Steps in Creating Market Insights and the Growing Role of Marketing Analytics Flashcards
What is the ultimate goal of marketing research?
The ultimate goal of marketing research is to provide the information needed by decision-makers to help solve management problems. It helps in understanding the marketplace.
Explain the steps in the marketing research process.
The steps in the marketing research process include: identifying a problem or opportunity, stating research objectives, creating a research design, choosing a research method, collecting, analyzing, and interpreting data, preparing and presenting a research report, and following up with recommendations and managerial action.
What is a situation analysis and what is its purpose?
A situation analysis is a process of gathering and organizing background information to familiarize the researcher with the overall complexity of the problem. Its purpose is to provide context to the research and ensure that the questions are relevant and well-defined.
How does a situation analysis relate to the marketing research process?
A situation analysis relates to the marketing research process because it helps to define the problem and research objectives. It may also eliminate the need for some questions and provide a base for subsequent projects.
What are some ways to conduct a situation analysis?
Some ways to conduct a situation analysis include reviewing secondary data, conducting experience surveys, performing pilot studies, analyzing company data or information, and gathering background information.
What is the purpose of conducting exploratory research?
The purpose of conducting exploratory research is to gain a better understanding of a problem or situation, to identify key issues, and to generate hypotheses. It helps to clarify ambiguous situations and discover ideas.
How does exploratory research differ from other forms of marketing research?
Exploratory research differs from other forms of marketing research because it is not designed to provide conclusive results. Instead, it uses qualitative research techniques to explore problems or opportunities and is often conducted to provide input for subsequent quantitative studies.
Give some examples of methods that could be used for exploratory research.
Some examples of methods used for exploratory research include focus groups, individual depth interviews, pilot studies, case studies, experience surveys, secondary data analysis, sentence and story completion tests, word association tests, and third-person techniques.
What is the difference between a management decision problem and a marketing research problem?
A management decision problem is a statement specifying the type of managerial action required, while a marketing research problem specifies the type of information needed by the decision maker to help solve the management decision problem.
For example, a management decision problem might be ‘Should we change our product strategy?’ and the marketing research problem might be to evaluate ‘Consumer attitudes towards elements of product mix’.
What are some examples of symptoms of problems and their underlying real problems?
Examples of symptoms of problems and their underlying real problems include: declining sales (real problem: poor product quality), lower customer satisfaction (real problem: poor service), and negative word of mouth (real problem: unmet expectations).
What is a research objective?
A research objective is a goal statement, defining the specific information needed to solve the marketing research problem. It is the information required by managers and is linked to the action that needs to be taken.
Why is it important to clearly define research objectives?
It is important to clearly define research objectives to ensure that the research is focused, relevant, and provides the necessary information for decision-making. Clearly defined objectives keep the project on track and help in the choice of methodology.
What kind of information do research objectives help to define?
Research objectives help to define the specific information needed for the decision. They specify what information will be used for action and define who will provide it.
What are some specific things to consider when developing research objectives?
Some things to consider when developing research objectives include the specific information needed, the target audience, how the information will be used, and the timeframe of the research.
What are the benefits of having written research objectives?
Having written research objectives ensures that everyone involved in the project has the same understanding of what needs to be accomplished and how the research will contribute to solving the problem. It serves as a blueprint for the research and prevents the researcher from going down irrelevant paths.
What steps can a marketing researcher take to make sure they understand the ‘real need’ for information?
A marketing researcher can take the following steps: meet with the decision maker and other key people to clarify their needs, ask questions to clarify the problem, explore possible underlying issues, review existing data and research, ensure that the problem definition is clear and specific, understand the types of managerial actions needed, and consider the target groups or subgroups.
What should a researcher do if the client or manager is unclear about the ‘real need’?
If the client or manager is unclear about the ‘real need,’ a researcher should help them clarify the problem by probing the issue, asking detailed questions, and exploring underlying concerns.
What is the ultimate goal when defining the problem?
The ultimate goal when defining the problem is to understand the real problem, and not just the symptoms.
