interest (screening questions)
Sampling Error
small sample, large population (increase sample size)
Measurement Error
questions don’t measure what you want to measure (ask the right questions!)
Non-response Error
obtained sample differs from original selected sample (non/late respondents)
Regression analysis
Relationship between a dependent variable and one or more independent or predictor variables. How does a predictor variable change the outcome variable? WEEKEND SKI TICKET SALES, READERSHIP OF MEDICAL JOURNALS, HAMBURGER BUN SALES
factor analysis
factor analysis is used reduce data, to simplify a data set by identifying highly correlated variables and grouping them into factors. TAKE 14 MEASURED CUSTOMER ATTITUDES (GROCERY STORE) AND GROUP THEM INTO FOUR
cluster analysis
Grouping objects or people into groups based on similarities (demographics/behaviors), Divide markets into segments
discriminant analysis
factor analysis + cluster analysis=Ability of predictor variables to discriminate between categories, Generate perceptual maps depicting relationships btwn brands and brand attributes. ATTRIBUTES OF DIFFERENT CARS, ATTRIBUTES OF SODA (tart vs sweet, socially aceptable).
MaxDiff analysis
Measures most/least important or most/least appealing Determine choice preferences TURF–>which combination of products is most profitable?
conjoint analysis
1) deconstructs products into component attributes
2) estimates the value of each component attribute
3) reconstructs existing and potential products in a way that allows researchers to estimate the value of each product.
Used to aid product development and pricing choices & build market simulations to measure the impact of those choices. VIDEO OF WOOZLES, SWISS KNIFES which attributes are most important and at what price should they be sold. determines trade-offs customers are willing to make.
Cross Tabs
Frequency counts, Conditions, attitudes, and/or behaviors that occur most often (specific attitudes or behaviors that occur more often than would be expected) ICE CREAM COUNT
Analysis of variance
Analysis of variance is based on averages and variability around an average. Researchers are looking for averages that differ well beyond what their variability would suggest WHICH PLACEMENT OF CEREAL IS MOST PROFITABLE
Marketing Research Rule
If the cost of a wrong assumption is less than the cost of research, don’t do the research!
If the cost of a wrong assumption is more than the cost of research, do the research!
