Marketing Research Process (W2) Flashcards
Outline the market research process
- Identify problem/ state research objectives
- Create research design
- Choose research method
- Select sampling procedure
- Collect data
- Analyse data
- Write and present report
- Follow-up
Explain
1. Identify problem/ state research objectives
Recognise problem Why is information wanted? Understand the environment Make research problem Does the information already exist? State objectives
Market opportunity
A situation that makes some potential competitive advantage possible
Market problem
A situation that makes some negative consequence likely
Explain
Why is information being sought?
What information will be used for?
What decisions will be made?
What process do you do to understand the decision-making environment?
Understand company/ market/ industry Exploratory research Pilot study Survey Secondary data
Symptom
A phenomenon that occurs because of the existence of something else
Management decision problem
A statement specifying the type of managerial action required to solve the problem
Marketing research problem
specifies what information is needed to solve the problem and how that information can be obtained efficiently and effectively
Marketing research objective
goal statement defining the specific information needed to solve the marketing research problem
Research question
what is the demographic, geographic and psychographic profile of the credit unions depositors, investors and mortgage holders?
Research objective
to determine the demographic, geographic and psychographic profile of the credit unions depositors, investors and mortgage holders
Hypothesis
an assumption or theory that a researcher or manager makes about some characteristic of the population being investigated
Null hypothesis
there is no difference between variables
Explain:
2. Creation of research design
Plan for addressing research objectives/ hypothesis
Descriptive studies
research studies that answer the questions who, what, when, where and how
Casual studies
research studies that examine whether the value of one variable causes or determines the value of another variable
Dependent variable
a concept expected to be explained or influenced by the independent variable
Independent variable
a concept over which the researcher has some control and that is hypothesized to cause or influence the dependent variable
Temporal sequence
an appropriate casual order of events
Concomitant variation
the degree to which a presumed cause and a presumed effect occur or vary together
Spurious association
a relationship between a presumed cause and a presumed effect; that occurs as a result of an unexamined variable or set of results
Secondary data
gathered for some purpose other then the one in hand
Experience survey
discussions with knowledgeable individuals, both inside and outside the organization, who may provide insights into the problem
Case analysis
reviewing information from situations that are similar to the current one
Focus groups
in depth discussions, usually consisting on 8-12 participants, which are led by a moderator and are generally limited to one particular concept
Methods of exploratory research
Expert survey Pilot survey Secondary data Experience survey Case analysis Focus groups Qualitative interviews Unstructured observations
Conclusive research
to describe specific phenomena, to test specific hypotheses and examine relationships; more formal and structured. Based on large representative samples
Methods of conclusive research
Survey Secondary data Databases Panels Structured observation Experiments
Methods for collecting data
Surveys Observations Experiments Depth interviews Focus groups Projective techniques Ethnography Secondary data
Survey
interviewer interacts with respondents to obtain facts, opinions and attitudes (except in mail, internet and mobile survey)
Observations
monitors respondents’ actions without direct interaction
Experiments
Measure causality in which researcher changes one or more independent variables and observes the effect of the changes on the dependent variable
Depth interview
Face-to face interview which provides maximum probing; great depth on a topic
Projective techniques
Involve the use of an ambiguous stimulus that an individual is asked to describe, expand on or build a story around
Ethnography
Involves participant observation; studying human behaviours in its natural setting; interactions; reactions to events and experiences
Sampling
involves any procedure that draws conclusion based on measurements of a portion of the entire population
Sample
a subset from a larger population
Population of interest
group of where the sample will be drawn; includes all people whose opinions, behaviours, preferences, attitudes etc. will yield the information needed to answer the research questions
Probability sampling
A sampling technique in which every member of the population has a known nonzero probability of selection
Non-probability sampling
A sampling technique in which units of the sample are selected on the basis of personal judgment or convenience the probability of any particular member of the population being chosen is unknown
Data analysis
application of reasoning to understand the data that have been gathered; determining consistent patterns and summarising the relevant details revealed
Raw data
survey questionnaires; interview or participants observation notes, recording (audio or visual)
Editing
checking the data collection forms for omissions, legibility and consistency in classification, correcting problems before transferring to the computer
Transcribing
Audio files are generated into transcripts for analysis
Coding
establishing rules for interpreting, categorizing, recording and transferring the data to the data storage media
Explain
6. analysing data
Raw data
Editing
Transcribing
Coding
