Marketing Chapter 4

GNP

Gross National Product, value of all the goods and services produced in an economy plus the value of the goods and services imported, less the goods and services exported

Inflation

Increase in the overall level of prices over an extended period of time

Research Problem

must be defined after defining the deliverable, exactly what information is needed to help management in the situation, assessing the target market's response

Marketing Research Process

define research problem establish research design search secondary sources collect the data analyze the data report findings

exploratory research

discovery type of research. Clarify the research problem, develop hypotheses for testing in descriptive or causal research, gain additional insight to help in survey development or to identify research variables, answer the research question

open ended questions

encourage respondents to be expressive and offer the opportunity to provide more detailed and qualitative responses

in depth interview

unstructured interview with an individual who has been chosen based on some characteristic of interest often a demographic attribute. one on one

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

probability sampling

uses a specific set of procedures to identify individuals from the population to be included in the research.

Macroeconomics

study of economic activity in terms of broad measures of output like gross national product as well as interaction among various sectors of an entire economy. Big picture perspective, broad economic trends

Microeconomics

study of individual economic activities ie: firm, household or prices

census sample

subgroup of the population selected for participation in the research

nonprobability sampling

the probability of everyone in the population being included in the sample is not identified. done with time and financial constraint

What defines good market research?

follows a well defined set of activities and does not happen by accident, enhances the validity of the information, is impartial and objective

focus group

a meeting either in person or online of 6-10 people that is moderated by a professional who carefully moves the conversation through a defined agenda in an unstructured forum

data collection

access and distribution of the survey to the respondent then recording the respondents responses and making the data available for anlysis

observational data

behavioral patterns among the population of interest. ie: retailers watch how people move through a store

How to determine what type of research is appropriate

benefit vs cost: benefits of doing the research and the cost to do that research time until decision: sometimes data is needed quickly Nature of decision: more strategic the decision, the more need for data availability of data: CRM can provide secondary data so not always necessary to collect primary

Marketing Intelligence

collecting, analyzing, and storing data from the macro environment on a continuous basis. Analyzing and interpreting environmental info and then developing strategies to take advantage of opportunities and deal with threats

Market Information Systems

continuing process of identifying, collecting, analyzing, accumulating, and dispensing critical info to marketing decision makers. Decide what info to collect, what info needs are of each decision maker, how does the system maintain privacy and confidentiality of sensitive info

Secondary data

data collected for some other purpose than the problem currently being considered

Primary Data

data collected specifically for the research question

secondary sources

government sources, market research organizations, internet

behavioral data

info about when, what, and how often customers purchase products and services as well as other customer touches

qualitative research

less structured and can employ methods such as surveys and interviews to collect the data, not meant to be used for statistical analyses

management research deliverable

management working with researchers and marketing decision makers, what does management want to do with the information

Consumer Price Index

measure of the avg amount 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

Market Research

methodical identification, collection, analysis, and deistribution of data related to discovering then solving marketing problems or opportunities and enhancing good decision making

closed ended questions

more precise and provide specific responses. allow for more quantitative analysis

Causal Research

tries to discover the cause and effect between variables

Descriptive Research

seeks to describe or explain some phenomenon, involves something going on in the marketplace and can include the following issues: identify the characteristics of our target market, assess competitor actions in the marketplace, determine how customers use our product, discover differences across demographic characteristics with respect to our products or our competitors

Demographics

statistical characteristics of human populations such as age or income used to identify markets. Help to identify markets and new opportunities

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