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MKTG exam 1
Terms in this set (70)
What is the role of marketing research? Why is it so important?
The role of marketing research is to assess information needs, market decision making and provide information.
Marketing research is important because we need to identify marketing opportunities and problems; generate, refine and evaluate potential marketing actions; and monitor marketing performance.
Discuss the uses of marketing research
Marketing research is used for the purpose of improving decision making (academic research) related to the identification and solution of problems and opportunities in marketing (competition analysis, industry analysis, context analysis, and customer analysis).
We need marketing research to generate, refine, and evaluate potential marketing actions (new product testing, AD testing) and to monitor marketing performance (Market Tracking).
How to define and classify marketing research?
Marketing research can be classified as Problem-Identification Research or Problem-Solving Research.
Problem-identification research consists of market potential research, market share research, image research, market characteristics research, forecasting research, and business trends research.
Problem-solving research consists of segmentation research, product research, pricing research, promotion research, and distribution research.
Explain the steps in the marketing research process
1) Define the problem
2) Develop an approach to the problem
3) Formulate a research design
4) Doing fieldwork or collecting data
5) Planning and analyzing the data
6) Preparing and presenting the report
List the types and roles of marketing research suppliers
-Full-service suppliers (syndicated services, customized services, internet services)
-Limited-service suppliers (field services, focus groups & qualitative services, technical and analytical services, and other services)
What career opportunities are available in marketing research?
Product/service producers with in-house marketing research departments (Coca-Cola, Proctor & Gamble, AT&T)
Advertising Agencies (BBDO International, Ogilvy & Mather, J. Walter Thompson, Young and Rubicam)
Marketing Research Firms (Nielson, Burke, Inc., M/A/R/C)
Is marketing research always needed?
No. There are some situations where it is best not to conduct marketing research:
-lack of resources
-results won't be useful
-poor timing in marketplace
-decision's already been made
-managers can't agree on what is needed
-information already exists
-costs are greater than benefits
What are the differences between a management-decision problem and a marketing research problem?
-Asks what the decision makers need to do
-Focuses on symptoms
Marketing Research Problem
-Asks what information is needed and how it should be obtained
-Focuses on the underlying causes
Why is it so important to correctly define the marketing research problem?
If the wrong problem is defined, all the remaining steps in the marketing research process are wrong.
What is the difference between a symptom and an underlying cause? How to differentiate between the two and identify the true problem? (or what are the tasks involved in problem identification?)
Symptom = Focus of the Decision Maker
Underlying cause = Focus of the Marketing Researcher
Tasks involved in problem definition:
-Discussions with Decision Makers
-Interviews with Industry Experts
-Secondary Data Analysis
Purpose = to understand the environmental context of the problem
How to develop an approach to a marketing research problem? (or how to specify a problem?)
Step 1: Problem Definition
-Marketing Research Problem
Step 2: Approach to the Problem
-Analytical Framework and Models
-Research Questions and Hypotheses
-Specification of Information Needs
Step 3: Research Design
A systematic explanation of some aspect of life that is supported by a vast body of evidence
-which variables should be investigated?
Analytical Model, 3 forms
A set of variables and their interrelationships designed to represent some real system or process.
-Developed on the theory of framework
Three forms: verbal, graphical, mathematical
Research Questions (RQs)
Refined statements of the specific components of the problem.
An unproven statement or proposition about a factor or phenomenon
-A possible answer to the research question
What is the role of hypothesis in marketing research? What are the major hypothesis formats? How to develop a hypothesis?
Role of hypotheses:
-Guide direction of study
-Identify relevant facts
-Suggest most appropriate research design
-Provide framework for organizing resulting conclusions
Descriptive: "In Detroit, our potato chip market stands at 13.7%."
Correlational: "Young women (under 35) purchase fewer units of our product than women who are older than 35."
Causal: "Increasing price by 10% improves the profitability of our clothing line."
What are the 3 basic types of research design?
Conclusive: 2) Descriptive(Cross-Sectional Design, Longitudinal Design)/3) Casual
What is the objective of Exploratory and Conclusive research?
Exploratory: To provide insight and understanding
Conclusive (descriptive + casual): To test specific hypotheses and examine specific relationships.
What info. is needed for Exploratory and Conclusive research?
Exploratory: Defined loosely
Conclusive (descriptive + casual):Clearly defined
What is the research process for Exploratory and Conclusive research?
Exploratory: Flexible, unstructured
Conclusive (descriptive + casual): Formal, structured
What is the type of data analysis for Exploratory and Conclusive research?
Conclusive (descriptive + casual): Quantitative (statistical)
What are the type of findings for Exploratory and Conclusive research?
Conclusive (descriptive + casual): Conclusive
What are the outcomes of Exploratory and Conclusive research?
Exploratory: Generally followed by further exploratory or conclusive research
Conclusive (descriptive + casual): Findings used as input into decision making
What is the objective of descriptive and causal research designs?
Descriptive: Describe market characteristics or functions
Causal: Determine cause-and-effect relationships
What characteristics make up descriptive and causal research designs?
