Principles of Marketing Chapters 5, 6 – Flashcards
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process of planning, collecting, and analyzing data relevant to a marketing decision
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Marketing research
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producers, ad agencies, marketing research companies
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Who provides marketing research?
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addresses a specific problem or opportunity, more focused, in a finite time period ex. Frank Luntz - estate tax vs. death tax, global warming vs. climate change
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Project approach (to marketing research)
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provides marketing information on a consistent basis, used internally, broad general purpose ex. sales report
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Systems approach (to marketing research)
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A set of procedures and methods for the regular, planned collection, analysis, and presentation of information for use in making marketing decisions ex. Sales analysis reports
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Marketing Information System (MIS)
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when results are unactionable, when managers cant agree on what info they need when the info already exists when research is unethical
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When NOT to use Project approach (to marketing research)
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language, talk to people about the problem
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Qualitative data
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numbers, x causes y
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Quantitative data
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the problem the research hopes to analyze, should be well defined and structured from beginning ex. Why are store revenues so low?
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Decision problem
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what is going on? (what/why)
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Discovery oriented decision problem
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How do we best address this? (more about implementation)
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Strategy oriented decision problem
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a restating of decision problem in research terms Ex. This: Why are store revenues so low? Turned to this: Among the possible explanations for why store revenues are low, what is the most likely culprit?
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Research Problem
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exploratory descriptive causal
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Types of research
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qualitative, small scale
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Exploratory research
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secondary research Depth interviews Focus groups Case analyses
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Examples of exploratory research
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quantitative, ex. how often do you go to these sites?
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Descriptive research
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questionnaires
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Examples of Descriptive Research
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Longitudinal, cross sectional
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Types of Descriptive Research
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fixed sample of elements repeated over time, seeing if there's change over time
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Longitudinal study
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single point in time, research time and contextually dependent - Most common
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Cross Sectional Research
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quantitative, cause and effect
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Causal research
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experiments market tests
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examples of causal research
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a situation with exact conditions, control of variables other than x and y is maximized
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Lab experiment
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a situation with fluid conditions, control of variables other than x and y is challenging
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Field experiment
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what YOU have collected adv - fits with research problem, timely, accurate, complete dis - time and money costs, harder to get can be obtained by either communication or observation
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Primary Data
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what OTHERS have collected You should start with this - usually used for exploratory research adv - saves time/money dis - hard to answer a specific research question internal (from your own company) or external (like Nielson or Axiom)
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Secondary Data
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what is reality? does it exist in one or many forms? ex. is there an obesity crisis? what is obesity?
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Ontological Assumption
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what is the overriding goal of research? verstein (complete understanding)
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Axiological Assumption
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Is knowledge time and contextually dependent? What is causality? What does the design look like? ex. what is beauty? What is wealth?
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Epistemological Assumption
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methods aren't comparable, cant answer the same questions with the same research
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The Contingency Approach
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either method can answer the same question, approaches tap into different dimensions of the same phenomenon
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The Interdisciplinary Approach
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phenomenon will keep changing based on culture changing, research is time and contextually dependent, no absolute truth driven by epistemological approach
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The Relativist Approach
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studies culture from within, a little biased, voice of participant ex. can be done using depth interviews
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Emic Analysis
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voice of researcher, saying what the person meant
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Etic analysis
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An interview question that encourages an answer phrased in respondent's own words. respond in our own words
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Open ended question
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An interview question that asks the respondent to make a selection from a limited list of responses. multiple choice/ranking
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Closed ended question
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A closed-ended question designed to measure the intensity of a respondent's answer. range of intensity
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Scaled response question
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a subset from a large population research will only apply to them
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Sample
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The population from which a sample will be drawn
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Universe
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A sample in which every element in the population has a known statistical likelihood of being selected. RANDOM
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Probability Sample
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A sample arranged so that every element of the population has an equal chance of being selected.
