Module 4: Market Research, Metrics and Analytics Flashcards
marketers gather info they need to gain insight and implement well-designed and executed marketing programs through
market research
used to track performance
metrics
used to analyze and interpret data
analytics
the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation
market research
market research can be conducted either
internally or externally
is not perfect at explaining consumer behaviour
market research
reduces the risk and uncertainty of making poor business decisions
market research
set of procedures and processes for collecting, sorting, analyzing and summarizing marketing info on an ongoing basis to help manage data
marketing information system (MIS)
numeric data collected and grouped to track performance
metrics
help track the success of a marketing program
metrics
what makes marketing a science rather than a suppersitition
measurement
metrics give you insights to overcome
unpredictability
metrics are selected based on
company protocols
percentage of sales volume for a product relative to the entire sale volume of the category in which it competes
market share
shows how well a brand’s sales are developed in a region relative to the region’s pop size
brand devlopment index (BDI)
percentage of total brand sales in a particular region relative to the percentage of the country’s pop in that region
brand development index
massive amount of data from traditional and online sources that are used for ongoing analysis
big data
big data is broken into 4 dimensions
volume, velocity, variety, veracity
is constantly changing, in real time, making it hard for marketers to manage and use
big data
shows hos customer behave on the oath-to-purchase
data
2 main types of data
structured data
unstructured data
easily tagged and stored in a uniform database
structured data
can’t be easily categorized as it comes from images, videos, audios, etc.
unstructured data
stats, numbers, dates, ages, financial info, and fixed survey responses are examples of
structured data
process of taking metrics and applying smart thinking and technology to make better business decisions
analytics
helps answer questions, provide customer insight and predict patterns
analytics
simplest form of analytics
descriptive analytics
focuses on what happened in the past
descriptive analytics
measurement and analysis of website data
web analytics
gain insights from social media interactions
social analytics
uses automated software to classify customers on recency, frequency or purchases and their monetary value
RFM analysis
3 examples of descriptive analytics
web analytics
social analytics
RFM analysis
RFM analysis refers to
recency, frequency of purchases, and monetary value
combines data to show patterns to predict what might happen in the future
predictive analytics
can be used to predict future consumer behaviour and to customize offers for specific grouping
predictive analytics
processing large amounts of data using software to find insightful correlations and patterns that lead to better business decisions
data mining
swapping out products displayed to customers
assortment rotation
assortment rotation is a popular business strategy for these 2 types of businesses
brick-and-mortar
online stores
when consumer is likely to purchase several items
concealment is positive
when consumer is likely to purchase only 1 item
concealment is negative
can help identify consumer trends, future business opportunities, new product ideas, and determine purchases intent
market research studies/projects
3 types of market research
exploratory research
descriptive research
causal research
preliminary research used to clarify the scope and nature of a marketing problem/opportunity
exploratory research
provides researcher with better understanding of issue and subsequent research is expected to follow
exploratory research
used to describe basic characteristics of a population or clarify their usage and attitudes
descriptive research
researcher has understanding of the marketing problem/opportunity and is seeking answers to particular question
descriptive research
causal research is designed to identify _________ among variables
cause-and-effect relationships
purpose is to explain a relationship between 2 variables
causal research
6 steps to the market research process
- define problem, issue, or opportunity
- design research plan
- conduct exploratory and qualitative research
- conduct quantitative research
- compile, analyze and interpret data
- generate reports and recommendations
clarifying the research objectives (should be specific, measurable, and achievable)
define the problem, issue, or opportunity
includes an overview of what info us needed to solve the problem, how it will be collected, and if sampling plan is needed
research plan
process of gathering data from a subset of the total population
sampling
collected using precise rules so the probability of a specific element of the population being selected is known
probability sampling
using arbitrary judgement to select a sample with the chance of selecting particular element of the population being unknown or 0
non-probability sampling
marketers collect 2 types of research data
secondary and primary
new data collected
primary data
data that is readily available at low cost
secondary data
secondary data can include
external and internal data
informal interview where group of ppl are brought together to discuss topics surrounding market research problem
focus groups
interviews where researcher discusses topics with an individual in a conversation
in-depth interview
private online forums where respondents can post their responses to questions
online research bulletin boards
provides insightful and descriptive info
qualitative research
not measurable and gathered from small proportion of the consumer base
qualitative research
4 types of qualitative research
focus groups, in-depth interviews, online research bulletin boards or communities, social listening
process of monitoring social media for mentions of your brand, competitors, or products
social listening
generates numerical data that quantifies consumer attitude, opinions and behaviours
quantitative research
designed to be statistically accurate and less open to interpretation
quantitative research
3 principle ways of collecting quantitative research:
observation, surveys, experiments
reflects actual behaviour but doesn’t allow consumer to provide rationale for their behaviour
observation
measuring changes in consumer behaviour over time to determine reactions to new product intros or new promotional offers
experiments
most common marketing research mistake
confirmation bias
when we interpret customer feedback and we interpret the data in a way consistent with what we already believe
confirmation bias
once data has been analyzed, researcher will discuss the results with a
marketing manager
