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MKT 300 Chapter 10
Marketing Research
| Question | Answer |
|---|---|
| Marketing Research | A set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers involved in marketing goods, services, or ideas. |
| Marketing research process | Defining the objectives and research needs, Designing the research, data collection process, analyzing data and developing insights, Action plan and implementation. |
| Step 1. Defining Objectives and Research Needs | Establish in advance exactly what problem needs to be solved. Marketers must clearly define the objectives of their marketing research project. |
| Step 2. Designing the Research | Researchers identify the type of data needed and determine the research necessary to collect it. |
| Step 3. Data Collection Process | Begins only after the research design process. Data can be collected from Secondary or Primary data sources. |
| Secondary Data | Pieces of information that have been collected prior to the start of the focal research project. Includes both internal and external data sources. |
| Primary Data | Data collected to address specific research needs. Primary data collection methods include focus groups, in-depth interviews, and surveys. |
| Sample | A group of customers who represent the customers of interest in a research study. |
| Data | Raw numbers or facts. |
| Information | Organized, analyzed, interpreted data that offer value to marketers. |
| Step 4. Analyzing Data and Developing Insights | Analyzing and interpreting the data should be both thorough and methodical. When data is interpreted it becomes information that can be analyzed and put into useful form that helps marketing decision makers. |
| Step 5. Action Plan and Implementation | The analyst prepares the results and presents them to the appropriate decision makers. |
| Syndicated External Secondary Data | Data available for a fee from commercial research firms such as information Resources Inc. (IRI), National Purchase Diary, and ACNielson. |
| Inexpensive External Secondary Data | Resources such as The U.S. Bureau of the Census can provide data about businesses by county or zip code. |
| Scanner Data | Used in quantitative research obtained from scanner readings of UPC labels at check-out counters. |
| Panel Data | Information collected from a group of consumers. |
| Internal Secondary Data | Companies also generate a tremendous amount of secondary data from their day-to-day operations. |
| Data Warehouses | Large computer files that store millions and even billions of pieces of individual data. |
| Data Mining | The use of a variety of statistical analysis tools to uncover previously unknown patterns in the data stored in databases or relationships among variables. |
| Churn | The number of consumers who stop using a product or service, divided by the average number of consumers of that product or service. |
| Qualitative Research | Informal research methods, including observation, following social media sites, in-depth interviews, focus groups, and projective techniques. |
| Quantitative Research | Structured responses that can be statistically tested to confirm insights and hypothesis generated via qualitative research or secondary data. |
| Observation | An exploratory research method that entails examining purchase and consumption behaviors through personal or video camera scrutiny. |
| Sentiment Mining | Data gathered by evaluating customer comments posted through social media sites such as Twitter or Facebook |
| In-Depth Interview | An exploratory research technique in which trained researchers ask questions, listen to and record the answers, the pose additional questions to clarify or expand on a particular issue. |
| Focus Group Interviews | A research technique in which a small group of persons (usually 8 to 12) comes together for an intensive discussion about a particular topic, with the conversation guided by a trainer or moderator using an unstructured method of inquiry. |
| Survey | A systematic means of collecting information from people that generally uses a questionnaire. |
| Questionnaire | A form that features a set of questions designed to gather information from respondents and thereby accomplish the researchers' objectives; questions can either be structured or unstructured. |
| Unstructured Questions | Open-Minded questions that allow respondents to answer in their own words. |
| Structured Questions | Closed-ended questions for which a discrete response alternatives, or specific answers, is provided for respondents to evaluate. |
| Experimental Research (Experiment) | A type of conclusive and quantitative research that systematically manipulates one of more variables to determine which variables have a casual effect on another variable. |
| Biometric Data | Digital scanning of the physiological or behavioral characteristics of individuals as a means of identification. |
Created by:
towilliamsjr
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