Marketing Research 1-4 – Flashcards
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Changes in the level of some key monitor that measures the achievement of an objective are called
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Symptoms
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____ are statements that are considered true for the purpose of argument or investigation
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Hypotheses
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Which of the following is true regarding secondary data?
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It refers to data that has already been collected
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An intention purchase is an example of a:
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Construct
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Jeff is the president of a bank. He wants to find out the satisfaction level of his customers in Dallas on certain dimensions such as friendliness of employees, convenience of location, and availability of loans. Jeff needs to conduct:
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Descriptive research
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Which of the following is true regarding causal research?
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It attempts to uncover the factors that lead to some events
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Research Objectives
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State specifically what information must be produced to solve the problem
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A ____ Describes how each sample element is to be drawn from the total population
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Sample Plan
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Jane is concerned about an error in the problem statement of research study she has conducted for her company. The error:
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Cannot be corrected
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Which of the following is the first step in the marketing research process?
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Establishing the need for marketing research
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The marketing concept is an important philosophy for marketing managers because it dictates
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Day-to-Day decisions that managers will make
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A marketing strategy consists of selecting a segment of the market as the company's target market and designing the proper:
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"mix" of product/service, price, promotion, and distribution for that market
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Which of the following is the best definition of marketing research? Marketing Research is?
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The process of designing, gathering, analyzing, and reporting information that may be used to solve specific marketing problem
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The Difference between basic research and applied research is that basic research is conducted to:
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Expand our knowledge, rather than solve a specific problem.
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Akron's children's Hospital hired research firm, Marcus Thomas, LLC, to determine the most effective communication messages to use in a new ad campaign being developed by the hospital
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Promotion Research
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The Father of Marking Research
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Charles Coolidge Parlin
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Who conducts Marketing research
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Internal Suppliers *Client-Side research *DYI Research External Suppliers *Agency
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Internal Suppliers
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Organizations that supply their own marketing research information
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Client-side Research
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Conducted by internal suppliers
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DYI research
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Facilitated by Internet access to secondary data and better knowledge of data analysis software such as SPSS.
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External Suppliers
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Outside firms hired to fulfill a company's marketing research needs
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Agency
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Firm specializing in marketing research and offer their services to buyers needing information to make more informed decisions
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Types of Firms
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Full-service Limited-Service
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Full-Service supplier firms
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Have the capability to conduct the entire marketing research project for buyer firms
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Limited-Service supplier firms
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Specialize in one or, at most, a few marketing research activities
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Marketing
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is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
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The Marketing Concept
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is a business philosophy that holds that the key to achieving organizational goals consists of the company's being more effective than competitors in creating, delivering, and communicating customer value to its chosen target markets.
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Market Strategy
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consists of selecting a segment of the market as the company's target market and designing the proper "mix" of the product/service, price, promotion, and distribution system to meet the wants and needs of the consumers within the target market.
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MarketING Research
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is the process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem.
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Market Research
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a process used to define the size, location, and/or makeup of the market for a product or service
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The Function of marketing research is to?
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Link
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Link
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the consumer to the marketer by providing information that can be used in making marketing decisions
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To perform marketing activities and implement marketing strategy, managers must make decisions.
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Decision ----> Action
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These decisions require information which can be supplied by marketing research!
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Decision (information) ----> Action
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Use of Marketing Research
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*Identify marketing opportunities and problems... *Generate, refine, and evaluate potential marketing actions... *Monitor marketing performance... *Improve marketing as a process...
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Identifying Market Opportunities and Problems (1)
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*Locate and identify new market opportunities for a company (S.W. Opportunity T.) *Identifies segments (markets) the company wishes to serve as well as the needs of those groups. - Size and profitability of new segments. -Demographics, psychographics, attitudes. -User profiles, usage patterns.
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Identifying Market Opportunities and Problems (2)
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*Identify existing and potential competitor's strengths and weaknesses (performance analysis). *Competitor's product attributes including: -Market share, profit, market performance, etc.
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Genrate, Refine, and Evaluate Potential Marketing Actions
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*Product research - Product testing, concept testing, test markets... *Pricing research - Price sensitivity, complimentary/cannibalistic products... *Promotion research - Advertising effectiveness, brand awareness, sales force effectiveness... *Distribution research - Retailer performance, distribution coverage...
