Marketing Research

How might a marketing manager obtain value from "big data" that is different from value obtained from traditional data sources?

"Big data" offers value by providing deeper insights, identifying patterns, and revealing trends that may not be apparent from traditional data sources due to its scale and diversity. It allows for more comprehensive and real-time analysis.

Do the skills change as one changes job levels? If so, what new skills are necessary at the higher levels?

Advanced statistical and data analysis skills. Leadership and project management abilities. Strategic thinking and problem-solving skills. Client relationship management and presentation skills. Industry-specific expertise and domain knowledge. As one progresses to higher levels in marketing research, the focus shifts from execution to strategic decision-making, client engagement, and leadership.

Under what conditions is a standard test market a better choice than either simulated or controlled test markets?

A standard test market is better when: The company wants real-world, accurate consumer feedback. The product or service is unique and not easily simulated. The cost and risks of a full-scale launch can be managed.

What are the main advantages and disadvantages of secondary data? Do these apply equally to internal and external secondary data?

Advantages: Cost-effective, time-saving. Disadvantages: May not be tailored to research needs, potential for inaccuracies. Apply to both internal and external secondary data.

Why is exploratory research considered to be a basic type of primary data research?

Exploratory research is fundamental because it helps researchers explore and understand a topic when there's limited prior knowledge. It lays the foundation for more focused research.

What are the various forms of data capture?

Surveys and Questionnaires: Interviews: Observations Experiments: Secondary Data: Online and Social Media Data: Focus Groups: Sensor Data:

What are the key elements of this definition?

Systematic and Objective: Data Gathering Analysis: Interpretation: Reporting

Why did marketing research begin to experience real growth after World War II?

Technological Advancements: Globalization: Consumer-Centric Approach: Market Expansion: Scientific Methodology:

What factors should be considered when choosing a research supplier?

expertise, experience, cost, reputation, past performance, and their ability to meet specific research needs.

What is the basic nature of a decision problem?

A decision problem involves a specific issue or question that requires a decision. It typically centers around choosing between alternative courses of action to address a problem or opportunity.

What are the six specifications of a descriptive study?

A descriptive study includes specifications related to: The research objective. The target population. The sample size and method. Data collection techniques. Data analysis methods. Time frame for data collection.

How does a diary panel work?

A diary panel is a research method where participants record their activities, behaviors, or consumption over a specified period in a diary or journal. This data collection technique provides detailed, real-time insights into individual behaviors and preferences, such as what products they buy, when, and why.

What is a research problem? Why is it important to develop the full range of possible research problems?

A research problem is a clear, concise statement that defines what needs to be studied or investigated. It's important to develop the full range of possible research problems to ensure that all relevant aspects of an issue are considered, helping researchers choose the most appropriate focus for their study.

How does the research proposal differ from the research request agreement?

A research proposal is prepared by the research supplier in response to the research request agreement. It outlines how the research will be conducted, including the methodology, sample size, data collection process, and analysis plan.

What is involved in a research request agreement? What is included in the written statement?

A research request agreement outlines the scope, objectives, and expectations of a research project. It includes details such as the research objectives, timeline, budget, and any specific deliverables.

What is an A/B test? What is the general structure for performing such a test?

An A/B test is a method used to compare two versions (A and B) of something, like a webpage or email, to see which one performs better. The general structure involves: Splitting a group into two random segments. Showing one segment version A and the other segment version B. Measuring and comparing how each version performs to determine which is more effective.

What is an experiment?

An experiment is a controlled study where researchers manipulate one or more variables to observe their effect on other variables, aiming to establish causal relationships.

What is an attitude? Why do marketers care about attitudes?

Attitude: An attitude is a person's evaluation or feeling toward an object, person, or idea. Marketers Care About Attitudes: Attitudes influence consumer behavior, including purchasing decisions. Understanding and influencing attitudes can help marketers design effective marketing strategies.

How might a company assess the success of its online advertising?

Companies can assess online advertising success by tracking key metrics like click-through rates, conversion rates, website traffic, and return on investment (ROI). These metrics show how effective the advertising campaign is at driving user engagement and achieving its goals.

What are cross-platform services? Why might they be important?

Cross-platform services are tools or technologies that help companies analyze data and consumer behavior across various media channels, such as TV, radio, and digital platforms. They are important because they allow companies to understand how consumers interact with their brand across different media, enabling more effective marketing strategies.

What are the three main challenges marketing managers face when attempting to integrate "big data" into the firm?

Data Integration: Managing and integrating data from various sources and formats. Data Quality: Ensuring data accuracy, consistency, and reliability. Privacy and Security: Safeguarding customer and company data while adhering to data privacy regulations.

