Marketing Management Chapter 10

Panel Data

information collected from a group of consumers, organized into panels, over time. Data collected from panelists often include their records of what they have purchased (i.e., secondary data) as well as their responses to survey questions that the client gives to the panel firm to ask the panelists (i.e., primary data).

Questionnaire

is a document that features a set of questions designed to gather information from respondents and thereby accomplish the researchers' objectives.

Sample

is a group of customers who represent the customers of interest in marketing research. This group may be selected based on characteristics distinct to the group and hopefully is drawn randomly.

Survey

is a systematic method of collecting information from people through a questionnaire.

Focus Group Interviews

a small group of persons (usually 8 to 12) come together for an intensive discussion about a particular topic. In particular, focus groups gather qualitative data about initial reactions to a new or existing product or service, opinions about different competitive offerings, or reactions to marketing stimuli, like a new ad campaign or point-of-purchase display materials. unstructured method of inquiry

Observation

examining purchase and consumption behaviors through personal or video camera scrutiny; ex; observing customers while they shop, track you via iPhone wifi; best method to determine how customer uses a product

A typical marketing research presentation includes an _________

executive summary, the body of the report (which discusses the research Page 200objectives, methodology used, and detailed findings), the conclusions, the limitations, and appropriate supplemental tables, figures, and appendixes.

Benefits of in depth interview for market research

-Communicate peoples feeling about products and services at the individual level. -Provide historical context for the phenomenon of interest.

List of benefits of conducting surveys online (vs. offline)

-Higher response rate -Lower cost -Fast processing

Advantages of primary research

-It offers insight into consumer behavior -It can be tailored to the data needs

Advantages of secondary research

-Saves time in data collection because it's readily available -Reduces cost of data collection

Drawbacks of using in-depth interviews for market research

-They are fairly expensive -Data collection is time consuming

For a report of research results to be effective

-be free of errors -include recommendations that can be implemented. -be precise

5 Stages of Marketing Research (In Order)

1. Defining the objectives and research needs. 2. Designing the research. 3. Collecting the data. 4. Analyzing the data and adding insights. 5. Developing and implementing an action plan.

The analyst prepares the results to present them to _____________ as a final step in the research process.

Decision makers

_____________ research systematically manipulates one or more variables to determine which variables have a casual effect on another variable.

Experimental

The benefit of __________ marketing surveys is that researchers can develop a database quickly with many responses.

Online

What kind of data is gathered to identify consumer reactions using a focus group?

Qualitative

Categorize data collection techniques as exploratory or conclusive data collection.

Quantitative: Scanner, Experiments Qualitative: Social media, Focus groups

Developing a questionnaire is considered "part art and part science." What is considered a good practice for questionnaire creation?

Questions should be designed to address a specific set of research questions.

A benefit of online versus more traditional marketing surveys is that the ___________ rate is higher.

Response

Data mining uses various ______________ tools to uncover previously unknown patterns in the data or relationships among variables.

Statistical analysis

Data

an be defined as raw numbers or other factual information that, on their own, have limited value to marketers.

Characteristics of unstructured questions

are open ended and allow respondents to answer in their own words.

Secondary Data

are pieces of information that have been collected prior to the start of the focal research project. Secondary data include both external and internal data sources.

Primary Data

are those data collected to address specific research needs. Some common primary data collection methods include focus groups, in-depth interviews, and surveys.

Scanner Data

are used in quantitative research obtained from scanner readings of Universal Product Code (UPC) labels at checkout counters.

Churn

is the number of participants who discontinue use of a service, divided by the average number of total participants.

Data Warehouses

millions and even billions of pieces of individual data, which are stored in large computer files

Sentiment mining

monitoring customers though social media sites, collect consumer comments about companies and their products; ex: Superbowl

Qualitative research

primary data used to understand the phenomenon of interest through broad open-ended responses (free flowing); provides initial info that helps clearly formulate research objectives; more informal, ex: observation, social media sites, in-depth interviews, focus groups and projective techniques

Quantitative research

primary data, structured responses that can be statistically tests; provides info needed to confirm insights and hypotheses generated by (other) data and helps managers pursue appropriate action; formal; specific experiments, scanner and panel data

Characteristics of structured questions

re closed-ended questions for which a discrete set of response alternatives, or specific answers, is provided for respondents to evaluate

A main difference between scanner research and panel research is that _______________.

the data are aggregated (combined) differently

In Depth Interview

trained researchers ask questions and listen to and record the answers, and then pose additional questions to clarify or expand on a particular issue. Its qualitative

Scanner Research

typically focuses on weekly consumption of a particular product at a given unit of analysis (e.g., individual store, chain, region); panel research focuses on the total weekly consumption by a particular person or household.

Data Mining

uses a variety of statistical analysis tools to uncover previously unknown patterns in the data or relationships among variables.

By identifying common characteristics of frequent shoppers through sales receipts, IBM can ensures that it meets their needs effectively and targets similar consumers with its advertising. This is the ____________ of internal secondary data.

value

Information

which results from organizing, analyzing, and interpreting data and putting them into a form that is useful to marketing decision makers.