Question | Answer |
Marketing Research | Systematic process of planning, collecting, analysing, and communicating information relevant to making better decisions. |
Four primary activities of marketing research | situation analysis, strategy development, marketing plan development, monitoring plans' performance after implementation |
Situation analysis | Examines the changes in economy, technology, buying behaviors, legal/political env., size of markets, growth, brand loyalty, competition. |
Strategy development | Questions addressed by marketing research such as What business should we be in? How to compete? What are the goals for the business? |
Marketing Plan development | Focuses on how the elements of the marketing mix can be most effectively used + market segmentation, product differentation and positioning, target market selection. |
Monitoring the Performance | Following the implementation of a plan, it requires the collection of quantitative or qualitative information (sales, customer satisfaction, brand switching). |
Marketing research process | Designed to yield relaible and objective answers to specific marketing questions. |
Steps of the marketing research | Research objectives, research type, research approach, data collection method, analyse results, report findings. |
Exploratory research type | Identify problems or hypotheses. |
Descriptive research type | Information about existing market conditions. |
Causal research type | Identify cause and effect relationships. |
Qualitative research approach | Observation, in-depth interviews, focus groups. |
Quantitave research approach | Experiments, questionnaires. |
Research Design | Specify the plan for collecting and analysing data. (nature of data, procedures used, population studied) |
Sampling | Process of gathering data from a selected subgroup chosen from the population of interest. |
Probability Samples | Select persons from the designated population at random. |
Non-probability samples | Non random samples. |
Primary data | Information collected specifically for the current research study. "new" information |
Secondary data | Information that has already been collected for reasons not directly related to the current study. (internal if from company, external if published) |
Survey research | Means of systematically acquiring information from individuals by communicating directly with them. |
Focus group research | In-person data collection (one interviewer with five to ten persons at the same time). |
Observation | Unobstrusive data collection (subjects are observed without their knowledge). |
Experimental research | Compare the impact of marketing variables on individuals' responses in a controlled setting. |
Simulation | Technique that utilizes computer-based programs to assess the impact of alternative marketing strategies. |
Marketing Information System | People, equipment, and procedures to gather, sort, analyze, evaluate, and distribute accurate information to marketing decision makers. |
Forecasting | Estimate the demand for a brand or product category. |
Qualitative forecasting methods | Salespersons' knowledge of buyers, independant experts from outiside the company, decision trees and scenarion building. |
Quantitative forecasting methods | Sales forecasts based on historical data, mathematic models, multiple regression analysis, econometric modeling. |
Short-term forecast | Predict sales for the next month or quarter. |
Medium-term forecast | Provide input to annua markting plan review and revision. |
Long-term forecast | Forecast for strategic planning, done for a fiv-year period. |