Research Process Flashcards
Define market research
The process of systematically collecting, recording, analyzing, and presenting data related to marketing goods and services
A way for companies to get to know their customers
Describe demographics
Knowing consumers requires market research to understand who they are and how they think
What are some characteristics of demographics
Age
Income
Occupation
Gender
Education
Geographic location
Lifestyle choices
Describe psychographics
Studies of consumers based on their attitudes, interested, and opinions
How a consumer thinks
List the 5 steps in the Research Process
- Identify the problem/ issue
- Conduct secondary research
- Select and design primary research
- Collect data
- Report and analyze
Explain identifying the problem/issue
“How can we increase sales of our product?”
“What can we do to improve the image of our hockey stick or cellular phone to stand out from all the rest of the market?”
Explain conducting secondary research
Published data that has been collected for some other purpose (secondary data)
Internal data from a company like sales reports, returns, complaints
External sources like the Internet, books, magazines or companies who specialize in market research
Always done before primary research
Explain select and design primary research
Original research conducted for a specific marketing situation
The information collected for primary research is called primary data
Explain census (collecting data)
A study that counts everyone in the research population
Explain sample (collecting data)
A number of people who are representative of a studies population
When a census is not possible
Explain data mining (collecting data)
Process of collecting data from one or more existing databases and looking for relationships among the data
Explain report and analyzing
Reporting qualitative and quantitive research
Explain qualitative research
Data that measure qualities such as people’s reactions or perceptions
Can draw inferences or interpretation from the facts
Not based on numerical information
Explain quantitative research
Data expressed as amount in numbers
Data can be reported with analysis and interpretation
Based on numerical information
Example of qualitative research
3 out of 4 people on the ride thought it was exciting
