Marketing Research - W3L3 Flashcards
Customer Insights
Are fresh understandings of customers and the marketplace derived from marketing information which is the basis for creating customer value and relationships.
Market Research
Gathering consumer data and insights, in order to successfully market products to the target market.
Exploratory Research
Used to gather preliminary data that will help define the problem.
Descriptive Research
Used to describe marketing problems, situations or markets.
Casual Research
Used to test a hypothesis about cause-and-effect relationships.
Qualitative Research
Used in exploratory research, yields qualitative data (non-numerical).
Quantitative Research
Used in descriptive and casual researches, yields numerical information.
Marketing Research Steps
Define the problem, develop a research plan, implementing the research plan, interpret and report findings.
Develop the Research Plan
Sources of existing data, specific research approaches, the use of secondary or primary data or both.
Secondary Data
Information that already exists having been collected for another purpose.
Primary Data
Information collected for the specific purpose at hand.
Implementing the Research Plan
Actioning the research plan and collecting, processing and analysing the information.
Interpreting & Reporting Findings
Consolidating the information gathered and presenting it in a formal document.
Public Policy & Ethics
Researchers should only ask for information when necessary and use it responsibly to provide customer value.
