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consumer behaviour > unit 8- intro to market research > Flashcards

unit 8- intro to market research Flashcards

1
Q

market research

A
  • process of collecting and analyzing info in order to recommend actions to improve marketing activites
  • a function that links the consumer, customer, and public to the marketer through information- information used to define marketing opportunities and problems; generate, refine, and evaluate marketing actions;monitor marketing performance; improve understanding of marketing as a process
    -divides into 2 areas: Info is collected about customers, competitors, and conditions in the market
    Info collected is housed in a database where it can be reviewed and managed on an ongoing basis in order to use the information in a manner that maximizes the value of customers
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2
Q

exploratory research

A

-preliminary research conducted to clarify the scope/nature of a marketing problem

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3
Q

descriptive research

A

-research designed to describe basic characteristics of variables

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4
Q

causal research

A

-research designed to identify cause and effect relationships among variables

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5
Q

market research process

A

-problem awareness, exploratory research, quantitative research, analyze and interpret, recommend and implement

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6
Q
  1. problem awareness
A
  • pinpoint challenge, issue, opportunity that needs further understanding
  • identify research objectives
  • An attempt is made to specify the nature of the difficulty
  • Many practitioners in marketing research say the proper identification of a problem is the first step in finding its solution
  • To define a problem precisely a company usually performs some form of exploratory research
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7
Q
  1. exploratory research
A
  • obtain richer info
  • usually involves secondary data
  • identify key variables
  • inform research strategy
  • secondary data: previously collected/compiled and available to researcher
  • Exploratory research: a preliminary form of research that clarifies the nature of a problem
  • Funnelling: dividing a subject into manageable variables so that specifically directed research can be conducted
  • Situation analysis: collecting information from knowledgeable people inside and outside the organization and from secondary sources
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8
Q

internal data sources

A
  • available within the organization, ex: sales reports, inventory analysis, marketing budgets
  • Those that are available within the organization
  • Includes customer profiles, sales analysis reports, inventory analysis, production reports, cost analyses, marketing budgets, and profit and loss statements
  • This info is incorporated into a company’s database and updated continuously for use planning and decision making
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9
Q

external data sources

A
  • available through published sources outside of the organization, ex: government (stats canada), academia commercial (nielsen)
  • Organizations turn to external data sources to solve problems
  • Main resources of external data is government, business, and academia
  • Ex: stats canada provides census information for free or at a small fee
  • Commercial sources are another source of information, Nielsen Canada is a prominent resources
  • Their data are electronically retrieved at the point of purchase and used to compile market share data, distribution data, retail inventory data, and retail price data
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10
Q

primary data

A
  • Data collected by researcher to address specific objectives
  • Specific but time consuming
  • Data largely quantitative in nature
  • focus groups, online bulletins, social listening
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11
Q

focus groups

A
  • Small group of participants with common characteristics 8- 10 ppl
  • Meet with a trained moderator
  • Interactive discussion of predetermined topics
  • The word focus implies that the discussion concentrates on one topic or concept
  • The role of the moderator is to get the participants to interact freely
  • Major drawback of focus groups is the reliability of the data, sample size is too small
  • To compensate for sample size, the experiment can be conducted in multiple locations, typical session costs between 4500 and 5500
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12
Q

online bulletin

A
  • Private online forums
  • Participants log on at own convenience and respond to questions posed by researchers
  • Convenient and anonymous
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13
Q

social listening

A
  • Monitor social media channels for mentions of your brand

- analyze/organize online conversation and information through metrics and analysis, and social media sentiment

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14
Q
  1. quantitive research
A

-Refine objectives to form research question, identification of hypotheses, collection of numerical data from larger samples using structured formats

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15
Q

sample design

A
  • Probability sampling: participants are randomly selected from the population
  • Non probability sampling: participants are selected based on non-scientific criteria
    sample: subset of individuals making up a group of interest (ideally representative)
    sampling: process through which a subset of individuals is taken from a larger population
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16
Q

data collection: observational

A
  • Obtained by watching how people behave either in person or by electronic means
  • Natural or contrived settings
  • Can observe product selection, product use, reaction to marketing strategy
  • Multiple observers ideal
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17
Q

