Week One Flashcards
Understanding the marketing research problem (MRP)
Basic Research
- Attempts to expand the limits of knowledge.
- Not directly involved in the solution to a pragmatic problem.
- AKA ‘pure research’
e. g. The research paper on bellybutton lint which is pure basic research because he just studied bellybutton lint samples sent to him.
Applied Research
- Conducted when a decision must be made
about a specific real-life problem. - as marketing managers we are interested only in research that solves management problems, which is what applied research does.
Define Marketing Research
Marketing research is broadly concerned with the application of theories, problem solving methods,
and techniques to the identification and solution of problems in marketing. It helps to make management decisions.
What is a customer database?
A manual or computerised source of data relevant to marketing decision making about an organisation’s customers. E.g. Fly Buys or Woolworths Rewards.
what is the information explosion?
there is an abundance of information and we need to ensure that the info we collect is relevant and reliable to our MDP. It is also important that we obtain from several sources rather than a single source.
When can research begin?
When we understand what the management problem is.
What is marketing orientation?
- It’s about what the consumer wants and having the consumer in mind.
- The whole org is driven by the goal of serving and satisfying customers in a manner that enables the org’s financial strategic objectives.
- making decisions with the consumer in mind.
What information are managers reliant on?
Their:
- customers
- competitors
- marketing environment
What is an integrated approach to research?
Interrelationships between customer databases and marketing research mean that many orgs are starting to adopt an integrated approach to the collection, recording, analysing and interpreting of info on customers, competitors and markets.
What is triangulation?
Triangulation utilises different sources of data to counterbalance the weaknesses in some sources with the strengths of others. The term triangulation is borrowed from the disciplines of navigation and surveying, where a minimum of three reference points are taken to check an object’s location.
What are the stages in developing and implementing a marketing strategy?
- Identify and evaluate opportunities.
- Analyse market segments and select target markets.
- Planning and implementing the marketing mix 4Ps.
- Analyse market performance.
What is problem identification research?
Identifying potential problems which could occur or opportunities that may not yet be apparent.
What is problem solving research?
This is then used once we know what the problem is.
What are the stages in the research process?
- Identify the problem (the MDP).
- Determine research design and collection forms.
- Design sample.
- Collect data.
- Analyse and interpret the data.
- Prepare and present research report.
From the marketing research process above, which is the most important stage?
- Identify the problem (the MDP).
