Week 2 - Market Research Flashcards

1
Q

What is market research?

A

A business activity that discovers information of use in making marketing decisions
- Essential component of understanding the market
- Should contribute to improved performance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Marketing Process

A

Market research informs many types of decisions.
- Market segmentation
- Sales Performance
- Product
- Price
- Promotion
- Place

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Big Data

A

By understanding what people do and when, where and why, we can build explanations that:
- Describe people’s current behaviour
- Identify trends
- Identify changes in behavioural patterns over time
- Identify opportunities and areas for action

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Components of Market Research

A
  • Defining the research problem
  • Designing the research methodology
  • Collecting the data
  • Analysing data and drawing conclusions
  • Presenting the results and making recommendations
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Market Research Considerations

A

Before undertaking market research, the following factors should be considered:
- Relevance
- Timing
- Availability
- Need for new information
- Cost-benefit analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Defining Research Problem (1)

A

The questions which the market research project is intended to answer
- Needs to be clear and specified
- Needs to enable the organisation to make marketing decisions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Defining Research Problem (2)

A

The original questions can be changed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Defining Research Problem (3)

A

Setting a good research problem is important

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Defining Research Problem (4)

A

A research brief outlines the research problem and describes the specific information required, generally involved;
1. Research problem
2. Information required
3. Timeframe
4. Budget
5. Any other conditions of the project

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Designing the research methodology

A

Detailed methodology created to guide the research project and address the question

Multiple approaches possible: how you frame your research question will determine the type of research method

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Research Types

A

Exploratory Research
Descriptive Research
Causal Research
Hypothesis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Exploratory Research

A

Gathers more information about a loosely defined problem

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Descriptive Research

A

Solves a particular and well-defined problem by clarifying the characteristics of certain phenomena

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Causal Research

A

Assumes that a particular variable causes a specific outcome and then, holding everything else constant, test whether the variables does indeed affect that outcome

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Hypothesis

A

A tentative explanation that can be tested

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Data Types

A

Primary data: data collected specifically for the current market
Secondary data: data initially gathered for a purpose other than to address the question (information is already available)

17
Q

Qualitative Research

A

Research intended to obtain rich, deep and detailed information about the attitudes and emotions underlying a consumer’s behaviour

18
Q

Qualitative Research Techniques

A

Interviews, Focus groups

19
Q

Quantitative Research

A

Research that collects information that can be represented numerically

20
Q

Quantitative Research Techniques involves

A

Survey, experimentation, observation, neuroscience

21
Q

Quantitative research useful for

A
  • Monitoring market size
  • Identifying market patterns and trends
  • Predicting the success of proposed marketing campaigns
  • Tracking customers perceptions for existing products
22
Q

Collecting Data (1)

A

During research, processes are applied to ensure the research design is properly followed
- Responses are to be recorded correctly
- Biases are to be minimised
- Errors are not to in induced

23
Q

Collecting Data (2)

A

Data can be stored or collected in-house or it can be outsourced

24
Q

Collecting data (3)

A

Outsourced to an agency taking on the responsibility of the data collection, scraping or mining processes.

25
Q

Managing Data Collection (1)

A

Population: All of the things of interest to the researcher in the particular research project

26
Q

Managing Data Collection (2)

A

Sampling: The process of choosing members of the total population

27
Q

Managing Data Collection (3)

A

Sample: The process of choosing members of the total population

28
Q

Managing data Collection (4)

A

A market research in a substantial investment

29
Q

Managing data collection (5)

A

It is crucial to accommodate revision within the plan - the use of a Gantt or a critical path can help

30
Q

Sampling types

A

Random Sampling: Each member has a chance of being sampled
Stratified Sampling: Each member is grouped on a characteristic, and a sample is extracted from that
Quota Sampling: The population is divided into groups based on a number of characteristics
Convenience Sampling: Participants are selected on the basis of who is available

31
Q

Data Analysis

A

Once data is collected it needs to be cleaned and filtered

32
Q

Quantitative Analysis

A

Statistical analysis in various program

33
Q

Report the findings

A

Once the data is analysed and conclusions are drawn, the findings must be presented in a format that will enable the marketing decision markers to use the information.

Market researchers must typically report key findings in presentation format

34
Q

Responding to research problem

A

Marketers must evaluate the effectiveness of each and every marketing activity undertaken to optimise effectiveness.

By undertaking high-quality research we can deliver irrefutable evidence of the return on investment