Marketing Research
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| Marketing Research | is the process of systematic gathering, recording, and analyzing data about customers, competitors, and the market.
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| Primary research | involves data collection that is tailored to the specific challenge or problem you are trying to address. There are many ways to conduct primary research.
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| qualitative primary research | explores ideas, perceptions, and behaviors in depth with a relatively small number of research participants. It aims to answer questions with more complex, open-ended responses.
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| quantitative primary research | collects information that can be easily counted, tabulated, and statistically analyzed.
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| Secondary research | uses secondary data, or source information that has previously been collected either inside or outside the organization. Internal data and some external data are freely available or have only a nominal
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| primary data |
Data collection specifically tailored to the problem you are trying to address
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| secondary data | Source information that has been previously collected for other purposes (internal or external)
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| Primary data benefit | Information is directly related to what you want to know
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| Secondary data benefit | Typically lower cost and less time to collect
Data already exists
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| Primary data limitations | Can be costly or time-consuming to collect
Requires expertise in data collection
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| Secondary data limitations | Information may be dated
May not directly address what you need to know
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| Primary research technique | behavioral observation, in-depth interviews, focus groups, social listening, survey research, and experimental research.
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| Behavioral observations | Watching customers and noncustomers engage with a product
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| in-depth interviews | Conversations with an individual the marketer wants to understand better
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| focus groups | Small groups of individuals (usually 6–12) who delve deeply into topics of interest
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| social listening | Monitoring conversations on social media or soliciting input from a social media community
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| survey research | Asking individual consumers to provide responses on a questionnaire
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| experimental research | Testing the effect of varying a factor or a set of factors in a marketing artifact
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| internal data | A company’s internal data, such as sales and marketing records, customer account information, product purchasing, and usage data are typical secondary data sources.
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| Database marketing organizations | sometimes called customer insights services providers, collect massive amounts of information about consumers by linking financial and credit data to tracking data about online and offline purchases and other behaviors
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| Government agency, nonprofit, and NGO data | Agencies freely publish economic data, demographic data, trade statistics, and regulatory information.
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| Industry and professional associations | Most industries have dedicated media and organizations, which publish online or offline news, magazines, newsletters, and journals and collect data about their industry or profession.
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| Commercial marketing research companies | Syndicated research of consumer data for purchase as well as database information on consumer purchases and behavior.
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| Internet searches | May provide useful insights into what data has already been collected.
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| storing content | protect participants’ privacy, measures in place to store collected data, notify participants if data breach
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| A/B testing | A marketing experiment where two variants of a campaign are tested to see which one is most effective
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| Group think | Psychological phenomenon in which individual members of a group accept a viewpoint or conclusion that represents a perceived group position (even when it conflicts with their own beliefs or judgment)
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| Open ended questions (Unstructured questions) | Questions where a researcher asks participants to provide a verbal or textual response
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| Closed-ended questions (structured questions) | Questions where a researcher provides a set of options from which to choose a response, also called structured questions
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| Syndicated marketing research companies | Source of secondary data for marketing research that is collected by a marketing research company and can be purchased by organizations
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Created by:
mkale
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