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PoM Ch10

Principles of Marketing Chapter 10

QuestionAnswer
What are the steps of marketing research process? Defining the objectives and research needs, designing the research, collecting the data, analyzing dara and developing insights, developing and implementing an action plan
1st step of marketing research process Defining the objectives and research needs
2nd step of marketing research process Designing the research
3rd step of marketing research process Collecting the data
4th step of marketing research process Analyzing data and developing insights
5th step of marketing research process Developing and implementing an action plan
Seconday data Collected prior to the start of the research project
Primary data Collected to address specific research needs (e.g., focus groups, interviews, surveys)
Advantages of secondary data Can be obtained free or at cheap cost, doesn't take as much time
Advantages of primary data Can collect data in more details, in depth, specific to the immediate data needs and topic, offers behavioral insights
Disadvantages of primary data Time consuming, often costly, requires more sophisticated training and experience to design study and collect data
Disadvantages of secondary data May not be precise/relevant to information needed, sources may not be original, data sources may be biased
Qualitative research Observation, in-depth interview, focus group, social media
Quantitative research Experiments, Survey, Scanner, Panel
Things to avoid when designing a survey Leading questions, one-sided questions, questions that cannot easily or accurately be answer, sensitive questions, double-barreled questions (referring to more than one issue)
Experimental research A type of conclusive and quantitative research that systematically manipulates one or more variables to determine which variables have a causal effect on another variable
Created by: ltt
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