Data Collection: Survey

A
  • Posing standardized questions to participants
  • in person: non verbal cues can be monitored, interviewer bias possible
  • phone: Geographic flexibility, considered by some intrusive
  • mail: a silent process of collecting information; reaches a dispersed sample in a cost efficient manner
  • online: Convenient and inexpensive ,Careless responding possible
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18
Q

survey panel

A
  • Large samples of respondents (panel) that voluntarily complete questionnaires on a regular basis
  • Can assess changes in behavior and attitudes
  • Longitudinal data collection (versus cross sectional)
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19
Q

experiments

A
  • Assessing whether one variable has a causal effect on another variable
  • Participants are randomly assigned to a test group
  • Each test group receives a different treatment representing a level of the IV
  • All participants are measured on the same DV
  • DV’s are compared across test groups
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20
Q
  1. analyze and interpret
A
  • Statistically analyze the collected data
  • Synthesize and simplify
  • Address the guiding hypothesis
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21
Q
  1. recommend and implement
A
  • Prepare a report to communicate the research findings
  • Include recommendations that address the marketing problem and research objectives
  • Continue to monitor
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22
Q

market segmentation

A

-Process of dividing potential customers into groups based on shared characteristics
-Groups composed of individuals who will respond similarly to marketing strategies and who have common needs
-Specializes by concentrating on segments of the population
-Offers a company a strategy to maximize profits
If one company becomes unprofitable, the other segments will protect overall profits for the firm
-Combination of demographic, psychographic, geographic and behaviour

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23
Q

types of segmentation

A
  • geographic
  • demographic
  • psychographic
  • behavior response
  • target market
  • mass marketing
  • niche marketing
  • individual marketing
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24
Q

geographic

A

People grouped based on geographics

Country, province, city/ton, region, population density, climate zone

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25
Q

demographic segmentation

A
  • People grouped based on demographics
  • Age, gender, ethnic background, religion, income, occupation, education, marital status, household information
  • division of large market into smaller segments on the basis of combination of age gender income education occupation marital status household formation and ethnic background
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26
Q

psychographic segmentation

A
  • People grouped based on psychographics
  • Personality traits, values, interests/hobbies, lifestyle
  • Marketing segment on the basis of the attitudes, interest, opinions, values and activities of consumers
  • Needs motivation, attitudes and perception, personality and self concept and reference groups combine to influence lifestyle
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27
Q

behaviour response segmentation

A
  • People grouped based on behavioristics
  • Benefits sought
  • Frequency of use
  • Occasions for use
  • Loyalty response
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28
Q

target market profile

A
  • Specific group of customers that marketers want to reach
  • Geographic: international, urban living
  • Psychographic: social responsibility, freshness
  • Demographic: female, 18 and 45 years old, higher education
  • Behavioristic: repurchasing, brand loyalty
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29
Q

mass marketing

A
  • One marketing strategy intended to appeal to all customers
  • Aiming to reach largest audience possible
  • Building brand image and recognition
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30
Q

niche marketing

A
  • Intended for a small subset of a larger segment with specific needs
  • Often little competition
  • Customers may be willing to pay more
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31
Q

individual marketing

A
  • Marketing strategy intended for a segment of one
  • Deliver individualized messages and product offerings to customers
  • Creates more personal relationship between customer and the brand
32
Q

product positioning

A
  • Impression of the product you want to establish in customers’ minds
  • Clarification of how product/brand stands apart from competitors
  • Emphasize the distinguishing features of a product/brand
33
Q

positioning statement

A
  • Clear, focused, concise
  • How you want your brand/product to be perceived
  • Name, category, target market, benefits, differentiation
  • Example: For World Wide Web users who enjoy books, Amazon.com is a retail bookseller that provides instant access to over 1.1 million books. Unlike traditional book retailers, Amazon.com provides a combination of extraordinary convenience, low prices, and comprehensive selection.
34
Q

positioning map

A
  • Visual representation of the place that a product occupies within a category
  • Axes represent two key attributes
  • Product is plotted in relation to competitors
35
Q

market analysis

A

-the collection of appropriate information; information regarding sales, demand, production, and resources necessary to produce and market a given product, to determine if a market is worth pursuing

