MKTG 4730 Section 1 & 2

Examples of identify the relevant sources:

"What benefits can PROS provide the business students?" -Secondary : MCCB's Website - PROS page -Primary : PROS Coordinator, academic advisor "What is it about PROS that bothers a lot of business students?" -Secondary : Compilation of students' feedback (if available) -Primary : current business students, recent graduates, academic advisors.

Examples of Quantitative information/data:

* Ask, "Do i prioritize the ability to perform mathematical or statistical operations over understanding detailed stories/experiences using the information I gather?" * If the answer is "YES", then you need quantitative information/data.

Examples of Qualitative information/data:

* Ask, "Do i prioritize the understanding detailed stories/experiences over the ability to perform mathematical or statistical operations using the information I gather?" * If the answer is "YES", then you need qualitative information/data

Examples of establish the research goal(s):

* How do we help Corps of Cadets improve its Cadet Leadership Program's enrollment? * How do we help the MCCB improve the business students' attitude toward PROS? * How do we help Coke identify a new brand ambassador? * How do we help Waffle House update its current menu attract more kids?

Qualitative collection method:

* Secondary Research * INTERVIEW * FOCUS GROUPS * Survey: open-ended questions * Observation: unstructured

Quantitative collection method:

* Secondary Research * SURVEY CLOSED-QUESTIONS * Observation : structured * Experiment

Examples of identify the necessary info:

* What benefits can PROS provide the business students? * How do the business students feel about PROS? * How much do business students understand about PROS? * What is something about PROS that the business students wish to see?

Examples of Research:

* What to wear tomorrow? * What to eat tonight? *What laptop to buy to replace the existing one? * If you want to change your major?

Qualitative Information/Data

- Non-numerical - Descriptive - Subjective - Focus on "why" and "how" of the behaviors

Observation Qualitative Unstructured

- Normally used in the "action speaks louder than words" scenarios (minimize self-reporting biases) - We don't have specific agenda going into the observation * Describe what happened in this story. * How do you feel about the story?

Observation Quantitative Structured

- Normally used to systematically record and quantify specific behaviors or events in a consistent manner in real-word settings to minimize the self-reporting biases. - We know exactly what we are looking for during observation * How many times have you hear the word "banana/bananas"?

Quantitative Information/Data

- Numerical (suitable for math and stats operations) - More objective - Focus on "quantifying" the behaviors rather than "understanding" them

Interpret and Present useful info

- Report the results from data analyses (data visualization) - Draw useful conclusions/insights from the results from data analyses - Provide potential recommendation(s) based on the results from data analyses --> analytics

In identify the necessary info we _____

-Identify all (or almost all) the pieces of information needed to achieve the goal(s), in other words, answer the established research question(s). -this step is to help us answer the question, "What information will we gather using the research project."

Secondary Sources

-already existed at the start of the project. -these are sources that provide information through interpretation, analysis, or summary of primary sources.

Primary Sources

-doesn't exist at the start of the project -these are original sources that provide direct, firsthand evidence or information on the topic of the current research project.

With identify the relevant sources we _________

-identify the best person(s) or place(s) that can provide us with that needed information. - this step is to help us answer the question "Who(m) do we talk with, and/or Where do we go, to get the necessary information?"

With establish the research goal(s) we aim to understand _____

-the purpose of the research project. -help us answer the question, "WHY are we doing this research?"

Independent-Samples t-test

1 categorical and 1 metric variables

One-way ANOVA

1 categorical and 1 metric variables

Examples of categorical scale format:

1. Are you a business student? Yes or No 2. Your year in college? Freshman, Sophomore, Junior, Senior

2 main ways to analyze information/data:

1. Data analysis 2. Data analytics

Gather Information (Data)

1. Establish the goal(s) we want to achieve 2. Identify the necessary information to achieve the established goal(s) 3. Identify the relevant sources that can provide the necessary information 4. Identify the appropriate method(s) to collect information from the relevant sources 5. Develop the right questions to collect information based on the identified method(s) 6. Ask those questions.