In a decision support system, what is a data system? A model system? A dialog system? Which of these is most important? Why

Data System: Manages and stores data. Model System: Applies mathematical models to data for analysis. Dialog System: Facilitates interaction with the system. The importance depends on specific decision needs, but data and models are typically more critical for analysis.

What are the main differences between descriptive, predictive, and prescriptive analyses?

Descriptive Analysis: Summarizes historical data to understand past trends and events. Predictive Analysis: Uses historical data and statistical models to make predictions about future events or trends. Prescriptive Analysis: Recommends actions and strategies based on predictive insights to optimize outcomes and decision-making.

What are the three basic types of research used to collect primary data? What is the basic purpose of each?

Descriptive Research: Describes and summarizes data to answer "what," "who," "where," and "when" questions. Exploratory Research: Seeks to understand a topic or problem, generate ideas, and form hypotheses. Causal Research: Investigates cause-and-effect relationships between variables

What are the basic uses of descriptive research?

Descriptive research is used to: Describe characteristics or behaviors of a population. Determine the prevalence of a particular phenomenon. Provide a snapshot of the current situation.

What are the necessary skills for employment in a junior or entry-level marketing research position?

Entry-Level Skills: Strong analytical and critical thinking skills. Proficiency in data collection methods and basic statistical analysis. Excellent communication and writing skills. Attention to detail. Knowledge of research software and tools.

Is it possible to establish that one thing causes another? Why or why not?

Establishing causation requires controlled experiments and evidence that changes in one variable directly lead to changes in another. Correlation alone does not prove causation; other factors might be involved.

What is the purpose of geodemography?

Geodemography combines geographic and demographic data to analyze and understand population trends and characteristics in specific geographic areas. It helps companies make location-based decisions, such as choosing store locations or targeting advertising campaigns effectively.

Why is it important to study marketing research?

Informed Decision-Making: It provides businesses with valuable insights into consumer behavior, market trends, and competitive landscapes, enabling them to make informed and data-driven decisions. Competitive Advantage: Product Development:e. Resource Allocation: Cost Reduction: Economic and Social Impact: In summary, studying marketing research is crucial for businesses, governments, and nonprofit organizations to make informed decisions, stay competitive, and create positive impacts on society and the economy.

What is the difference between internal validity and external validity? Which form of validity is more important?

Internal Validity: Refers to the accuracy of causal inferences within a study, indicating whether the observed effects are genuinely due to manipulated variables. External Validity: Refers to the generalizability of study findings to other settings or populations. Both forms of validity are important, but their relative importance depends on the research context. Internal validity is crucial for establishing causal relationships, while external validity ensures that research findings can be applied to real-world situations. The balance between them depends on research goals.

What does it mean when we say that problems and opportunities are two sides of the same coin?

It means that problems and opportunities are interconnected and often arise from the same set of circumstances. What may be a problem for one entity can be seen as an opportunity for another, depending on how they choose to address it.

How does knowledge management expand the concept of an information system? What additional kinds of marketing intelligence can it provide?

Knowledge management goes beyond information by capturing, organizing, and applying knowledge and expertise. It provides deeper insights, best practices, and experiential wisdom in addition to raw data, enhancing strategic decision-making in marketing.

What is the difference between a lab study and a field study?

Lab Study: Conducted in a controlled, artificial environment, allowing researchers to manipulate variables precisely . Field Study: Conducted in real-world settings, capturing natural behavior but with less control over variables.

What are the main types of descriptive studies, and what do their differences mean?

Main types of descriptive studies include: Cross-Sectional Studies: Collect data from a sample at a single point in time. Longitudinal Studies: Collect data from the same sample over an extended period. Differences mean that cross-sectional studies provide a snapshot, while longitudinal studies track changes over time.

What is market testing? What are the three basic types of test markets?

Market testing is a way to introduce a product or service to a specific market before a full-scale launch. The three basic types of test markets are: Standard Test Market: Launching in a small, representative market to assess real-world performance. Simulated Test Market: Using a model or simulation to predict market outcomes without an actual launch. Controlled Test Market: Testing in a controlled environment where variables are manipulated to study consumer reactions.

What are the main differences between a marketing information system and a decision support system?

Marketing Information System: Collects and manages data for routine marketing activities. Decision Support System: Provides analytical tools and data for complex decision-making, often beyond marketing.

Who does marketing research?

Marketing research is conducted by a variety of entities, including: Companies and Corporations: Market Research Firms: Government Agencies: Nonprofit Organizations:

How is marketing research defined?

Marketing research is the systematic and objective process of gathering, analyzing, interpreting, and reporting information about a specific market, including its customers, competitors, and overall industry, to guide business decision-making. The key elements of this definition include:

What are the benefits of using a request-for-proposal?

Request-for-proposal (RFP) processes help organizations identify qualified research suppliers, ensure competitive pricing, and clarify project expectations. It promotes transparency and allows for a thorough evaluation of potential suppliers.

