Unit 8 Flashcards
what is the market research process
process of collecting and analyzing information in order to recommend actions to improve marketing activities
what are the types of market research
exploratory research, descriptive research, causal research
what is exploratory research
preliminary research conducted to verify the scope or nature of a marketing problem
what is descriptive research
research designed to describe the basic characteristics of variables
what is causal research
research designed to identify the cause and effect relationship between variables
what are the steps in the market research process
problem awareness, exploratory research, data collection, analyze and interpret, recommend and implement
what is a research question
turning research objectives into a specific answerable question
what is a hypothesis
statement of predicted outcomes based on available information
what is a population and a sample
population is all individuals making up a group of interest
sample is a subset of individuals making up a group of interest
what is probability sampling
when participants are randomly selected from the population. all population members have an equal chance of being selecte
what is non probability sampling
when participants are selected on non-scientific criteria. population members do not have an equal chance of being selected
what are focus groups
small group of 8-10 people that meet with a trained moderator for interactive discussion of predetermined topics. taxing on time and resources, limited sample size. often recorded to catch both verbal and non verbal cues after.
what is social listening
monitoring social media channels for content relevant to a brand/product
helpful in gauging image/reputation
organized and analyzed on metrics and social media sentiment
what is social media monitoring
this is watching the orgs own social media accounts whereas social media listening is watching for content made by other people
what are observational methods
watching how people behave in relevant situations. can be natural or contrived. goal is to track key behaviours customers are exhibiting
what are the different types of surveys`
in person, telephone, mail, online, survey panel
what is longitudinal data collection and cross sectional data collection
longitudinal is getting data over various points in time and cross sectional is getting data at just one point in time
what is attrition
when you lose participants each time you run a training session
what are experiments and how do they work
they assess whether one variable has a causal effect on another variable
participants randomly assigned to groups, each group receives different treatment representing a level of the independent variable, dependant variables are compared between groups.
what is test marketing
introducing products or campaigns to limited groups to assess viability
taxing on time and resources but better than a full launch
competitors can take advantage
what is the process of analyzing and interpreting results
statistically analyze the collected data, synthesize and simplify, address the guiding hypothesis to see whether or not it was supported
what is the process of recommendation and implementation
prepare a report to communicate the research and findings, include recommendations that address the marketing problem and research objectives, continue to monitor
what is segmentation and targeting
process of dividing potential customers into segments based on shared characteristics
goal is to identify high yield segements
what is demographic segmetnation
people grouped based on demographics: age, gender, ethnic background, religion, socioeconomic status, family status
what is psychographic segmentation
people grouped based on psychographics: personality traits, values, interests, lifestyle
what is behaviour response segmentation
people grouped based on behaviouristics: benefits sought, frequency of use, occasions for use, loyalty response
what are marketing segments
what is geographic segmentation
people are grouped based on geographic characteristics: country, province, city, region, population density, climate
what is mass marketing
using one marketing strategy to appeal to all customers
goal is to reach largest audience possible
what is niche marketing
marketing to a small subset of a larger segment with specific needs
little competition
customers may be willing to pay more
what is individual marketing
marketing to a segment of one
deliver individualized messages and product offerings to customers
create more personal relationship between customers and the brand
what is product positioning
the impression of the product you want to establish in a customers mind
clarification of how product/brand stand apart from competitors
what makes a good positioning statement
clear, focus, concise
how you want your product/brand to be perceived
clarifies name, category, benefits, target market, differentiation
what is problem awareness
properly understanding the marketing problem at hand
often what appears to be the problem is actually a symptom of a bigger problem
what is funneling
part of exploratory research where a subject is divided into more manageable variables so specifically directed research can be done
what is situation analysis
collecting info from people inside and outside the org and from secondary sources
what are some examples of internal data sources
sales reports, customer profiles, inventory reports
what are the main external data sources
government, academia, business
what are the steps in sample design
define the population, identify the sampling frame, determine the type of sample, determine the sample size
what is qualitative data
data collected from small samples in a controlled environment resulting from questions about why consumers behave as they do
typically collected using focus groups
what is quantitative data
collected using a structured procedure and large sample size
focused on how, what when, who, and how many
interpretation is based on numbers and not judgment of researchers
what are the five main geographic segments in canada
maritimes, quebec, Ontario, prairies, BC
what is geodemographic segmentation
a mix of geographic and demographic segmentation and refers to the isolation of dwelling areas where people who share demographic characteristics tend to live
what is micro marketing
the development of marketing strategies based on small regions
what are the types of market positioning
head on positioning, brand leadership positioning, product differentiation positioning, technical innovation positioning, lifestyle positioning, repositioning
