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Marketing-Info Management: Applying Marketing-Information Management KPI Notes

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Section 1: Describe methods used to design marketing research studies.
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DESCRIPTIVE RESEARCH: * Also called statistical research * Describe data and characteristics about a population * Doesn’t understand the relationship between the variables, what caused them, or what their implications are * Takes a snapshot of a portion of a population * Four main ways to conduct descriptive research: 1- Surveys/questionnaires can gain input from a large group in a short time 2- Case studies gain deeper insight from smaller groups of the population 3- Observational research, observing a consumer’s behavior 4- Secondary data purchased from companies or gained from the federal government EXPLORATORY RESEARCH: * Investigation into a situation that provides initial insights to the researcher * Meant to provide details to an area where a small amount of info exists * May use various methods: trial studies, interviews, experiments CASUAL RESEARCH: * Investigation seeks to reveal the effect of one variable on another
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Section 1: Describe options businesses use to obtain marketing-research data.
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PRIMARY RESEARCH: * Any type of research that you go out and collect yourself * Popular ways consists of interviews, surveys, focus groups * Collected by researcher specifically to meet the research objectives for project * Can take a while to obtain and expensive to collect SECONDARY RESEARCH: * Means of reprocessing and reusing already collected data * Obtained from government agencies, trade associations, labor unions, media sources, chambers of commerce, etc. * Generally the collected data was analyzed by the organization in an effort to meet research objectives * Normally inexpensive and easy to obtain
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Section 1: Discuss the nature of sampling plans.
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* Classified as probability or non-probability * Probability samples: each member of population has a known probability of being selected * Probability methods include random sampling, systematic sampling, and stratified sampling * Non-Probability Sampling: members are selected from population in nonrandom manner * Non-Probability methods include convenience sampling, judgment sampling, quota sampling, snowball sampling * Common non-probability sampling is accidental when the researcher unknowingly introduces non-randomness into the sample selection process * Advantage of probability sampling is that margin of error can be calculated * Margin of Error: degree to which a sample might differ from the population * Non-probability sampling the degree to which the sample differs from the population is unknown
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Section 2: Describe data-collection methods.
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* Data collection important for research * Inaccurate data collection can impact results of a study and lead to invalid results * Data collection can be quantitative or qualitative QUANTITATIVE DATA: * Rely on random sampling and structured data-collection instruments * Produce results that are easy to summarize, compare, and generalize * Normally in % or # Surveys and questionnaires are common methods for collecting quantifiable data * Quantitative data can be obtained from various management info systems QUALITATIVE DATA: * Deals with descriptions * Data can be observed but not measured * EX: someone looking at a painting says its blue and green with a silver frame it reminds me of this * Data obtained through interviews, onsite observations, and focus groups
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Section 2: Explain characteristics of effective data-collection instruments.
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* Data collection instruments varies by situation and whether the researcher wants qualitative or quantitative research * Data collection instruments: surveys, tests, evaluations, focus groups, observations, interview, etc. DATA INSTRUMENTS FOR QUANTITATIVE: * Must provide info that can be expressed in # or % * Info must be able to be put in categories * Should use probability sampling * Should represent a large enough portion of the population * Instrument shouldn’t have leading questions or bias * Effective instrument invites people to participate and lowers non-response rate DATA INSTRUMENTS FOR QUALITATIVE: * Must capture people’s expressions and opinions on a certain topic * Effective instrument will help researcher pinpoint trends and themes in data * Should help researcher avoid Hawthorn Effect
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Section 2: Describe types of rating scales.
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* Rating scales are used to measure objective responses and rank them in a given spectrum LIKERT SCALE: * Respondents specify their level of agreement or disagreement for a series of statements * Captures the intensity of the feelings * Usually have 5 possible choices * EX: strongly agree, agree, neutral, disagree, strongly disagree * Normally a numerical value is given to each choice * Mean for all responses is computed SEMANTIC DIFFERENTIAL SCALE: * Measure the connotative meaning of objects, events, and concepts * Respondent asked to choose where his/her position lies on a topic by marking their opinion on a scale between two bipolar adjectives * EX: Adequate or Inadequate; Like or Dislike; Valuable or Worthless BEHAVIOR INTENTION SCALE: * Measure the possibilities of a person performing a certain action or making a certain decision * EX: “How likely are you to…”
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Section 2: Explain the use of diaries.
