Unit 4- Market Research Flashcards
what does marketing research involve?
involves analysis and interpretation, not just data collection and recording
What is Market Research?
the process of collecting, analyzing and interpreting data that can aid decision makers who are involved with the marketing of goods, services or ideas
does market research replace decision making?
no, it doesn’t replace decision making
what are the variety of applications in market research?
NP development: concept testing–>product testing–>market testing
Forecasting/New Market Entry/Market Potential/Pricing/Branding
Market share analysis/ sales analysis
advertising effort
competitive- product studies/mystery shopper
what are two sections of the marketing research process?
- design and Execution
what steps are involved in the design marketing research process
- problem/ opp defintion (specifying research objectives–explanation,prediction, monitoring, discovery)
- Research Design- (determine whether secondary data are available & determine where primary data are required
- method for collecting primary data-(questionnaires, contact methods, observations)
- Sample design– (sampling unit: who, sample size: how many?, sample procedur?)
what are the steps involved in the execution of the marketing research process
- Data collection (fieldwork)
- Data Analysis (tabulation, cross-tabulation)
- Report
what is secondary data?
it has been collected for some purposes other than the problem at hand (desk; getting info)
what is primary data?
information collected directly from respondents to specifically address the question @hand. (field research)
what are the internal sources in secondary research?
company reports
previous company research
salesperson feedback
customer feedback
what are the external sources in secondary research
published research
trade orgnizations
syndicated research
government sources
what is exploratory research?
(qualitative)
techniques that generate insights for future, more rigorous studies
customer interviews, focus groups, projective techniques, case studies, ethnographies
less structured & uses secondary data
what is descriptive?
(quantitative) it probes systematically into the problem, bases conclusions on large numbers of observations
results are expressed in (averags, percentages, other stats)
“gathering hard numbers”
what is causual?
cause and effect relationships: change in one thing causes a change in something else
[independent (cause) vs dependent (change in outcome) variables
“answers what if questions”
what are the pros of online data collection
cost
same amount of data in a fraction of time
convenience of survey completion
elimination of interviewer bias/data entry erros
no geographic restrictions
used of visual materials
what are the cons for online data collection
identity
non-representativeness of respondents
limited computer access for poor n elderly
self selection bias
hackers n competitors influencing/intercepting results
what is online research?
information gathered by tracking consumer when surfing the web (cookies)
questionnaires, virtual focus groups, panels and experiments
what is marketing information system (MIS)
system for recording internally generated data and reports
collecting market intelligence on an ongoing basis
recording marketing research information
from purely “ad-hoc” research projects to “system-oriented”
ex/ oracle,sas, salesforce.com
DATA–>INFORMATION–> KNOWLEDGE
what is internal company data?
information from within the company: marketing/sales customer service financial operations human resources intranet/extranet (data mining) web: clickstream data
what is market intelligence
systematic collection plus analysis of publicly available information on consumers, competitors.
like search engines, publications, trade shows
what are acquired data bases?
they are third party companies
(hoovers, lexis nexis)
government databases (SEC Edgar, US Census)
what are two types of research within marketing research?
Syndicated research (JD POWER- third party) and custom research (to solve specific question)
what was the dumpster diving case (2001)
looking at other companies product… looking in the trash to see what was happening
what are the sample types?
probability sample (participant has an equal, chance of being selected) non probability sample (thats not drawn in a systematic way)
