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44 terms

Marketing the Core 4/e Chapter 8

STUDY
PLAY
marketing research
the process of collecting and analyzing information in order to recommend actions
decision
a conscious choice from among 2 or more alternatives
decision making
the act of choosing from alternatives
measures of success
criteria or standards used in evaluating proposed solutions to a problem
constraints
restrictions placed on potential solutions to a problem
concepts
ideas about products or services
new-product concept
a picture or verbal description of a product/service the firm might offer to sell
methods
the approaches that can be used to collect data to solve all or part of a problem
data
the facts and figures related to a problem
secondary data
facts and figures that have already been recorded before the project at hand. Advantages are tremendous time savings because the data have already been collected and low cost, such as free or inexpensive Census reports. Disadvantages are that data may be out of date, definitions or categories might not be quite right, and if collected for another purpose, may not be specific enough.
primary data
facts and figures that are newly collected for a project
syndicated panel
data economically answer questions that require consistent data collection over time
observational data
facts and figures obtained by watching, either mechanically or in person, how people behave
ethnographic research
a specialized observational approach in which trained observers seek to discover subtle behavioral and emotional reactions as consumers encounter products in their "natural use environment" such as their home or car
questionnaire data
facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors
focus groups
informal sessions of 6-10 past, present, or prospective customers in which a discussion leader, or moderator asks their opinions about the firm's and its competitors products, how they use these products and special needs they have that the products don't address
actions
what managers are responsible for, it means delivering the results in clear pictures and if possible a signle page
sales forecast
the total sales of a product that a firm expects to sell during a specified time period under specified conditions
Five Step Marketing Approach
Define the Problem, Develop the Research plan, Collect Relevant Information, Develop Findings, Take Marketing Actions
Special Methods to Marketing
Sampling and Statistical Inference
Define the Problem
Set research objectives, identify possible marketing actions
Develop the Research Plan
Specify Constraints, Identify data needed for marketing actions, determine how to collect data
Collect Relevant Information
Obtain secondary data, Obtain primary data
Develop Findings
Analyze the data, Present the findings
Take Marketing Actions
Make action recommendations, Implement action recommendations, Evaluate Results
Internal Secondary Data
Financial Statements, research reports, files, customer letters, sales call reports, and customer lists
External Secondary Data
US Census Reports, trade association studies and magazines, business periodicals, and internet-based reports
Open Ended Question
Allows respondents to express opinions, ideas or behaviors in their own words without being forced to choose among alternatives that have been predetermined by a marketing researcher. This information is invaluable because it captures the voice of respondents
Closed End or Fixed Alternative Questions
Require respondents to select one or more response options from a set of predetermined choices. Examples are dichotomous questions and scales
Dichotomous Question
The simplest form of a fixed alternative question that allows only a yes or no response
Semantic differential Scale
Five point scale in which the opposite ends have one or two word adjectives that have opposite meanings. For example one end of the scale says tasty and the other says not tasty, and you pick which of the five spaces is closest to your personal feelings about whatever they are asking you about
Likert Scale
A scale in which the respondent indicates the extent to which he or she agrees or disagrees with a statement
Panel
A sample of consumers or stores from which researchers take a series of measurements.
Experiment
Involves obtaining data by manipulating factors under tightly controlled conditions to test cause and effect. The interest is in whether changing one of the independent variables will cause the behavior of the dependent variable that is studied.
Independent Variable
The factor in an experiment that is manipulated ( the cause). Sometimes referred to as the marketing drivers.
Dependent Variable
The observed part of an experiment to see how it is impacted by a change in the independent variable. The ideal example is a change in the purchases.
Information Technology
Involves operating computer networks that can store and process data. Use data collected from this to create databases called data warehouses.
Sensitivity Analysis
Marketers use this to ask hypothetical questions to determine how hypothetical changes in product or brand drivers, the factors that influence the buying decisions of a household or organizations, can affect sales.
Data Mining
The extraction of hidden predictive information from large databases to find statistical links between consumer purchasing patterns and marketing actions.
Direct Forecast
Estimating the value to be forecast without any intervening steps.
Lost Horse Forecast
Involves starting with the last known value of the item being forecast, listing the factors that could affect the forecast, assessing whether they have a positive or negative impact, and making the final forecast.
Survey of Buyers' Intentions Forecast
Involves asking prospective customers if they are likely to buy the product during some future time period. For industrial products with few prospective buyers, this can be effective.
Salesforce Survey Forecast
Involves asking the firm's salespeople to estimate sales during a coming period. Because these people are in contact with customers and are likely to know what customers like and dislike, there is logic to this approach. However salespeople can be unreliable forecasters--painting too rosy a picture if they are enthusiastic about anew product and too grim a forecast if their sales quota and future compensation are based on it.
Trend Extrapolation
Using past sales data, you fit a line to the data and extend it based on an equation to attempt to predict future sales.