Ch. 8 Marketing Research: Costumor insights to Actions – Flashcards
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Marketing Research
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the process of defining a marketing problem and opportunity, systematically collecting and analyzing information and recommending action.
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1) Define the Problem 2) Develop the Research Plan 3) Collect relevant information 4) Develop Findings 5) Take Marketing Action
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The Five Step systematic marketing research decision analysis
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Exploratory Research
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provides ideas about a relatively vague problem. Used to scan for and ultimately define the problem.
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Descriptive Research
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used to find the frequency which something occurs and the extent of a relationship between two factors.
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Casual Research
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Used to find the extent in which one factor effects another factor.
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Measures of Success
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criteria or standards used in evaluating proposed solutions to the problem.
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Developing a research plan
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1. Specify Constraints 2. Identify Data 3. Determine how to collect date
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Constraints
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restrictions placed on potential solutions. i.e. resources allowed for research. time money etc
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Concepts
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ideas about products or services
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Methods
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approaches that can be used to collect data to solve all or part of a problem.
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Secondary Data
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facts and figures that have already been recorded before the project
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Primary Data
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facts and figures that are newly collected for the project.
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Observational Data
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facts and figures obtained by watching either mechanically or in person how people actually behave
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Data Mining
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extraction of hidden predictive information from large databases to find statistical links between consumer purchasing patterns and marketing actions.
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Develop Findings
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analysis of data collected in order to make purposeful sense of it in order to take effective marketing action
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1) analyze date 2. Present Findings
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Steps of developing findings
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1. Make Action Recomendations 2. Implement Action
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Steps of Taking Marketing Action
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Panels
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Companies test _______ because they want to know if consumers change their behaviors over time
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Dichotomous Question
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simplest form of a fixed alternative question
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Developing a research Plan
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We have the options of staying open late twice a week or opening up an hour early every day. We need to know which one will be most profitable since we cannot do both. The decision must be made in 11 weeks and we only have $10,000 budgeted for this research project." In which step of the marketing research approach would this statement been made?
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Semantic Differential Scale
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a five-point scale in which the opposite ends have one- or-two-word adjectives with opposite meanings.
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Ethnographic
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asking participants to record their behavior for a given amount of time while traveling is what kind of data collection method?
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methods vital to marketing
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Sampling and statistical inference
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Focus Group
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past, present, or prospective customers are directed by a discussion leader or moderator to identify what they do and don't like about a firm's and its competitors' offerings, how they use them, and special needs they have that the they don't currently address.