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* Diaries (blogs) can be found on the web and might be helpful when researching * Blogs taken over the traditional diary * People share thoughts/expertise on any topic on the web * Blogs can contain a wealth of info for marketers * Marketers should monitor the “top blogs” in their industry to learn what the online world thinks of their products * Blogs can help marketers monitor the competition * Blogs can help marketers learn about new trends * Marketers should consider entering the “blogosphere” to share info about their product and company
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Section 2: Explain the nature of marketing research briefs.
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* Provide a clear direction for the research project * Research brief is a statement from the sponsor of the research project * Sets the obj. and background to the case to enable researcher to plan an appropriate study * Market research study is only as good as the brief * Brief educates and influences the choice of research methods to be used for data collection * Brief sets the obj. for the research project * Factors for a good brief: 1- what needs to be researched 2- why it needs to be researched 3- when it needs to be researched 4- where the research needs to take place
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Section 3: Describe techniques for processing marketing-information.
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* Most marketing info processed using some type of technology * Microsoft Excel can process info * Marketing-info management systems, and some customer relationship management systems, process marketing info and put it into a format that supports decision making * Advanced systems have decision-making capabilities
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Section 3: Explain the use of descriptive statistics in marketing decision making.
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* Quantitatively describe the main features of a collection of data for an entire population/sample * Describe measures of central tendency and measures of variability and dispersion * Measures of central tendency: mean, median, mode * Measures of variability: standard deviation, range, skew * Help marketers make sense of data, leads to decisions being made * EX: owner of a shoe store, have customers rate shoes from 1-5, mean will tell you the average score, mode will tell you the score that appeared most often, standard deviation shoes varying overall, all this info aids in determining what customers truly think
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Section 4: Identify sources of error and bias.
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* Poorly conceived/designed research project can have errors and biases RESPONSE ERROR: * Respondents might not be truthful or thorough when responding to the survey INTERVIEWER ERROR: * While having an interview, the interviewer should avoid asking leading questions or pressuring the interviewee to respond certain ways NON-RESPONSE ERROR: * Some people will completely ignore the survey * This makes if more difficult to get a representative sample SAMPLE DESIGN ERROR: * Survey should be clearly formatted and shouldn’t lead respondents to answer in a certain way
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Section 4: Evaluate questionnaire design.
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* Two different types of questionnaires: exploratory and standardized EXPLORATORY QUESTIONNAIRES: * Used if the data collected is qualitative * Data won’t be used statistically * Method works well if you need more than numbers for the research STANDARDIZED QUESTIONNAIRES: * Quantifiable questionnaires * Used to generate data that will be analyzed with statistics * These questionnaires are most common QUALITIES OF A GOOD QUESTIONNAIRE: * Meet research obj. * Obtain complete and accurate info * Be brief and to the point so people taking it remain interested NINE STEPS IN DEVELOPING A QUESTIONNAIRE: 1- decide what info needs to be obtained 2- define target audience 3- choose methods of reaching target (personal interviews, group interviews, mailed questionnaires, telephone interviews) 4- Decide on question content 5- Develop question wording: open ended (answers are more specific, answer in their own words, may benefit research) vs. close ended ( easy to answer, people don’t have to rely on memory, make analyzing the results easier) 6- Put questions into a meaningful order and format need to be easy to answer, non-threatening, first couple determine mood, if asked a controversial question immediately questionnaire won’t be as successful, questions need to flow 7- Check length of the questionnaire, make sure it is neither too long or too shot for your purposes 8- test the questionnaire, ensures you will get the desired results, whether the questions make sense, clear-cut and easily understood 9- finish the final questionnaire
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Section 4: Assess appropriateness of marketing research for the problem/issue.
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* One research method won’t work for every situation * Some situations, secondary research will be most helpful * Other cases primary research will be better * Researchers must determine if quantitative data, qualitative data, or combination will be better * Determining this will help pick a research instrument, survey, focus group, or observation * Selection of respondents or the sample group for the survey or interview is important * Timing what month, day, year may impact research