36
Q

product research

A

-produces information about how people receive product attributes

37
Q

consumer analysis

A

-the monitoring of consumer behavior changes (tastes, preferences, lifestyles) so that marketing strategies can be adjusted accordingly

38
Q

reliability

A

-refers to similar results being achieved if another research study were undertaken under similar circumstances

39
Q

validity

A

-refers to a research procedure’s ability to actually measure what it is intended to measure

40
Q

decision support system

A

-an interactive information system that marketers can use to obtain information that will assist them in the decision making process

41
Q

secondary data

A
  • data that have been compiled and published for purposes other than that of solving the specific problem under investigation
42
Q

online databases

A
  • a public information database accessible to anyone with proper communications facilities
  • secondary
43
Q

directory databases

A

-a commercial database that provides quick information about a company (ex: size, sales, location, number of employees)

44
Q

primary research

A
  • process of collecting and recording new data, called primary data, in order to resolve a specific problem, usually at a high cost to the organization
  • In directing primary research, marketing org identifies the precise nature of the problem, objectives of the study, and hypothesis associated with it
  • Research objectives: statements that outline what the research is to accomplish
  • Hypothesis: statements of predicted outcomes
  • Primary research steps: problem definition, objectives and hypothesis, sample design, data collection methods
45
Q

sample design

A

-A sample must be an accurate reflection of the population if the info gathered is to be reliable, basic steps must be taken to develop a representative sample:
1. Define the population (universe)
Population: a group of people with certain age, gender, or other demographic characteristics
Ex: male golfers between 21 and 45 that live in cities with over 500,000 residents
2. Identify the sampling frame
Sampling frame: a listing that can be used for reaching a population
Online research is rapidly growing
3. Determine the type of sample
Researcher can use a probability sample or non probability sample
Probability sample: a sample in which the respondents have a known or equal chance of selection and are randomly selected from across the country
Nonprobability sample: the respondents have an unknown chance of selection and their being chosen is based on such factors as convenience for the researcher or judgement of the researcher
Ex: if a survey is conducted among golfers visiting callaway website would be a non probability sample
4. Determine the sample size
Generally the larger the sample, the more accurate and higher cost
Some researcher use the 1% rule(1 percent of the defined population or universe), or some state minimums of 200 respondents

46
Q

data collection

A

-surveys, observations, experiments

47
Q

observation

A

behavior of respondent is observed by personal, mechanical or electronic means

48
Q

experiments

A
  • the manipulation of variables under controlled conditions to observe respondents’ reactions
  • Good for testing marketing influences (eg. product formula changes, package design alternatives, advertising copy tests)
49
Q

survey

A

-Survey: a systematic collection of data made by communicating with a representative sample, usually by using a questionnaire. Disguised or undisguised, structured or unstructured formats used

50
Q

survey research

A
  • data collected systematically through some form of communication with a representative sample by means of a questionnaire, mostly predetermined questions
    Fixed response questioning: questionnaire used for a large sample that contains predetermined questions and a choice of answers that are easily filled in by the respondent or interviewer
    -Structured survey: follows a planned format: screening questions at beginning, central issue questions in the middle, and classification questions at the end, multiple choice most common
    -Unstructured survey: researcher has some leeway in determining how the questions are asked and the que; questions may be open ended in nature
51
Q

observation research

A
  • Observation research: a form of research in which the behavior of the respondent is observed and recorded, ex: purchase behavior of consumers in a supermarket, sometimes respondents are unaware that they are being monitored
  • Ethnographic research: the study of human behavior in a natural setting
52
Q

experimental research

A
  • Experimental research: research in which one or more factors are manipulated under controlled conditions, while other elements remain constant, so respondents reactions can be evaluated
  • Test marketing: placing a product for sale in one or more representative markets to observe performance under a proposed marketing plan
  • Good test marketing provides an organization with 3 benefits: allows organization to observe consumers’ reactions to the product, enables alternative marketing strategies to be evaluated and helps determine the characteristics of consumers
53
Q

Quantitative data

A
  • collected using a structured procedure and using a large sample, the data provide answers to questions concerned with what, when, who, how many, and how often
  • A tool used for measuring rather than investigating and exploring
  • Companies tend to do more qualitative research because its less expensive
  • For complex marketing decisions quantitative data can be useful, quantitative data is the marketing manager’s insurance policy
54
Q

personal interview

A

face to face communication with groups or individuals usually done through quantitative questionnaires

