Ch 4 – Flashcard
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Taking an ethical and aboveboard approach to conducting market research that does no harm to the participant in the process of conducting the research.
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MARKET RESEARCH ETHICS
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A process that first determines what information marketing managers need and then gathers, sorts, analyzes, stores, and distributes relevant and timely marketing information to system users.
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MARKETING INFORMATION SYSTEM (MIS)
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Raw, unorganized facts that need to be processed.
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DATA
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what does successful market planing depend upon
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Informed decision making.
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market planning steps
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develop marketing objective select target market position products developing 4 ps strategies
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what is a market intelligence system ?
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A method by which marketers get information about everyday happenings in the marketing environment
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Which of the following is an example of primary research?
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Customer interviews
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Exploratory, descriptive, and causal research
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primary data
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In the market research process, which of the following steps occurs immediately after choosing the method to collect primary data?
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design the sample
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In the market research process, designing the sample is the step that occurs immediately before the step of __________.
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analyzing and interpreting the data
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Gathered via monitoring of everyday data sources, observations, discussions with sales representatives
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Marketing Intelligence
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data collected by the firm to address a specific question
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Primary data
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Goal of the Marketing Insights function
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transform data into information
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Role of Customer Insights Function in a Marketing Organization
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Goal of the Marketing Insights function -transform data into information
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step 1 Market Research Process
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Define the Research Problem
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step 2 Market Research Process
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Determine the Research Design
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what happens after you Determine the Research Design
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Once the problem is isolated, the next step is to determine a 'plan of attack'
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is particularly useful when marketers are trying to identify new strategies, new product opportunities, or when the need to understand in detail how consumers feel about a product or service
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Exploratory Research
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Exploratory research is useful for
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Gaining better understanding of problem Identifying new opportunities
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exploratory reach is often qualitative in nature
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Focus groups Case studies Ethnographies
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Systematically investigate marketing problem Results expressed in quantitative terms Cross-sectional vs. longitudinal
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Descriptive Research
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Attempts to identify cause-and-effect Independent and dependent variables
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Causal research
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Step 4: Market Research Process
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Design the Sample Probability vs. non-probability samples Types of nonprobability sampling
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Predictive technology
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uses shopping patterns of large numbers of people to determine which products are likely to be purchased if others are
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Quality of market research insights based on
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"garbage in, garbage out!"
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Step 5: Market Research Process
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Collect the Data
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Challenges to gathering data in foreign countries
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Cultural issues Language issues
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The quality of research conclusions is only as good as
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the data used to generate them
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a company can obtain by buying customer info
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acquired data
