Week 4 Flashcards
marketing research
the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions
3 types of marketing research
exploratory research
descriptive research
casual research
exploratory research
preliminary research to clarify the scope and nature of the problem. more research to follow (dairy farmers association: why consumers drink less milk?)
descriptive research
describes the basic characteristics of a specific population or situation. seeks conclusive data that answers specific questions (brand preference: tylenol vs advil)
casual research
identify cause-effect r/ships among variables (will sales drop if we increase price by $1 per unit?)
5 step market research approach
- define the problem
- research design: develop the research plan
- data collection and analysis: collect relevant information
- conclusions and report: develop findings
- take marketing actions
systematic approach
ensures that market research is done thoroughly, that all elements are considered, and that results are accurate
scientific method
systematically collecting, organizing, and analyzing data in an unbiased, objective manner
marketing research must meet two key principles
reliability: ability to replicate research results under same conditions
validity: measuring what was intended to be measured
secondary data
facts and figures that have already been recorded before the project at hand (already exists and was collected for another purpose)
primary data
facts and figures newly collected for the project
quantitative design
focuses on numbers, surveys
qualitative desing
not numerically based, it’s free form
sampling
the process of gathering data from a subset of the total population rather than from all members of that particular group