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Monitor Marketing Performance
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*Gathers information for monitoring performance of TOTAL marketing mix. - Incorporates ALL marketing activities simultaneously. >Product portfolio analysis. >Revenue and margin. >Sales. >Awareness, satisfaction...
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Basic Research
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*is conducted to expand our knowledge rather than to solve a specific problem. -Ongoing and part of the regular operation of the firm.
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Applied Research
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is conducted to solve specific problems.
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MIS
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is a structure consisting of people, equipment, and procedures to, 1) gather, 2) sort, 3) analyze, 4) evaluate, 5) distribute needed, timely, and accurate information to marketing decision makers.
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The Marketing Dashboard
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*...is a comprehensive system providing managers with up-to-the minute information necessary to run their operation. *...includes data on current sales, progress on marketing plan objectives, distribution channel effectiveness, sales force, productivity, brand equity evolution, etc.
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The Importance of Properly Defining the Problem
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When you define a problem incorrectly, there is nothing you can do in the research process to overcome this error. This makes defining the problem and research objectives the most important step in the marketing research process.
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Defining the Problem
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*This is the most important step. -If the problem is incorrectly defined, all else is wasted effort including: >the design of your research >the method you use >the sample chosen >the analytical approach taken >and reporting
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Problems
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*are situations calling for managers to make choices among decision alternatives. *Defining problems accurately is more an art than a science. However- a systematic approach may be used. 1. Assess background & manager's situation. 2. Assess symptoms of problem. 3. Identify possible causes of problem. 4. Narrow to the probable problem cause. 5. Define the research objectives.
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(Step 1) Assess the background and the Manager's Situation [Researchers]
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*The researcher should understand the industry, the competitors, and the company. >Learn the background and perform a situation analysis if needed. *The researcher should understand the manager's unique situation. ;What are the manager's objectives? >What are the manager's constraints? ;What has led to the current situation?
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Situation analysis
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is a form of exploratory research undertaken to gather background information and gather data pertinent to the problem area that might be helpful in defining the problem decision.
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Make an initial decision regarding how the research will be conducted: (Step 1)
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Internal Research External Research
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Internal Research
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Research conducted by people within the firm may know the firm's processes well, BUT they may also be less objective.
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External Research
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Research conducted by people outside the firm will not know the firm's processes well, BUT they may be more objective.
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The Role of the Researcher in Problem Definition
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If an external firm will be used the researcher may issue an Invitation to Bid (ITB) or Request for Proposal (RFP) which are B2B tools to order work in the marketing research process.
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Step 2- Getting to the problem via Symptoms
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*From the manager discuss what is going on. ; "... we are losing money...our sales have slowed... customers are not happy..." ;These statements are symptoms of some underlying problem. ;Often the researcher has to interpret what the manager is saying- diagnose the problem after hearing the symptoms.
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Symptoms
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* are changes in the level of some key metric that measures the achievement of an objective. *The role of the symptom is to alert management to a problem; ;Symptoms indicate a gap between what should be happening and what is happening.
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Step 3- Identify Possible Causes of the Problem
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*If change happens there's always some cause (s) that led to it. >It is important to determine as many causes as possible. >Researchers should then narrow possible causes to a small set of probable causes.
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Construct
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is an abstract idea inferred from specific instances that are thought to be related.
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Operational Definition
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defines a construct, such as intention to buy or satisfaction, which describes the operations to be carried out for the construct to be measured empirically.
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Step 4- Identify (Probable Causes) of the Symptom
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*Probable cause (s) are chosen because they have the highest likelihood of causing the problem! >These are determined by the judgment of manager and researcher. >Narrow to a small set (3-6 is probably good) >Don't be too restrictive here though, you don't want to eliminate possible causes that are influential.
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Step 5- Define the Research Objectives
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Research objectives are specific and tell the researcher exactly what information must be collected to solve the problem by facilitating selection of an alternative. -Objectives should be: >Precise, detailed, clear. >Measurable.
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Research Design
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is a set of advance decisions that make up the master plan specifying the methods and procedures for collecting and analyzing the needed information.
