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Marketing research
Lecture 1
| Question | Answer |
|---|---|
| Why is marketing research important for firms to make good customer related decisions? | It removes intuition Can improve accountability |
| What is STDP/STP? | Segmentation: divide market into smaller segments Targeting: Select the segments to enter Differentiation: diff the market offering to create superior customer value Positioning: position the market offering in the minds of target customers |
| What can be established based on STP ? | 4p's: price promotion, product, and place |
| What are some recent developments in marketing research? | Big data, machine learning, AI and text mining |
| Why is big data big? | It records phone calls, use the speech to text to store communication and text mining to interpret. |
| What is Big Data’s three V’s (sometimes 4)? | Velocity Volume Variety (Veracity) |
| What is marketing research? | The collection processing and analysis of information |
| What are common reasons to conduct marketing research? | Unexpected changes in the environment i.e. a harmful event, changing perception and a new competitor Expected and self induced changes in environment, i.e. launch of new product, new ad campaign and price cuts |
| What are the steps of marketing research process? | 1. problem definition 2. research approach 3. research design 4. fieldwork/data collection, 5. data analysis 6. conclusion/report |
| Step1: problem definition | The problem definition defines all subsequent steps in the research process. Marketing decision problem: what should the action before our company? MRP: what information is needed? Followed by a set of research questions to split up the MRP |
| Step 2: research approach | It’s studies what affects are at play in the problem that we are studying, theory can help here, books, literature and previous studies |
| Step 3: research design | This should explain how we collect information such that we can answer the research questions. Using this other researchers should be able to understand your plan and executed themselves. |
| What does choice of research method depend on? | It depends on purpose of research, time, available, budget, and experience of researchers |
| What are the different types of research? | Exploratory, descriptive and casual |
| exploratory/qualitative research | Focus groups can be hard to discuss topic ,one person moderates and researchers observe also possible online. in-depth interviews can also be conducted its unstructured and laddering |
| What is laddering? | Going from product characteristics to user characteristics |
| What is the difference between qualitative and quantitive research? | Qualitative research indicates which things matter, quantitive research indicates to what extent these things matter |
| Descriptive research: collecting numbers | Common methods to collect numbers, include surveys + observation, then create quantitive impression of population by analysing the properties of a sample. This can include averages frequency tables across tables, scatter plots, then functional relations. |
| Descriptive research: observation | No communication with the respondent, for example, like a mystery shopper |
| Descriptive research: survey versus observation | Surveys are stated for preferences is very limited for measuring behaviour and is useful for measuring attitude, Feeling and emotions. observation is revealed for type of preference is useful for measuring behaviour and limited for measuring attitude |
| Do you measure once or multiple times? | One shot/cross-section to measure differences across individuals and groups longitudinal to measure differences across individuals and groups over time |
| What is panel and repeated cross-section? | A panel is the same individuals over time, repeated cross-section is different individuals over time |
| Casual research | Determining cause-and-effect relationships often used for testing hypothesis. An experiment experiment allows to reduce confounding effects. |
| What are confounding effects? | How can we best make people aware of a new product, which attributes of my product matter most? |
Created by:
janasultan
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