Marketing Research
One of the disadvantages of secondary research is ______, while one of the disadvantages of primary research is often ________.
potential bias; cost
After reviewing the existing data on seasonal spending by his company's customers, Marvin decided he needed new information collected to address his research questions. Marvin will need __________ data to address the questions in his marketing research study.
primary
primary research examples
Observed consumer behavior Focus group interviews Surveys Experiments
Data collected in advance of the current project
is secondary data
Social media monitoring, in-depth interviews, and focus groups are all __________ research methods.
qualitative
secondary research examples:
Census data Sales invoices Internet information Books Journal articles Syndicated data
primary research disadvantages
Costly Time consuming Requires more sophisticated training and experience to design study and collect data
What is the major advantage of primary data collection, compared to the use of secondary data?
It can be tailored to fit the pertinent research questions, and offers more insights not usually available from secondary research.
secondary research disadvantages
May not be precisely relevant to information needs Information may not be timely Sources may not be original, and therefore usefulness is an issue Methodologies for collecting data may not be appropriate Data sources may be biased
secondary research advantages
Saves time in collecting data because they are readily available Free or inexpensive (except for syndicated data)
Which of the following statements best describes secondary data?
Secondary data are pieces of information that have been collected prior to the start of the focal research project.
primary research advantages
Specific to the immediate data needs and topic at hand Offers behavioral insights generally not available from secondary research
Caroline needs to find information about income and age distribution in Orange County, California. The best source of secondary research of use to Caroline is likely to be
U.S. Census data.
This is neuromarketing,
a questionable practice given that consumers might not want marketers reading their brain waves and marketing goods and services to them based on unconscious thoughts.
Sentiment mining
analyzes consumer comments on social media sites in order to gain insights about consumers' thoughts and preferences.
Panel data
are information collected from a group of consumers over time. The data collected from the panelists may be a record of their purchases (secondary data) or responses to a survey that the client has hired the firm to conduct (primary data).
Biometric data
are physical traits such as facial characteristics, iris scans, and fingerprints.
The term _______ refers to the enormous amount of information that firms now have access to but cannot handle using conventional data management and data mining software.
big data
Data mining
consists of using statistical techniques to discover patterns and relationships in company data. In this case, the connection between peanut butter and banana purchases was discovered.
Marketing research begins with
defining objectives and research needs.
Using __________, researchers ask questions, listen to and record responses, and ask additional questions based on initial responses.
in-depth interviews
Marketing research
involves the collection, recording, analysis, and interpretation of data. It does not, however, engage in the creation of data.
Company sales invoices, census data, and trade association statistics are examples of
secondary data
The first question a marketing researcher should ask before embarking on a research study is,
will the research be useful
The purpose of quantitative research
is to confirm insights and provide a basis for managerial decision making and action.
A major advantage of primary data collection is
it can be tailored to meet the specific research needs.
In addition to ensuring that the research will guide or influence decision making,
it is also important to ensure that top management will accept the results of the research.
Qualitative research
research is often done in part to obtain preliminary insights. Once this is complete and the researcher understands the research topic, the project can proceed to conduct quantitative research, attempting to obtain definitive answers to the research questions.
Both major political parties have developed proprietary databases that contain vast information about voters, broken down by demographic and geographic information. This kind of information is
secondary data
syndicated data
secondary data that can be purchased from firms that collect it
Quantitative research offers a means to confirm ideas through
surveys or experiments
After defining the research objectives and designing the research,
the next step is to collect data.
When companies store information on customers' purchase histories in large computer files, this is known as data warehousing.
true