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Exploratory Research
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*is usually conducted at the outset of research projects. >Often it is less structured and less formal. *Its purpose is to explore a research topic not well known to the researcher/firm. >It is usually conducted when the researcher does not know much about the problem.
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Uses of Exploratory Research
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1.Gain background information 2. Define terms 3. Clarify problems and hypothesis 4. Establish research priorities
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Secondary data analysis:
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the process of searching for interpreting existing information relevant to the research topic
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Experience surveys
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refer to gathering information from those to be knowledgeable on the issues relevant to the research problem
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Key-informant technique (Exploratory Research )
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gathering information from those thought to be knowledgeable on the issues relevant to the problem.
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Lead-user survey (Exploratory Research )
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used to acquire information from lead users of a new technology.
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Case analysis (Exploratory Research)
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a review of available information about a former situation(s) that has some similarities to the current research problem.
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Focus groups (Exploratory Research )
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small groups brought together and guided by a moderator through an unstructured, spontaneous discussion for the purpose of gaining information relevant to the research problem.
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Descriptive research
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is undertaken to describe answers to questions of who, what, where, when, and how.
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Cross-sectional studies (Descriptive Research )
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measure units from a sample of the population at only one point in time (or "snapshot").
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Longitudinal studies (Descriptive Research )
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*repeatedly measure the same sample units of a population over time. *Since they involve multiple measurements over time, they are often described as "movies" of the population. *Time-series data.
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Discontinuous panels (Descriptive Research)
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*vary questions from one panel measurement to the next. *These are sometimes referred to as omnibus panels (omnibus meaning "including or covering many things or classes").
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Causality (Causal Research)
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may be thought of as understanding a phenomenon in terms of conditional statements of the form "If x, then y."
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Experiments
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is defined as manipulating an independent variable to see how it affects a dependent variable while also controlling the effects of additional extraneous variables.
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Independent Variable
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are those variables that the researcher has control over and wishes to manipulate—the 4 P's.
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Dependent variables
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are those variables that we have little or no direct control over but a strong interest in changing. In regression- recall the 'Y' variable.
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Extraneous variables
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are those variables that may have some effect on a dependent variable yet are not independent variables
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Experimental Design
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is a procedure for devising an experimental setting such that a change in a dependent variable may be attributed solely to the change in an independent variable.
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Pretest
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refers to the measurement of the dependent variable taken prior to changing the independent variable.
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Posttest
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refers to measuring the dependent variable after changing the independent variable.
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Experimental Design
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* "true" experimental design *Quasi-experimental design
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"true" experimental design
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isolates the effects of the independent variable on the dependent variable while controlling for the effects of any extraneous variables.
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Quasi-experimental design
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isolates the effects of the independent variable on the dependent variable while controlling for the effects of any extraneous variables.
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Control group
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control of extraneous variables typically achieved by the use of a second group of subjects
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Experimental group
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the group that has been exposed to a change in the independent variable
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Internal validity
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is concerned with the extent to which the change in the dependent variable is actually due to the change in the independent variable.
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External validity
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refers to the extent that the relationship observed between the independent and dependent variables during the experiment is generalizable to the "real world."
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Field experiments
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are those in which the independent variables are manipulated and the measurements of the dependent variable are made on test units in their natural setting.
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Laboratory experiments
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are those in which the independent variable is manipulated and measures of the dependent variable are taken in a contrived, artificial setting for the purpose of controlling the many possible extraneous variables that may affect the dependent variable.
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The Various types of research design include
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Exploratory Descriptive Causal
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If the research objective is to gain background information, it is likely that the most appropriate research design would be?
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Exploratory
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Experience Surveys are used in which way?
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to gather information from persons thought to be knowledgeable on the issues relevant to the situation
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What typeof research design should a marketing researcher use to find out how many customers there are, what brands they buy and in what quantities, which advertisements they recall, what are their attitudes towards the company, and who is the competition
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Descriptive research
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Descriptive research studies are conducted to
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answer who, what, when, where, and how question
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In an experiment, over which type of variable does a researcher have control and wish to manipulate
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Independent variable
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when a variable experts influence on the dependent variable but is not an independent variable, we refer to it as?
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Extraneous Variable
