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Marketing Business Study Notes > Note: Chapter 7-Marketing Research > Flashcards

Note: Chapter 7-Marketing Research Flashcards

1
Q

What is market research?

A

Gathering info to make marketing decisions

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2
Q

Primary data

A

Collected for and about a specific business

-Collecting primary data is usually expensive and time-consuming

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3
Q

5 ways to collect primary data

A
  • Observation
  • Interviews
  • Dairies
  • Surveys
  • Experiments
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4
Q

Questionnaire

A 
1 List of questions asked in the survey
2 Can be delivered to participants by mail, telephone, in person, internet
3 Many groups use informational surveys
4 Not scientifically chosen
5 Results not analyzed statistically
6 Results may still yield useful info
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5
Q

Diaries

A

Collect specific information that research participants keep for a set time
Researchers most often use diaries to
. Study how people use their time
. Conduct transport planning research

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6
Q

Two formats

A

Open format

  1. Allows participants to give more feedback
  2. Too expensive for most research products
  3. Labour-intensive to analyze responses
  4. Forced choice response
  5. Much easier to analyze
  6. Does not allow for additional information
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7
Q

Experiment

A

1.Scientific experiment in which control and experimental situation are set up
2.Results are compared
3.Procedures and requirements of scientific accuracy are followed
( taste test in common)
4.Researchers often combine experiments with observation
5.And survey to get the most useful information for making decisions

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8
Q

Who collects primary data?

A
  1. Primary data can be collected from an individual
  2. The business needing the info
  3. Marketing research firm
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9
Q

Sources of secondary data

A

Secondary data is compiled by:

  • Business
  • Government
  • Professional and industrial organizations
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10
Q

Where is data stored?

A

Data is often stored in a database

  • A computerized file of information
  • Often accessible through the internet
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11
Q

Trend

A

-Direction of movement

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12
Q

Marketing Trend

A

-Direction of movement of consumer behavior

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13
Q

Trend Research

A

-Combine research on customers, competition, and opportunity in order to determine marketing trends.

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14
Q

Areas of Interest to Marketers

A
  • Social Trends
  • Demographic Trends
  • Product Trends
  • These trends affect consumer behavior
  • New trends bring new business opportunities
  • Businesses that find new trends first are often the most successful
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15
Q

Is marketing research always right?

A
  • Marketing research can be either useful or misleading
  • Sometimes the usefulness of the information depends on the person interpreting the results

Some reasons why market research can be misleading:

  • make an error in estimating the target population
  • error in measurement
  • error in selecting population sample
  • survey errors
  • structure and language errors
  • error in data analysis
  • reporting errors
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16
Q

Marketing Research Process

A
  1. Define the problem
  2. Conduct background research
  3. State hypothesis
  4. Develop research plan
  5. Collect Data
  6. Analyze data
  7. Draw conclusions
  8. Make recommendations
17
Q

Social Trends

A

Household where both parents worked
More households consisting to one parent
(cereal, convenience food, work clothes, child care, single portion packages.)

18
Q

Demographic Trends

A

Changing the size of the segments of the population
Such as increase in people over the of 65
And the growing immigrant population

Trends lead to consumer needs
Such as
More services for older Canadians
More publications in different languages

19
Q

Product Trends

A 
The direction in the development of products such as
Trends toward large, flat screen tv 
Snacks in bite-size portions
Influences include
New technology
Customer demand
20
Q

SALES FORECASTING

A

Prediction of future sales based on past sales, and analysis of the market for the specific time period
- Maybe quantitative- Based on facts and
figures
- Maybe qualitative- Based on the judgment

What is a sales forecast? The simplest method for completing a sales forecast is to use previous sales and add a %
Past sales + % increase factor= sales forcast

Marketing Business Study Notes (3 decks)

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