Mktg Chapter 7 – Flashcards
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Marketing Research
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Is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions.
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Decision
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Is a conscious choice from among two or more alternatives
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Decision making
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the act of consciously choosing among alternatives
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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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Constraints
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the restrictions placed on potential solutions to a problem
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Concepts
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ideas about products or services
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New product concept
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a picture or verbal description of a product or service the firm might offer for sale
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Methods
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the approaches that can be used to collect data to solve all or part of a problem
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Sampling
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by selecting a group of distributors, customers, or prospects, asking them questions, and treating their answers as typical of all those in whom they are interested
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Statistical inference
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to generalize the results from the sample to much larger groups of distributors, customers, or prospects to help decide on marketing actions.
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Data
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Are the facts and figures related to the problem that are divided into two main parts: secondary data and primary data
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Secondary data
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Are the facts and figures that have already been recorded before the project at hand
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Primary data
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Are the facts and figures that are newly collected for the project
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Marketing input data
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relate to the *effort expended* to make sales
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Marketing outcome data
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relate to the results of the marketing efforts
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Syndicated panel
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market research companies pay households and businesses to record all their purchases using a paper or electronic diary
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Observational data
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Are the facts and figures obtained by watching, either mechanically or in person, how people actually behave.
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Ethnographic research
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is a specialized observational approach in which trained observers seek to discover subtle behavioral and emotional reactions as consumers encounter products in their "natural use environment"
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Focus groups
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are informal sessions of 6 to 10 past, present, or prospective customers in which a discussion leader asks their opinions about the firm's and its competitors' products, how they use these products, and special needs they have that these products don't address.
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Questionnaire data
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Are the fats and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors.
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Closed-end
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(fixed-in) require to select one or more response from choices
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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 that have opposite meanings
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Likert scale
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In which the respondent indicates the extent to which he or she agrees or disagrees with a statement.
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dichotomous question
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A yes or no
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Experiment
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involves obtaining data by manipulating factors under tightly controlled conditions to test cause and effect. The interest is in whether changing one of the independent variables (a cause) will change the behavior of the dependent variable that is studied (the result)
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Information technology
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Involved operating computer networks that can store and process data
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Sales forecast
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Consists of the total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts
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Direct forecast
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Involves estimating the value to be forecast without any intervening steps
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Lost-horse forecast
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Involves starting with the last known value of the item being forecast, listing the factors that could affect the forecast, assessing whether they have a positive or negative impact, and making the final forecast
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trend extrapolation
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assumes that the underlying relationships in the past will continue into the future. involves extending a pattern observed in past data into the future. (Straight line)
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sensitivity analysis
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to ask "what if" questions to determine how hypothetical changes in product or brand drivers can affect sales
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data mining
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is the extraction of hidden predictive information from large databases to find statistical links between consumer purchasing patterns and marketing actions.
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Evaluating the decision itself
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monitoring the marketplace to determine if action is necessary in the future
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Evaluating the decision process used
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Was the marketing research and analysis used to develop the recommendations effective? Was it flawed? Could it be improved
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Marketing research is the process of defining a marketing problem and opportunity, __________, and recommending actions.
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systematically collecting and analyzing information
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When following the five-step marketing research approach, developing the research plan is the __________ step.
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second
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In marketing research, the research objectives are the __________ goals of the decision maker.
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specific and measurable
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In a marketing decision, __________ are likely to be restrictions on the time and money available to solve the problem.
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constraints
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Two special methods vital to marketing researchers are __________ and __________.
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sampling; statistical inference
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In eight small group sessions with customers, 3M heard them complain that standard steel wool pads scratched their expensive cookware. The findings from this research lead to the development of 3M's internationally successful Scotch-Brite Never Scratch soap pads. The research method 3M used was
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focus groups
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What type of question is the simplest form of a fixed alternative question that allows only a "yes" or "no" response?
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dichotomous
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All of the following are independent variables a market researcher may use in a marketing experiment EXCEPT:
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unit sales
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In marketing experiments, the dependent variable is the __________ and the independent variable is the __________.
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result of an action; cause of an action
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Boeing has only a few hundred customers worldwide for its large airplanes, so it can contact these customers and conduct __________, which is an effective method to develop its sales forecasts and production schedules.
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a survey of buyers' intentions
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What is the five-step marketing research approach?
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The five-step marketing research approach provides a systematic checklist for making marketing decisions and actions. The five steps are: (1) define the problem; (2) develop the research plan; (3) collect relevant information (data); (4) develop findings; and (5) take marketing actions.
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What are constraints, as they apply to developing a research plan?
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Constraints in a decision are the restrictions placed on potential solutions to a problem, such as time and money. These set the parameters for the research plan—due dates, budget, etc.
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What are some advantages and disadvantages of secondary data?
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Advantages of secondary data are the time-savings, the low cost, and the greater level of detail that may be available. Disadvantages of secondary data are that the data may be out of date, unspecific, or have definitions, categories, or age groupings that are wrong for the project at hand.
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What is the difference between observational and questionnaire data?
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Observational data are facts and figures obtained by watching, either mechanically or in person, how people actually behave. Questionnaire data are facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors.
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Which type of survey provides the greatest flexibility for asking probing questions: mail, telephone, or personal interview?
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personal interview (or individual/depth interview)
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What is the difference between a panel and an experiment?
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A panel is a sample of consumers or stores from which researchers take a series of measurements. An experiment involves obtaining data by manipulating factors under tightly controlled conditions to test cause and effect, such as changing a variable in a customer purchase decision (marketing drivers) and seeing what happens (increase/decrease in unit or dollar sales).
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How does data mining differ from traditional marketing research?
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Data mining is the extraction of hidden predictive information from large databases to find statistical links between consumer purchasing patterns and marketing actions. Marketing research identifies possible drivers and then collects data.
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What are the three kinds of sales forecasting techniques?
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They are: (1) judgments of the decision maker; (2) surveys of knowledgeable groups; and (3) statistical methods.
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How do you make a lost-horse forecast?
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To make a lost-horse forecast, begin with the last known value of the item being forecast, list the factors that could affect the forecast, assess whether they have a positive or negative impact, and then make the final forecast.
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5 step marketing research process
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Define the problem Develop the research plan Collect relevant information Develop findings Take marketing actions
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research outcomes
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different _______ (based on the measures of success) lead to different marketing actions
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Internal data consists of
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Marketing input data Marketing outcome data
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External data consists of
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Census Trade associations Business Periodicals Syndicated panel Scanner data
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Idea evaluation methods
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personal surveys mail surveys phone surveys online surveys mall intercept surveys
