MKT - CH 4
research problem
after mgt research deliverable has been identified, define research problem. exactly what info is needed to help mgt in this situation?
in depth interview
an unstructured interview w/ an individ who has been chosen based on some characteristic of interest, often a demographic attribute
open ended questions
encourage respondeats to be expressive and offer the opportunity to provide more detailed, qualitative responses. used in exploratory research
quantitative research
used to develop a more measured understanding using statistical analysis to assess and quantify the results
mechanical observation
uses a device to chronicle activity. turnstiles record ppl comin in and out of an area. eye cameras can track movement of eye while watching an ad.
probability sampling
uses a specific set of procedures to identify individuals from the population to be included in the research. then a specific protocol is identified to select a Number of individs for the research.
gross national product
value of all goods and services produced in an economy, plus the value of the goods/services imported, less the goods services exported
business publications
wall street journal businessweek fortune forbes
macroeconomics
study of economic activity in terms of broad measure of output (GNP) and input as well as the interaction among various sectors of an entire economy.
microeconomics
study of individual economic activity (firm, household, prices)
sample
subgroup of the population selected for participation in the research
descriptive research techniques
surveys, behavioral data, observational data
interest
the annual earnings that are sacrificed when wealth is invested in an given asset or business. the interest sacrificed is often called the cost of capital
market research
the methodical identification, collection, analysis and distribution of data related to discovering then solving marketing problems or opportunities and enhancing good decision making
nature of the decision
the more strategic the decision, the more important the information and the greater need for primary data. if decision is tactical, secondary data is sufficient
nonprobability sampling
the probability of everyone in the population being included in the sample is not identified. often done when time or financial constraints limit the opprtunity to conduct probability sampling. problem = limits the ability to perform statistical analyses and generalize conclusions beyond sample itself
search secondary sources
-almost always the first place to go in conducting a market research proj. fast. less expensive. doesnt fit research problem exactly. not current. govt sources market research organizations the internet
marketing research process
-define research problem -establish the research design -search secondary sources -collect the data -analyze the data -report the findings
good marketing research
-follows a well defined set of activities and does not happen on accident -enhances the validity of the information -is impartial and objective
Internal information sources
CRM-customer orders customer inquiries salesperson info systems marketing plans customer payments
govt sources
Securities and exchange commission
management research deliverable
first step of defining the research problem. management, working with researchers and marketing decisions makers defines this. looking for info to help them make better informed decisions.
consumer price index
a measure of the avg amt (price) paid for a market basket of goods and services by a typical US consumer in comparison to the avg paid for the same basket in an earlier base year
exploratory research
about discovery. why? clarify the research problem,develop hypotheses for testing in descriptive or causal research, gain additional insight to help in survey development or to identify other research variable for study, answer the research question
observational data
behavioral patterns among the population of interest. watching where ppl go in stores. examine ppl in their homes.
factors for which type of research to use
benefit vs cost time until decision nature of the decision availability of data
marketing intelligence
collecting, analyzing, and storing data from the macro environment on a continuous basis. if done well, competitive advantage. successful companies accurately analyze and interpret env info then develop strategies to take adv of opps
availability of data
companies already have a lot of data as a result of CRM and other internal info systems.
census
comprehensive record of each individual in the population of interest
secondary data
data collected for some other purpose than the problem currently being considered.
primary data
data collected specifically for this research question
online database
data stored on a server that is accessed remotely over the internet or some other telecommunications network.
time until decision
if decision makers dont have enough time to conduct marketing research. internet makes it take less time but if time is short, may have to use more exploratory research and secondary data
behavioral data
include info about when, what and how often customers purchase products and services as well as other customer touches. when comps match this kind of info w demo and psychographic info they can see differences in purchase patterns. behavior is usually more reliable than surveys bc its based on what they actually do, not what they say theyre going to do
inflation
increase in the overall level of prices over an extended time period
data collection
involves access and distribution of the survey to the respondeat then recording the respondent's responses and making the data avail for analysis. can collect own data or hire a market research firm. most costly element of market research. greatest potential for error.
qualitative research
less structured and can employ methods such as surveys and interiews. uses small samples and isnt meant to be used for statistical analyis
benefit vs cost
make sure benefits of doing research should exceed the cost
closed ended questions
more precise, and provide specific responses. allow for more quantitative analysis and are most often used in descriptive research
focus group
most widely used qualitative research technique. a meeting(in person or online) of 6-10 ppl that is moderated by a professional who carefully moves the convo thru a defined agenda in an unstructured, open format. value lies in the richness of the discussion. results of focus group are NOT generalizable to a population of interest.
market information system (MIS)
not a software package but a continuing process of identifying, collecting, analyzing accumulating, and dispensing critical info to marketing decision makers. INFO BANK where date relevent to comp marketing efforts are collected and stored until such time as mgt needs to withdraw it.
research design
plan of action for attacking the research problem. consists of 5 activities: 1) type of research 2) nature of data 3) nature of data collection 4)information content 5)sampling plan
descriptive research
seeks to describe or explain some phenomenon. identify the characteristics of our target market, assess competitor actions in the marketplace, determine how customers use our prod, discover differences across demographics with respect to use of prod -uses secondary data, surveys and observations. some is also used in exploratory research, depends on how u use the info. descriptive research uses a different, more restrictive and rigorous methodology than exploratory research.
company website
single best source for competitive information
demographics
statistical characterisitcs of human populations, age or income, used to identify markets. study demo helps identify new opportunities
SAS
statistical software, many same features as SPSS. take findings and create tables and reports
SPSS
statistical software. range of marketing analytical tools. easy to use interface. managers of all levels can use
surveys
structured questionnaires given to a sample group of individuals representing the population of interest and are intended to solicit specific responses to explicit questions
causal research
tries to discover the cause and effect between variables.