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Principles of marketing

Terms in this set (40)

Marketing Research
• Systematic design, collection, interpretation, and reporting of information to help marketers solve specific problems or take advantage of marking opportunities
Types of research
• [Qualitative data]
• [Quantitative data]
Qualitative Data
Yields descriptive non numerical information
Quantitative data
Yields information that can be communicated through numbers
Exploratory research
Research conducted to gather more information about a problem
-make a tenitive hypothesis more specific
Better understand a problem.
Customer advisory board
Small groups of actual customers who offer insights into their feelings and attitudes toward a firm.
focus group
an interview that is often conducted informally without a structured questionnaire, in small groups 8 to 12 that observes interaction when members are exposed to new ideas.
Conclusive research
Designed to verify insights through an objective procedure to help marketers make decisions.
Marketing research process
Locating and defining the problem
Designing the research project
Collecting data
Interpreting research findings
Reporting research findings
Locating and defining problems
-Focus on uncovering the nature and boundaries of a situation
-Customer relationship management[Essential in attracting and retaining loyal customers
-Refining a problem into precise research statements
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Research design
Overall plan for obtaining the information needed to address a research problem
Hypothesis
Informed guess or assumption
reliability
Condition that exists when a research technique produces almost identical results
Validity
condition that exists when a research method measures what it is suppose to measure,
Primary data
Observed and recorded or collected directly from respondents
-Collected to adress a specific problem
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