TEST 2 Flashcards
definition
Primary data
data from research conducted to help make a specific decision
taking surveys, group studies, etc. (collecting the actual data!)
definition
Secondary data
data that have been collected for some purpose other than the problem at hand
data already conducted by someone else but that you use
pros/cons:
Primary data
- pros: source of competitive advantage
answers exactly the question at hand
quality is easier to assess (know where it came from) - cons: expensive and time-consuming
pros/cons:
Secondary data
- pros: saves time and money
quality is harder to assess - cons: doesn’t answer specific questions
start w secondary data then fill in gaps w primary data
3 primary research methods:
exploratory, descriptive, and causal
definition
exploratory research
primary research method
gain better understanding of problem (typically, qualitative)
definition
descriptive research
primary research method
systematically investigate well-defined problem (typically, quantitative)
definition
causal research
primary research method
identify cause-and-effect relationships (quantitative)
what methods to use when a consumer IS willing and able to share their thoughts?
- exploratory research: customer (in-depth) interviews and focus groups
- descriptive research: surveys
what methods to use when a consumer IS NOT willing or able to share their thoughts?
- exploratory research: projective techniques, ethnographies
- descriptive research: neuromarketing
- causal research: laboratory research and field studies
why doesn’t asking people always work?
- don’t know what they want
- don’t want to tell you what they do/why they do it
definition
ethnography
(method for when consumers aren’t willing/able to share)
an approach to research based on observations of people in their own homes or communities
definition
neuromarketing
(method for when consumers aren’t willing/able to share)
type of brain research that uses tech to measure brain activity to better understand why consumers make the decisions they do
how can primary research methods be sequenced?
from exploratory to descriptive methods
Q: “what factors are important to you when shopping for shoes?”
* exploratory: customer interviews give you a comprehensive list of possible answers (which leads to….)
- descriptive: survey quantifies prevalence of each possible answer
how can primary research methods be sequenced?
from descriptive to causal methods
Q: “Do people write more positive posts after reading more positive posts?”
* descriptive: survey quantifies people’s reported experiences (which leads to…..)
* causal: experiments test causal relationships
definition
product
offering that satisfies customer needs through the exchange process
a core source of value to the customer
definition
price
what a buyer must give up to obtain the product
a core source of value to the company
definition
branding
developing a meaningful connection with consumers
brand value chain
brand meaning-> brand strength->brand equity
definition
brand meaning
consumers beliefs and associations about the brand
definition
brand strength
loyal consumers
definition
brand equity
brand’s value over and above generic product
the brand is the connection between….
positioning and the marketing mix!
positioning=target marketing strategy; marketing mix=4 P’s
definition
brand ladder
useful tool to capture the meanings associated with a brand (ladder includes: attributes, consequences (benefits in use), and desired end-states)
