Unit 4- Market Research

Question 0

what does marketing research involve?

Answer 0

involves analysis and interpretation, not just data collection and recording

Question 1

What is Market Research?

Answer 1

the process of collecting, analyzing and interpreting data that can aid decision makers who are involved with the marketing of goods, services or ideas

Question 2

does market research replace decision making?

Answer 2

no, it doesn’t replace decision making

Question 3

what are the variety of applications in market research?

Answer 3

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

Question 4

what are two sections of the marketing research process?

Answer 4

1. design and Execution

Question 5

what steps are involved in the design marketing research process

Answer 5

1. problem/ opp defintion (specifying research objectives–explanation,prediction, monitoring, discovery)
2. Research Design- (determine whether secondary data are available & determine where primary data are required
3. method for collecting primary data-(questionnaires, contact methods, observations)
4. Sample design– (sampling unit: who, sample size: how many?, sample procedur?)

Question 6

what are the steps involved in the execution of the marketing research process

Answer 6

5. Data collection (fieldwork)
6. Data Analysis (tabulation, cross-tabulation)
7. Report

Question 7

what is secondary data?

Answer 7

it has been collected for some purposes other than the problem at hand (desk; getting info)

Question 8

what is primary data?

Answer 8

information collected directly from respondents to specifically address the question @hand. (field research)

Question 9

what are the internal sources in secondary research?

Answer 9

company reports
previous company research
salesperson feedback
customer feedback

Question 10

what are the external sources in secondary research

Answer 10

published research
trade orgnizations
syndicated research
government sources

Question 11

what is exploratory research?

Answer 11

(qualitative)
techniques that generate insights for future, more rigorous studies
customer interviews, focus groups, projective techniques, case studies, ethnographies
less structured & uses secondary data

Question 12

what is descriptive?

Answer 12

(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”

Question 13

what is causual?

Answer 13

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”

Question 14

what are the pros of online data collection

Answer 14

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

Question 15

what are the cons for online data collection

Answer 15

identity
non-representativeness of respondents
limited computer access for poor n elderly
self selection bias
hackers n competitors influencing/intercepting results

Question 16

what is online research?

Answer 16

information gathered by tracking consumer when surfing the web (cookies)
questionnaires, virtual focus groups, panels and experiments

Question 17

what is marketing information system (MIS)

Answer 17

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

Question 18

what is internal company data?

Answer 18

information from within the company:
marketing/sales
customer service
financial 
operations
human resources
intranet/extranet (data mining)
web: clickstream data

Question 19

what is market intelligence

Answer 19

systematic collection plus analysis of publicly available information on consumers, competitors.
like search engines, publications, trade shows

Question 20

what are acquired data bases?

Answer 20

they are third party companies
(hoovers, lexis nexis)
government databases (SEC Edgar, US Census)

Question 21

what are two types of research within marketing research?

Answer 21

Syndicated research (JD POWER- third party) and custom research (to solve specific question)

Question 22

what was the dumpster diving case (2001)

Answer 22

looking at other companies product… looking in the trash to see what was happening

Question 23

what are the sample types?

Answer 23

probability sample (participant has an equal, chance of being selected)
non probability sample (thats not drawn in a systematic way)

Question 24

what is tabulation?

Answer 24

arranging data in a table or other summary form to get a broad picture of overall responses

Question 25

what is cross-tabulation?

Answer 25

examining the data by subgroups to see how results vary between categories

Question 26

what are some examples of data collection methods

Answer 26

focus group
questionnaires
survey data (face to face, telephone, mail and hand deliver, email and the web)

Question 27

what is clickstream data

Answer 27

data generated about the number of people who visit a website

Question 28

what is intranet

Answer 28

looks like the web but limits internal sensitive information access to employees only

Question 29

what is data mining

Answer 29

using analytics software allows filtering data to retrieve relevant pieces to answer specific questions

Question 30

what is warehousing

Answer 30

its combining data into one location

Question 31

what is research design

Answer 31

outlines what data is to be gathered from whom,how and when to collect the data and how to analyze it once its been obtained

Question 32

what is probability sample?

Answer 32

each participant has an equal, non zero chance of being selected
the chance is known because the total number of people in the sampling frame is known

Question 33

what is non-probability sample?

Answer 33

a sample thats not drawn in a systemic way, used because its readily available and convenient