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