55
Q

telephone interview

A
  • communication with individuals via telephone, usually conducted from central locations
  • Hard to find people willing to do telephone interviews with an avg response rate of 9%
56
Q

mail interview

A

a silent process of collecting information; reaches a dispersed sample in a cost efficient manner

57
Q

online surveys

A

surveys conducted via the internet, less invasive, participants more comfortable sharing info over the internet

58
Q

concept test

A

-the presentation of a product idea in some visual form, with a description of the basic product characteristics and benefits in order to get customer reactions to it
-Online research accounts for 31% of research industry revenue
Recruiting individuals can be difficult, validity of the info is questionable
-3 factors in choosing which survey technique to use
1.Nature of info sought: the amount of info to be collected and the time itll take to complete the survey are considerations
2. Cost and time: when time is critical, certain options are eliminated, phone and internet are best for quick means of research
3. Respondent: selection of a survey method can be influenced by the location of the respondents and how easily they can be reached

59
Q

editing

A

in marketing research, a stage when completed questionnaires are reviewed for consistency and completeness

60
Q

data transfer

A

a process whereby data from marketing research questionnaire are transferred to a computer

61
Q

tabulation

A

counting the various responses for each question and arriving at a frequency distribution

62
Q

frequency distribution

A

in a survey, the number of times each answer was chosen for a question

63
Q

personal interview pros and cons

A

Pros: higher participation, visual observations possible, flexibility, large amounts of data collected
Cons: higher cost, reluctance to respond to certain questions, interviewer bias possible

64
Q

phone interview pros and cons

A
  • Pros: convenience and control, costs less, timely responses, geographic flexibility
  • Cons: lack of observation, short questions and questionnaire, can be viewed as an invasion of privacy
65
Q

mail surveys pros and cons

A
  • Pros: geographic flexibility in selecting target, cost efficient, large sample attainable, respondent in relaxed environment, impersonality results in more accurate responses
  • Cons: lack of control, time between distribution and return is long, potential misinterpretation, low response rates
66
Q

online research pros and cons

A
  • Pros: efficient and inexpensive reach, less intrusive than traditional methods, convenient for respondent, fast turn around of information
  • Cons: respondent voluntarily participates, so respondent authenticity is questioned, limited sample frame, research via bulk email associated with spam, reliability questionable
67
Q

data mining

A
  • the analysis of information so that relationships are established between pieces of information and more effective marketing strategies can be identified and implemented
  • Goal is to lower marketing costs and increase efficiency
  • Walmart is a company adept at data mining
68
Q

information collection and consumer privacy

A
  • An issue in marketing is the collection of information about consumers and how its being used
  • what do marketers know about people and how do they use this information
  • The collection of online data provides marketers with an opportunity to devise unique advertising messages based on personal interests
  • 64% of consumer find targeted advertising to be invasive
  • 40% say they would change their online behavior if advertisers were collecting info
  • There are regulations in place to ensure customers are aware of their rights with regard to how information is used
  • Privacy laws imposed by PIPEDA, offering a list of guiding principles to follow
69
Q

direct marketing

A

-one on one marketing or individual marketing
-Situation in which unique marketing programs are designed specifically to meet the needs and preferences of individual customers
Demographic, psychographic and media consumption to target them more

70
Q

behavioural marketing

A
  • database driven marketing system that tracks consumer behaviour to determine interest and then serves ads to that person relevant to those interests
  • Technology has fuelled behavioural targeting
  • Forced marketers to rethink media strategies
71
Q

geotargeting

A
  • practice of customizing ads for a product or service to specific market based on the geographic location of specific buyers
  • Where they live
72
Q

location based targeting

A
  • effort to integrate consumers location information into marketing strategy
  • Persons location information factored into a marketing communication strategy
73
Q

mass customization

A

-marketing system that can produce and personalize messages to target audience of one

74
Q

brand democratization

A

-company seeks opinions from customers and lets the consumer interact with and make changes to the brand

75
Q

brand leadership positioning

A

-brands that are market leaders can use their market share to help position themselves in minds of customers

consumer behaviour (3 decks)

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