Marketing Chapter 10 (Marketing research)

sentiment mining

data gathered by evaluating customer comments posted through social media sites such as Facebook and Twitter

Internal secondary data

data warehouses, data mining, and big data

Quantitative data

- numerical data - survey, pannel, scanner, experiments

Collecting the data

- secondary and primary data - always start with secondary data

Neuromarketing

- studies the body's response to marketing stimuli - using MRI and showing products to see how much is stimulates the brain

data mining

- the process of analyzing data to extract information not offered by the raw data alone - putting bug spray where picnic supplies are in SC or putting bananas in the cereal isle

Survey research (Quantitative)

- the use of surveys or questionnaires - this is the most popular type of quantitative data - a document that features a set of questions designed to gather info - structured questions are straightforward multiple choice - unstructured data is open-ended (Want to ask neutral questions) don't want one-sided questions

In-depth interviews (qualitative)

- trained researchers ask questions one-on-one with consumer - expensive and time consuming

Defining the objectives and research needs

- what information is needed to answer specific research questions - how will this be obtained

The marketing research process (steps)

1. defining objectives and research needs 2. designing the research 3. collecting data 4. analyzing data and developing insight 5. developing and implementing action plan

marketing analytics

used to make sense out of big data that contains billions of pieces of customer information and purchase history

Marketing research

consists of a set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers in marketers products of services

Analyzing the data

converting data into information that is useful in making better marketing decisions

Syndicated data

- Data available for a fee from commercial research firms such as Information Resources Inc. (IRI), National Purchase Diary Panel, and ACNielsen. - JD power provides automotive ratings to help customers buying cars

churn rate

- Measurement of the number of customers who stop using or purchasing products or services from a company - Used as an indicator of the growth or decline of a firm's customer base

Big data

- a collection of large, complex data sets, including structured and unstructured data, which cannot be analyzed using traditional database methods and tools - incorporates multiple sources of data

Focus groups (qualitative)

- a small group of 8-12 with a trained moderator - now often take place online - qualitative data about new or existing products

data warehouses

- able to show what times sales are highest so more people are working at that time

pannel and scanner research (Quantitative)

- can be primary or secondary - new balance offers "new balance tester community" to help design shoes

Secondary data

- collected prior to the start of the research project - internal and external data sources - information is not always relevant, or timely, sources may not be original

primary data

- collected to address a specific research need - focus groups, in-depth interviews, surveys - time-consuming and costly. requires more training and experience to design study and collect data

External secondary data

- data collected from sources outside of the firm - syndicated and scanner data - government data

Scanner data

- data from scanning UPC labels at checkout - provided and sold by leading research firms (IRI and Nielsen) - a type of syndicated data

Qualitative data

- descriptive data - observation, in-depth interviews, focus groups

designing the research

- determine the type of research needed to obtain data - identify type of data needed

Observation (Qualitative)

- examining purchase and consumption behavior - tracking movements (face ID)

experimental research (quantitative)

- manipulating one or more variables to determine which variables have a casual effect on other variables - grocery stores arranging shelfs differently at multiple locations and looking at how it affects sales

developing and implementing action plan

analyst prepares the results and presents them to the appropriate decision-makers, who undertake appropriate marketing strategies, objectives, methodology used, conclusion, limitations, supplemental tables, figures, and appendixes