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Marketing > Week 2: Market research > Flashcards

Week 2: Market research Flashcards

1
Q

Define big data

A

Big data is the large and complex data sets generated by today’s sophisticated information generation, collection, storage and analysis technologies.

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2
Q

What are the opportunities of big data

A
  • rich and timely customer insights

- better understand buying needs of customers

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3
Q

What are the challenges of big data

A
  • demanding and time consuming

- can be overwhelming

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4
Q

Define marketing analytics

A

Marketing analytics involves tools and technologies used in making sound marketing decisions that lead to effective outcomes and return on marketing investment. This process requires data collection and analysis from all channels in the physical and digital arenas, including big data, over a time span.

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5
Q

What sources do consumer insight groups get insights from

A
  • research studies
  • mingling and observing
  • monitoring online conversations
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6
Q

What are sources of big data

A
  • Own data bases
  • Marketing research
  • Web, mobile, social media tracking,
  • Customer transactions and engagements
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7
Q

Define Marketing Information Systems

A

The people and procedures dedicated to assessing information needs, developing the needed information and helping decision makers use this information to generate and validate actionable consumer market insigts

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8
Q

What are the steps in a marketing information system

A
  • Assessing information needs
  • Developing needed information (internal research, marketing intelligence, market research)
  • Analysing and using the information
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9
Q

What is a good MIS

A

ne that balances the information users would like to have vs what they really neeed

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10
Q

Where can you obtain marketing information

A

Internal databases
competitive data bases
market research

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11
Q

define internal data bases

A

Electronic collections of consumer nd market information obtained from data sources within the companies network

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12
Q

What are 5 examples of internal data bases

A 
Marketing department 
Customer service department 
Accounting department 
Operations reports 
Salesforce
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13
Q

Define competitive marketing intelligence

A

Systematic collection and analysis of publicly available information about consumers, competitors and developments in the marketing environment

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14
Q

What are methods of competitive marketing collection

A

Observation
online monitoring
sentiment analysis
Trend analysis

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15
Q

Define Market research

A

The systematic design, collection, analysis, and reporting of data relevent to a specific marketing situation facing an organisation

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16
Q

What are the two approaches to market research

A

Qualitative

Quantitative

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17
Q

What is qualitative market research

A

Small number of individuals who give thier personal opinions (can be through focus groups etc.)

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18
Q

What is qualitative market research

A

Large numbers to get statistics and big group data

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19
Q

What are the four steps to market research

A
  1. Defining the problem and research objectives
  2. Developing the plan for collecting information
  3. Implementing the research plan - collecting and analysing the data
  4. Interpreting and reporting the findings
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20
Q

What re the three types of research objectives in step 1 of market research?

A

Exploratory
Descriptive
Casual

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21
Q

Whats an exploratory objective

A

Gathers past information to help define the problem and suggest hypothesis

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22
Q

whats a descriptive objective

A

describing marketing problem, situation or markets

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23
Q

What is casual objective

A

tests hypothesis bout cause-and-effect relationships

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24
Q

What occurs in step 2 of the market research process?

A

Research objectives must be translated into specfic information needs, presented as a written proposal/plan

25
Q

What are examples of information needs

A

Demographic
Characteristics and usage patterns
Impact of customer experience
Forecasts

26
Q

What are the two types of data

A

Primary

Secondary

27
Q

What are the ways of gathering secondary data

A

internal
Government publications
Books and periodicals
Commercial data

28
Q

When gathering primary data it must be…

A

relevent
accurate
unbiasted
current

29
Q

What are the three main approaches to gathering primary data

A

research approach
conatct method
Sampling plan

30
Q

What are the three research approache s

A

observational
survey
experiment

31
Q

What is observational research

A

Gathering primary data by observing relevant people actions and situations

32
Q

What is observational research good for

A

When you need to find out information that may not be obtained through simply asking questions thrugh surveys or focus groups

33
Q

What is ethnographic research

A

Sending trained observers to watch and interact with customers

34
Q

What is survey research

A

Gathering primary data by asking questions about thier knowledge attitudes and preferences

35
Q

survey research is best for what objective?

A

descriptive info (companies want to know about attitudes, preferences or buying behaviour)

36
Q

What is experimental research

A

Gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling factors, and hecking for differences

37
Q

Experiemntal research is best for what objectve?

A

Obtaining casual info. Because experimenters want to test cause and effect relationships

38
Q

What are each of the contact methods

A

Mail
Telephone
Personal Interviewing
Online market research

39
Q

What are mail contact methods best and worst for

A

Collecting large amounts of info at a low cost, without having an effect of an interviewer.
However the speed of collection and response rate is poor. They also arent very flexible

40
Q

What are Telephone interviewing best and worst for?

A

Can be gathered quickly, Interviewers can explain the questions in more detail and there is a good control of the sample.
However response rates can be poor and it costs more than mail

41
Q

What is personal interviewing best for

A

Group or individual is good for flexibility or the quality of data to be collected. Great for qualitative data. However people may feel pressured to respond and you csn’t usually generalise from such a small sample.

42
Q

What is online market research

A

Collecting primary data online though internet surveys, panels, experiments, content alanysis, online focus groups and brand communities

43
Q

What is content analysis

A

Looking at how people are talkiing about the brand online in forums etc.

44
Q

What is the best and worst thing about market research

A 
Low cost
Large sample size
Quick and easy 
Speed of collection is high 
However you cat control who is in the sample sometimes
45
Q

What is predictive analytics

A

Extracting information from data and using it to generat epredictiond got each individual customer or prospect. It differs from forecasting because it can offer predictions for each individual consumer

46
Q

Netnographic research define

A

Monitoring online communities of interest to gain customer insights from posts to online forums, blogs and social media generally.

47
Q

What is online behavioural targeting

A

Using online data to target specific ads

48
Q

Describe the sampling plan approach to obtaining primary data

A

to draw conclusions through using a sample/ segment of th populatio sleected for market research to represent as a whole population

49
Q

What are the three questions asked when doing a sampling plan

A

who? (sampling unit)
How many? (smapling size)
How? (sampling procedure)

50
Q

What are th two types of samples

A

Probability

Non probability

51
Q

What is a probability sample and 1 negative

A

Each member of the population has a known chance of being included in the sample (this can cost a lot or take too much time)

52
Q

What is a non probability sample and 1 disadvantage

A

Costs ess and takes less time but sampling errors cannot be measured

53
Q

What are the three types of probability sample and define

A

Simple: Every member has a known chance of being sleected

Stratified: Population divided into mutally exclusive groups and random samples are drawn from each group

CLuster: Population divided into mutually exclusive groups and researcher draws a sample of the groups to intervuew

54
Q

What are the three types of non probabiity samples

A

Convinience: Researcher selects easiest population members from which to obtain information

Judgement: Researcher uses their judgement to pick population

Quota: Researcher finds and interviews a prescribed number of people in each of several categories

55
Q

Describe research instruments

A

When collecting primary data, markt researchers have the choice between two main research intruments. Questionnaire or mechanical devices

56
Q

What is the questionnair research intrument

A

A series of questions. Most common and very flexible. Can be closed or open ended questions and allow the participant to repsond in their own words

57
Q

What is the mechanical intrument

A

Mechanical monitors behaviour

58
Q

What is involed in the third step of market research

A

Implementing the research plan. Collecting, processing and analysing the information.

59
Q

What is the final step of market research

A

Interpreting and reporting the findings. This is where insights are drawn and presented to management.

Marketing (5 decks)

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