Marketing Research: Process and Systems for Decision Making – Flashcards
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Marketing Research
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process by which info about the firm's environment is generated, analyzed, and interpreted aids decision making and is not a substitute for it
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Marketing Research Effects
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can reduce risks associated with managing and altering marketing strategies vital for understanding the effects of changes in marketing strategies, and when to implement changes enables the firm to get answers
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Aspects of Marketing
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1. Independent Variable (causes) to Marketing Mix (controllable) 2. Dependent Variables (effects) to behavioral response (awareness, knowledge, liking, preferences, intent to buy) 3. Situational factors (uncontrollable) to moderate variables (demand, comp, legal, economic, climate) 4. Performance measures- determined by dependent variable/behavioral response (sales, ROI, cost, profit, image)
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Higher Price
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= lower intent to buy
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Marketing
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connecting the independent variables to the dependent variables relationships b/t independent and dependent variables discovered through marketing research identifying variables that moderate the relationships b/t the independent and depended
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5 P's of the Research Process
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1. Purpose 2. Plan 3. Performance 4. Processing 5. Preparation
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Purpose
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1. determine why research is needed and what to accomplish 2.must determine current situation, nature of the problem, 3. specific questions to investigate
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Plan
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Spells out nature of the research to be conducted whether primary or secondary data needed qualitative or quantitative conduct own research or hire marketing specialist
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Primary Data
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collected specifically for the research problem under investigation
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Secondary Data
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previously collected data that could be used for the problem at hand
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Qualitative Data
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involves face to face interviews with respondents focus groups long (depth) interviews Components Marketing Research Problem Hypothesis
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Components Marketing Research Problem
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refined statements of the specific components of the problem
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Hypothesis
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unproved statement about factor that is of interest to researcher; possible answer to research question
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Management Decision Problem vs Marketing Research Problem
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management decision problem is narrow minded while marketing research problem focuses on the underlying causes and information
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Quantitative Data
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involves systematic procedures designed to obtain and analyze numerical data observational research survey research experimental research
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Observational Research
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involves watching people and recording relevant facts and behaviors
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Survey Research
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*most popular* involves the collection of data by means of a questionnaire based on the hypotheses that need to be tested
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Sampling Plan
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1. Sampling Unit: who is to be surveyed? 2. Sample Size: How many people should be surveyed? 3. Sampling Procedure: How should respondents be chosen? Where should the survey be undertaken?
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Experimental Research
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involves manipulating one variable and examining its impact on other variables - popular in academia, not in industry factors and interactions are commonly found in marketing research
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Conducting Marketing Research
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company will conduct its own research or contract with a marketing research specialist marketing mix models company versus contract research
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Marketing Mix Models
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analyze date from a variety of sources, such as retailer scanner data, company shipment data, pricing, media, and promotion spending data, to understand more precisely the effects of specific marketing activities
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Company vs Contract Research
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most large consumer companies have marketing research departments that can perform research, many do so on contract basis in either case, schedules for task completion, the exact responsibilities of all involved parties, and cost need to be considered
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Performance
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involves preparing for data collection and collecting them
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Cardinal Rule
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obtain and record the maximal amount of useful info, subject to the constraints of time, money, and respondent privacy
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Processing
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includes preparation of data for analysis and their actual analysis appropriate analysis techniques depend on the nature of the research question and design of research critical part of this stage is interpreting and assessing the research results
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Preparation
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research report is complete statement of everything done in a research project includes write-up of each of previous stages, should be clear and unambiguous with respect to what was done
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Limitations of the Research Process
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test marketing Problems that could invalidate test marketing study results: not representative of the market sample size and design are incorrectly formulated pretest measurements of comp. brand sales are not made or are inaccurate test market products are advertised or promoted beyond a profitable level effects of factors that influence sales are ignored in the research test-market period is too short to determine whether the product will be repurchased
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Test Marketing
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major goal is to measure new product sales on limited basis where competitive retaliation and other factors are allowed to operate freely
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Marketing Decision Support System
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coordinated collection of data, tools, and techniques involving both computer hardware and software use this to gather and interpret relevant info for decision making requires database management software for sorting, retrieving, and analyzing data from internal and external sources