Descriptive: Marked by the prior formulation of specific hypotheses. Preplanned and structured design.
Causal: Manipulation of one or more independent variables. Control of other mediating variables.
What are the methods of descriptive and causal research designs?
Descriptive: Secondary data (quantitative), surveys, panels, observational and other data
Is cross-sectional or longitudinal design better at detecting change?
Does cross-sectional or longitudinal design consist of a larger amount of data collection?
Is cross-sectional or longitudinal design better more accurate?
Is cross-sectional or longitudinal design better at representative sampling?
Does cross-sectional or longitudinal design have a better response bias?
Is cross-sectional or longitudinal design used more? Why is it used more?
Cross-sectional design is used more because in most situations researchers are interested in obtaining a picture of the marketplace at one point of time.
Do cross-sectional or longitudinal designs cost less? Why does it cost less?
Cross-sectional designs cost less because it is relatively simple to select a representative sample. (Different respondents collected for each survey = elimination of bias.)
What is panel data?
A panel consists of a sample of respondents, generally households that have agreed to provide information at specified intervals over an extended period.
Panel data are typically collected by commercial research organizations known as syndicated firms. Panel data consists of a large amount of accurate data, but may not be representative of the population of interest.
What is evidence of causality?
-Appropriate causal order of events
-Concomitant variation: Two phenomena vary together
-Absence of alternative plausible explanations
"If x, then y"
What type of research should be used when little is known about the problem situation?
Exploratory research which then can be followed by conclusive (descriptive or casual research).
If the researcher has a good understanding of of the problem situation, what type of research is an appropriate initial step?
Descriptive or casual.
What type of research can be used at any point in a study?
What are the different types of data and how do you classify them?
Secondary and Primary, Internal and External.
Secondary Internal Data
Accounting information, customer databases, sales records, inventory management
Secondary External Data
Census data, trade directories, online databases, syndicated data
Primary Internal Data
Data collected from employees
What is the collection purpose for primary and secondary data?
Primary: For the problem at hand
Secondary: For other problems
What is the collection process for primary and secondary data?
Primary: Very involved
Secondary: Rapid and easy
What is the collection cost for primary and secondary data?
Secondary: Relatively low
What is the collection time for primary and secondary data?
Why is it important to collect secondary data before primary data?
-Identify and define the research problem
-Specify the research problem
-Formulate an appropriate research design
-Serve as a source of comparative data for primary data
What criteria are used to evaluate secondary research?
Specifications: Methodology used to collect the data
Error: Accuracy of the data
Currency: When the data was collected
Objective(s): The purpose for which the data was collected
Nature: The content of the data
Dependability: Overall, how dependable are the data
What are the major sources of published secondary data?
Guides, directories, bibliographic and full-text databases, government publications
Helpful in identifying other sources of directories, trade associations, and trade publications
Helpful for identifying individuals or organizations in a particular market
Bibliographic and full-text databases
Helpful in locating information on a particular topic in several different publications
Provide information on people, social conditions, and economic activity
How can social media provide a rich source of secondary data?
A company's blog, FB page or Twitter account can generate rich internal secondary data
External social media tools and sites provide a valuable database that researchers can sieve through to analyze relevant consumer information
Companies that collect and sell common pools of data of known commercial value designed to serve a number of clients
Classification of syndicated services
Based on the unit of measurement
-Household/consumer data: obtained from surveys, panels, or electronic scanner services
-Institutional data: obtained from retailers, wholesalers, or industrial firms
Major types of syndicated data
Diary Panel: Purchase panel, media panel
Scanner Data: Volume tracking, Scanner panel
Advantages of syndicated data
Shared costs, high quality, current information
Disadvantages of syndicated data
Standardized report format, commitment cost, availability to competitors
Uses of syndicated data
-Measuring advertising exposure and effectiveness
-Measuring promotion effectiveness
-Measuring product sales and market share
-Profiling customers (Segmentation and Targeting)
What are the differences between qualitative and quantitative research?
Qualitative: Exploratory research design
Quantitative: Conclusive research design
Uses of qualitative research
Clarify the research question
Get feedback on alternative hypotheses, strategies, or designs
Use research designs to determine the focus of subsequent qualitative research
Encourage new ideas
Explore motivations and attitudes in more depth than with quantitative research
Review feedback on product prototypes
audio or video taped
goal: in-depth information on a particular topic
Key Qualifications of focus-group Moderators
Kindness with firmness
Advantages of focus groups
synergism, snowballing, stimulation, spontaneity, security, scientific
Disadvantages of focus groups
misrepresentation, moderator bias & researcher bias, participants may hide emotional side, social pressure
Common applications of focus groups
Understanding consumers, product planning, advertising
What are focus group techniques?
Mind mapping, visualization, hypnosis, storytelling, sorting
One on one
Require a skilled interviewer
Probe for deep meanings and unconscious feelings, or attitudes toward sensitive issues
30 minutes to more than an hour
Skills of interviewers
Avoid appearing superior, put respondent at ease
Detached and objective yet personable
Ask Qs, informative manner
Not accept yes/no
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