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Random Sample
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Any sample in which little or no attempt is made to get a representative cross-section of the population. NOT RANDOM
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Non Probability Sample
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A form of nonprobability sample using respondents who are convenient or readily accessible to the researcher. ex. using students for marketing research at belmont
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Convenience Sample
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way to analyze data, looks at the statistical difference between 2 groups
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T-Test
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way to analyze data, model of fit between multiple groups
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Chi-Square
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sorta looks like this picture, want ratio numbers to go up to infinity more power with infinity
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Regression
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analysis of variance, difference between 2 groups, less power with categorical
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ANOVA
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multiplication
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Moderator variable
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subtraction
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Mediation Variable
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Measurement, Sampling, Frame, Random
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Types of Errors
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Error when there is a difference between the information desired and the information provided by research
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Measurement Error
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helps avoid measurement analysis
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Reliability analysis
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Error when a sample somehow does not represent the target population.
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Sampling Error
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Error when a sample drawn from a population differs from the target population.
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Sampling Error
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Error because the selected sample is an imperfect representation of the overall population.
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Random Error
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1. People or organizations with 2. needs or wants that can be satisfied by the product 3. and with the ability and 4. the willingness to buy that offerings within that category.
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Market
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subgroup of people who share some of the same characteristics that cause them to have similar product needs
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Market Segment
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1. Substantial (it will provide a profitable market share) 2. Identifiable and Accessible (done through research) 3. Responsive 4. Mutually exclusive and collectively exhaustive
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Criteria for successful segmentation
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process of dividing the market into meaningful, relatively similar, identifiable segments or groups.
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Market Segmentation
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Value Based (what ppl need) and Profile Based (demographics, etc.) Not mutually exclusive (can put user based with occasion based)
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Bases for segmentation
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[Part of Value Based Segmentation] segmentation based on benefits of the offerings ex. leaf car
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Benefit Based Segmentation
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[Part of Value Based Segmentation] segmentation based on usage occasion
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Occasion Based Segmentation
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Demographics (age, gender, etc) Geography (climate, terrain, urban/rural, etc.) Psychographic Profile (personality traits, lifestyle, motives) Behavioral Profile (consumer behavior towards a product)
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Bases for Profile-Based Segmentation
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segmentation based on consumers usage 80/20 principle - 80% of profit made from 20% of customers
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User-Based segmentation
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identify segmented groups and develop one to one message for them (separate marketing mix for each segment)
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Targeting
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A marketing approach that views the market as one big market with no individual segments and thus requires a single marketing mix. adv - cost savings dis - lacks innovation, more susceptible to competition usually used for staple goods like foods ex. snickers, milk, credit card
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Mass Marketing (undifferentiated) targeting strategy
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A strategy used to select one segment of a market for targeting efforts. adv - concentrated, strong positioning dis - segments too small
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Concentrated Targeting Strategy
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A strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each. (most companies do this) adv - greater financial success dis - high cost of marketing, cannibalization ex. Cheerios
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Multisegment Targeting Strategy
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when you steal customers from yourself ex. creating a new kind of cheerios makes old cheerios customers buy new kind instead of old kind
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Cannibalization
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An individualized marketing method that utilizes customer information to build long-term, personalized, and profitable relationships with each customer. Can be done much easier today with social media (using info from Axiom, etc.) ex. put your own image on your credit card
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One-To-One Targeting Strategy
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should deliver superior value to customers
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Value Proposition
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Comparative, noncomparative
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Types of Positioning Statements
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Compares product to something else ex. Gatorade is a smart beverage choice for athletes because it rehydrates, replenishes, and refuels in ways water can't. This isnt allowed in all countries
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Comparative Positioning Statement
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does not compare product to something else, just lists benefits ex. Gatorade is a smart beverage choice for athletes because it rehydrates, replenishes, and refuels.
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Noncomparative Positioning Statement
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use as a tool for rebranding, can see your position in the market and figure out where you want to be.
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Perceptual Mapping