Why is it important to understand the decision-making environment when conducting marketing research?
It’s important to understand the decision-making environment because it helps the researcher to identify the relevant factors that may influence the problem or opportunity, understand how the research will be used, and what the desired outcome is.
What types of information should a researcher gather to understand the decision-making environment?
To understand the decision-making environment, a researcher should gather information about the organizational culture, the competitive landscape, the available resources, past studies or market knowledge, the target audience, time constraints, and managerial actions.
What are some activities a marketing researcher may find helpful to understand the decision-making environment?
Some activities a marketing researcher may find helpful include discussions with managers, reviewing company records, gathering information about competitors, analyzing secondary data sources, and identifying target groups and subgroups.
Why is it important for the marketing researcher to be skeptical about whether they have understood the ‘real need’?
It’s important for the marketing researcher to be skeptical because the initial problem presented by managers may not accurately reflect the underlying issues. The researcher needs to dig deeper to understand the root cause of the problem.
What are some ways that client and researcher misunderstandings happen?
Client and researcher misunderstandings can happen due to lack of clear communication, different frames of reference or perspectives, misinterpretation of language or jargon, assumptions made by either party, poorly defined or ambiguous research objectives, and unclear understanding of the real problem.
What is the purpose of the research design?
The purpose of the research design is to specify the procedures for collecting and analyzing the data required to solve a particular research problem. It’s a plan that outlines how data will be gathered.
Why is there no single ‘best’ research design?
There is no single ‘best’ research design because the appropriate design depends on the specific research objectives, the available resources, and the nature of the problem. Different designs may be better suited to answering different research questions.
What are some common trade-offs involved in selecting a research design?
Some common trade-offs involved in selecting a research design include cost vs. accuracy, speed vs. depth, breadth vs. depth, quantitative vs. qualitative data, generalizability vs. specificity, and internal validity vs. external validity.
What is the purpose of a research request?
The purpose of a research request is to communicate the need for research and to solicit proposals from research providers. It includes information about what type of information a manager needs.
What are the key components of a formal research request?
Key components of a formal research request include background information about the problem, management decision problem, marketing research problem, research objectives, target audience, constraints and resources, and timeline for completing the research.
What is the purpose of a request for proposal (RFP)?
The purpose of a request for proposal (RFP) is to solicit detailed proposals from potential research providers, outlining how they would conduct the research and what costs they would charge. It is a formal document sent to potential research suppliers.
What is the difference between a research request and an RFP?
A research request is an internal document that outlines the need for research, while an RFP is a document sent to external research suppliers, soliciting proposals.
What information should a research request or proposal include?
A research request or proposal should include background on the problem, a clear definition of the research problem, specific research objectives, the methodology that will be used, the budget and timeline, the deliverables (reports, data), and the timeline for project completion.
What is the relationship between a research request and a marketing research proposal?
A research request is a precursor to a marketing research proposal. The request defines the need for research and may lead to a proposal from the researcher on how they will address the need.
If a company is considering changing its product strategy, what is an example of a management decision problem they might face?
An example of a management decision problem they might face is: ‘Should we change our product strategy to target a new market segment?’.
If a company is considering changing its product strategy, what is an example of a marketing research problem they might face?
An example of a marketing research problem they might face is: ‘What are the attitudes of consumers in the new target segment towards the elements of the current product mix?’.
What are some questions a manager might want answered to take action when considering whether to change a product strategy?
Some questions a manager might want answered include: what is the potential demand in the new target market, what features of our product do customers value, what are customer attitudes toward our product mix, what is the competitive landscape in the new market, and how should we change our product mix to improve our product offering?
Give an example of a situation where a company might need to conduct exploratory research.
An example of a situation where a company might need to conduct exploratory research is when experiencing a decrease in customer satisfaction. They might try to answer specific questions such as: what aspects of our product or service are causing dissatisfaction, what are customers’ specific complaints or concerns, are there any common themes or patterns emerging from these complaints, and what are customers’ unmet needs or expectations?