2 main types of goal:

1. Identify existing problem(s) to fix 2. Identify potential opportunity(ies)

3 main formats of questions:

1. Non-numerical-invisIBLE scale format 2. Categorical scale format 3. Metric scale format

Examples of metric scale format:

1. On a scale of 1-5 from bad to good how would you rate the movie Barbies? 1 being bad 5 being good 2. How many hours do you spend on commuting to school every week? ______ hours

Sources of Information can be categorized into 2 types:

1. Primary sources 2. Secondary sources

2 types of information/data:

1. Qualitative information/data 2. Quantitative information/data

Examples of non-numerical:

1. Which state are you from? 2. Can you describe your experience at the game last night. 3. Why do you like it?

Gather Information in-depth

1. establish the goal(s) 2. ID needed info 3. ID the sources 4. ID method(s) 5. Develop questions 6. Ask questions ---> analyze information

Cross-Tabulations

2 categorical variables

Paired-Samples t-test

2 metric variables

bivariate correlation

2 metric variables

Marketing Research

A process of gathering analyzing, and interpreting [marketing-related] information that allows informed [marketing-related] decision-makings.

______, _______ ________, and ______ _______ are the most common marketing activities most people can see or observe.

Advertising, Personal Selling, Sales Promotion

What's "Marketing"?

An organizational function that focuses on performing 3 tasks.

Data Analytics =

Future (near)

Marketing Research Process (in a nutshell):

Gather information ---> Analyze information ----> Interpret information (to present/report)

What do you need the same thing in both scenarios?

Information to ask a bunch of questions which goes into marketing research

Purchase Decision =

Internal Info + External Info

Secondary Research (Qualitative)

Normally used at the beginning of the project to understand the context's big picture (industry, business, competition landscape, demographic, etc.)

Data Analysis =

Past , Now

Solution = Marketing Mix (4Ps):

Product (service), price, place, and promotion

Information Search + Evaluation of Alternatives =

RESEARCH

Consumer's Decision-Making Process

Recognition of Need, Information Search, Evaluation of Alternatives, Purchase Decision, and Post-Purchase Evaluation.

What are the 2 scenarios?

Scenario 1 is a solution that already exists and scenario 2 is a solution that doesn't exists.

Survey : closed-ended questions

The main protagonist of the quantitative methods, very helpful to gather large-scale data in a convenient and cost-effective manner.

The simpler definition of Marketing:

The process of bringing a solution to the target group(s).

Observation : unstructured

Used in the "actions speaks louder than words" scenarios (minimize self-reporting biases)

Secondary Research (Quantitative)

Used to gain big picture understanding, still, but the focus is more on the frequencies of the information/data.

Experiment

Used to test how a change in one aspect (of a product or ad) affects people's decision-making process.

Analysis of Difference

We want to know if the average (mean) of any given 2 variables are different from each other.

Focus Group

When the goal is to gather diverse perspectives, opinions, and attitudes about a particular topic in a group setting. Useful for exploring people's reactions to new concepts, products, or ideas as the group interaction can stimulate thoughts and ideas that might not emerge in individual interviews.

Research

a process of gathering, analyzing, and interpreting information that allows informed decision-making.

Regression Analysis

at least 2 metric variables

Multivariate

at least 2 variables needed to perform the analysis

Establish the research Goal(s) =

defining the main research question(s)/problem(s).

Reserach

is simply gathering and analyzing information to help you make the best decision possible.

Univariate

only 1 variable needed to perform the analysis. (Descriptive analysis)

Survey : open-ended questions

same logic as the interview, but offers more convenience (on surface)

Not everyone needs your ______

solution

Observation : structured

used to systematically record and quantify specific behaviors or events in a consistent manner in real-word settings to minimize the self-reporting biases.

Interview

Can be used when the main objective is to gain a deep, nuanced understanding of an individual's experiences, opinions, feelings, or motivations.

One thing in common, all of them represent the __________ aspect of marketing.

Communication

What's included in secondary sources?

Created by individuals who are NOT a part of the current research project. Examples included books, scholarly articles, reviews, documentaries, and online resources such as websites, databases, and AI-generated content like ChatGPT.

What are the performing 3 tasks?

Creating Value, Communicating value, Delivering value

What's included in primary sources?

Documents, recordings, artifacts, or other sources created during the current research project. Also includes data collected directly from individuals or living creatures through interviews, surveys, experiments, or observations.