Exam 1: Market Research

Criteria for using Secondary Data

- Accurate, fit for problem, unbiased, visit primary source of this data, age, measurements

How do researchers secure respondent's cooperation with answering sensitive Questions

- Guarantee anonymous - Place near end - Ask general then specific (Funneling) - Counterbiasing - Add general options to choose from to feel less targeted

Survey

a technique for ascertaining the self-reported attitudes or behaviors of a particular group, usually by questioning a representative, random sample of the group

Primary Data

information collected for the specific purpose at hand

Secondary Data

information that already exists somewhere, having been collected for another purpose

leading question

a question that implies that one answer would be better than another

filter question

a question that screens out respondents who are not qualified to answer a second question

How is qualitative data analyzed?

early analysis leads to refinements in sampling and data collection until saturation happens. Analysis usually focuses on critical themes. - Response raw - Initial coding/ summarizing associations into more general themes - Focused Coding: Overarching Takeaways

What aspects should we consider when framing a research problem and objective?

- Pure Curiosity - Experiences on the job - Identify stakeholders and their values/ wants - Focus on decisions: Price v. Profitability - Build off of current/ past research and problems - Tell a story based on analytics - Eureka/ CSI: Experiments/ making changes and how the data reflects that

similarities between Focus group and depth interview

- Seek to tap into the knowledge and experience of those who are familiar - informal - seek to attain ideas and insights/ qualitative info

Strategies for depth interviews/ projective methods

- Word association - Sentence completion - Cover centralized topics - Allow storytelling/ personal - Probe/ Laddering

Survey/ Questionnaire Problems

- Wrong parameters - Ambiguous wording - Double-barreled - Non-exhaustive - hard to answer

Key characteristics of Exploratory Research

-small scale-cheap and fast -flexible -not designed to result in final answers

Research Objective

1 or 2 overarching research questions/ goal-oriented objectives that a client is trying to answer Ex: To determine what design is the most effective for this playground

Research Process

1. Defining the objectives and research needs 2. Designing the research 3. Data collection process 4. Analyzing data and developing insights 5. Action plan and implementation

ZMET (Zaltman Metaphor Elicitation Technique)

A commercial and patented marketing research method that uses the metaphor analysis technique to go beyond what people say to reveal what they really mean through the use of visual images, selected by the research subjects, that serve as metaphors for how they feel. Metaphors are said to reveal the thoughts and feelings that occur below the awareness in the unconscious mind

strategy-oriented decision problem

A decision problem that typically seeks to answer "how" questions about a problem/opportunity. The focus is generally on selecting alternative courses of action.

discovery-oriented decision problem

A decision problem typically answers "what" or "why" questions about a problem/opportunity. The focus is generally on generating useful information.

non-exhaustive

A set without all possible outcomes

focus group

A small group of individuals who are led in discussion by a professional consultant in order to gather opinions on and responses to candidates and issues. 8-12 people, now even smaller with covid 6-10

Hypothesis

A testable prediction, often implied by a theory

Problems that could emerge from failing to define a problem adequately

An incorrect RFP, Expensive, start research over, time wasted

Advantages of Focus Groups

Can generate fresh ideas Allow clients to observe their participants May be directed at understanding a wide variety of issues Allow fairly easy access to special respondent groups CHEAP AND TIME EFFICIENT

advantages of depth interviews

Can uncover deeper insights about underlying motives than focus groups. Can attribute the responses directly to the respondent, unlike focus groups. Result in a free exchange of information and there is no social pressure to conform. As a result of probing, it is possible to get at real issues when the topic is complex. - 1-1 Expensive/ TIME - PROBING EASIER TO INTERPRET CODING

mutually exclusive

Events that cannot occur at the same time.

External Data

Facts and figures available in locations outside a company - PUBLISHED DATA - US CENSUS Affectiva- AI Syndicated Research

Internal Data

Facts and figures located inside the company - Easy to access and reference past records and performance and relate that to current research - Scanner Data, Decision Support System (KPI trackers), Data Mining - Should be investigated FIRST

Why do we collect Qualitative Data?

Gain insight on attitudes, feelings, and thoughts that cannot be generally captured by numbers: PERSONAL - Core values, great for exploratory information

projective techniques

In marketing research, asking indirect questions or otherwise involving consumers in a situation where they can express feelings about the problem or product. The purpose is to get an understanding of people's underlying or subconscious feelings, attitudes, opinions, needs, and motives.

Observation

Information obtained through the senses/ exploratory

Research Question

Investigatory supporting questions to help solve a research objective Ex: "What is the most popular attraction/ most visited at the playground?"

What companies use ZMET

Luxury/ LOUIS VUITTON

Casual Research

Marketing research to test hypotheses about cause-and-effect relationships Ex: Experiment/ A/B Testing

Disadvantages of Secondary Data

May not give adequate detailed information May not be on target with the research problem Quality and accuracy of data may pose a problem Age/ Measurement/ Bias

Probing Interview

Obtain information as accurately and completely as possible in the shortest amount of time - keep asking further - dont use why- say " I would love to hear more"

Poorly defined research objective/ question

RO: Too abstract and general/ not relating to business issues RQ: Not related to the objectives

Disadvantages of Focus Groups

Representativeness of participants Dependence on the moderator Interpretation sometimes difficult

Exploratory Research

Research is conducted to gather more information about a problem or to make a tentative hypothesis more specific. Discover insights and ideas Ex: Literature search, Depth Interview, Focus Group, Case Analyses, Observation

Advantages of Secondary Data

Saves time and money if on target Aids in determining the direction for primary data collection Pinpoints the kinds of people to approach Serves as a basis of comparison for other data Cheap/ Easily Accessible Increases Researcher's familiarity w/ problem Good Background Information Clarify meaning of concepts

Funnel approach to ordering questions

Starting with broad or general questions and narrowing it down to specific questions

Key Steps in Questionnaire Development

Step 1: Specify what information will be sought. Step 2: Determine the content of Individual Questions Step 3: Determine the form of Response Questions Step 4: Determine Wording of each question Step 5: Determine Question Sequence Step 6: Physical Characteristics of Questionnaire Step 7: Develop recruiting message/ intro rundown Step 8: Proof Read Step 9: Pretest

Why should MKT managers learn market research?

To communicate with their environment and to make better decisions in business. Communicate and understand consumer needs, market climate, etc...

Understand the purpose of market research

To gather data, turn that data into information, and then use that information to make well-informed business decisions

in-depth interview

an exploratory research technique in which trained researchers ask questions, listen to and record the answers, and then pose additional questions to clarify or expand on a particular issue

laddering technique

ask the consumer what a given attribute means to them and why and keep asking until the deeper motive emerges

Dummy tables

preliminary blank tables constructed prior to data gathering that suggest the type of data needed, as well as the type of data analysis

closed-ended questions

questions a person must answer by choosing from a limited, predetermined set of responses

open-ended questions

questions that allow respondents to answer however they want

syndicated research

research by firms that collect data on a regular basis and sell the reports to multiple firms

Descriptive Research

research conducted to clarify the characteristics of certain phenomena to solve a particular problem. Populations Ex: Surveys/ Dummy tables

case analysis

reviewing information from situations that are similar to the current one

Moderator (of a focus group)

the individual that meets with focus group participants and guides the session with questions and comments

test marketing

the limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation

Marketing Research

the process of planning, collecting, and analyzing data relevant to a marketing decision/ communicating with market around

exhaustive

thorough; complete