Week 3 Flashcards
What is marketing research?
collecting, analyzing, and interpreting data about customers, competitors, etc. to improve marketing effectiveness
What percent of products actually reach the market?
8%
What is basic research?
research to understand consumer behavior or marketing in general (ex: academic research)
What is applied research?
research directed at a specific problem at a specific organization (ex: corporate research)
What is primary data?
it is data collected specifically for current purpose, could be internally or externally collected
What are some examples of primary data?
experiments, test markets, focus groups, surveys
What is secondary data?
this is data that is previously collected (prior to the current project)
What are some examples of secondary data?
census, company records, sales data, articles
What is a general rule of thumb for collecting data?
collect secondary data first then turn to primary data
What are some advantages of secondary data?
low cost, time savings
What are some disadvantages of secondary data?
may be out of date, might not be specific enough
What are qualitative methods for data collection?
only collecting limited samples
What are quantitative methods for data collecting?
they are easier to analyze and figure out but need thousands of respondents to generalize to the population
What are depth interviews?
talking to people usually one on one
What are focus groups?
have people talk to each other, have to be a part of your target market you are trying to appeal to
