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Lesson 5

Marketing Research

QuestionAnswer
Marketing Research Process 1. Define the problem 2. Develop the research plan 3. collect data 4.develop findings 5.take actions based on your findings
Defining the problem what stage? What decision? What information? What data?
Developing the research plan How? What? Primary or Secondary? ourselves or marketing research firm? Constraints?
Primary Research Original data collected by the researchers
Secondary Research data collected and analyzed by someone else
Exploratory Research Goal To explore an early stage idea and gather more information about it
Descriptive Research Goal To describe the current situation, consumers, environment, market, etc. ( This does not involve causes)
Causal Research Goal To understand the cause of a certain phenomenon or behavior. Used when marketers are predicting a specific casual relationship between two phenomena, for example, increased advertising causes higher sales
Continuous Data Scanner Data, Panel Data, Cookies, Credit Card Transaction,
Data Quality Who collected? For what purpose? How/When? consistent and logical? instrument available?
Emerging Marketing Research Techniques Observational Research Ethnographic Research
Ethical Concerns: Deceit and Fraud manipulating data lying to participants disguising a sales attempt as a piece of marketing research
Ethical Concerns: Invasions of Privacy gathering data on consumers without there permissions industrial espionage
Participants Rights Right to Privacy Right to Safety Right to Information Right to Self-Determination
Marketing Research the process of defining a marketing problem and opportunity, systematically collecting and analyzing information and recommending actions
concepts ideas about products or services
methods the approaches that can be used to collect data to solve all or part of a problem
sampling selecting representative elements from a population: probability and non probability
probability sampling involves using precise rules to select the sample such that each element of the population has a specific known chance of being slected
nonprobability sampling use arbitraty judgments to select the sample so the chance of selecting particular element may be unknown or 0
information technology involves operating computer networks that collect, store and process data
data mining the extraction of hidden predictive information from large databases.
Created by: lfowler322
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