What types of primary data interest marketing researchers most? What are the differences between the types of data?

Marketing researchers are interested in various types of primary data, including: Demographic Data: Information about individuals (e.g., age, gender, income). Psychographic Data: Insights into lifestyle, values, and attitudes.Behavioral Data: Actions and behaviors of consumers (e.g., purchase history).Attitudinal Data: Opinions and attitudes of individuals. Differences lie in what aspects of consumers they describe (e.g., demographics describe who they are, attitudes describe what they think).

What is "normal thinking"? Why is it a problem when defining the marketing problem/opportunity?

Normal thinking" refers to conventional or habitual ways of approaching issues. It can be a problem when defining a marketing problem/opportunity because it may limit creative and innovative solutions. It's important to challenge normal thinking to identify unique and effective strategies.

How are people meters used to assess television viewership?

People meters are devices that track what TV channels people are watching. They are connected to the TV and record viewing habits. TV networks and advertisers use this data to measure the popularity of TV shows and plan advertising based on viewership.

How are portable people meters used to assess radio listenership?

Portable people meters are small devices that people carry to track the radio stations they listen to. These meters collect data on radio listening habits, helping radio stations and advertisers understand which programs and stations are most popular among listeners.

What does it mean to "profile" customers or prospects? Why would a company need this information?

Profiling customers or prospects means creating detailed descriptions or profiles of their characteristics, preferences, and behaviors. Companies need this information to better understand their target audience, tailor marketing strategies, and deliver products or services that meet specific customer needs.

What are the main advantages and disadvantages of secondary data? Do these apply equally to internal and external secondary data?

Project Emphasis: Focuses on individual research projects with specific objectives and timelines. Systems Emphasis: Focuses on developing an ongoing, integrated information system for continuous data collection and analysis.

Why is it important to consider marketing research ethics?

Protecting Participants: Credibility and Trust: Legal Compliance: Long-term Success: Social Responsibility: In summary, ethical considerations in marketing research are essential to protect individuals, maintain trust, and ensure the integrity and sustainability of research and business practices.

Why should researchers look for published sources of secondary data before searching for standardized marketing information?

Researchers should look for published sources of secondary data first because they are often readily available and can provide valuable insights at a lower cost. These sources may include industry reports, government publications, and academic studies. Standardized marketing information may require more time and resources to obtain.

What is a sample survey? What are its advantages and disadvantages?

Sample Survey: A sample survey is a research method where data is collected from a subset (sample) of a larger population to make inferences about the entire group. Advantages: Cost-effective, quicker data collection, feasible for large populations. Disadvantages: Potential sampling bias, limited depth of information compared to full population data.

Why can the effect of scanners on standardized marketing information be described as "profound"?

Scanners have had a profound effect on standardized marketing information because they automatically collect detailed data about product sales at the point of purchase. This data is highly accurate and timely, making it a valuable source for understanding consumer behavior and market trends.

What is single-source data?

Single-source data refers to data collected from a single source or individual that provides information on both their media consumption and purchase behavior. It's valuable because it allows researchers to link what people watch or listen to with what they buy, providing insights into the effectiveness of advertising and marketing efforts.

In terms of marketplace sources of "big data," what is social data? Mobile data? Omni-channel transactional data?

Social Data: Information gathered from social media platforms, including user-generated content and interactions. Mobile Data: Data generated from mobile devices, including app usage, location data, and mobile browsing history. Omni-channel Transactional Data: Data collected from various sales channels, such as online, in-store, and mobile transactions, providing a comprehensive view of customer behavior.

What are the sources of marketing problems or opportunities? Are different sources typically associated with different research objectives? Explain.

Sources of marketing problems or opportunities can include customer feedback, market trends, competition, and internal processes. Different sources may lead to various research objectives. For example, customer complaints may lead to a problem-focused objective, while identifying emerging market trends may lead to an opportunity-focused objective.

Given that companies know their revenues, why do they also need standardized information about product sales and market share?

Standardized information about product sales and market share provides context and competitive insights. It helps companies understand their market position relative to competitors, identify growth opportunities, and make strategic decisions to improve their market share.

What is "standardized" about standardized marketing information?

Standardized marketing information refers to data that is collected and reported consistently using uniform methods and criteria. This consistency allows for easy comparison across different sources, regions, or time periods.

What are the fundamental characteristics of the two types of decision problems?

Strategic Decision Problem: Involves high-level, long-term choices that impact the overall direction of a business. Tactical Decision Problem: Involves shorter-term decisions related to implementing strategies and achieving specific goals.

Compare and contrast structured versus unstructured data. Using Facebook as an example, would data available from Facebook to a marketer be structured, unstructured, or both?

Structured Data: Well-organized, typically stored in databases, and easy to analyze (e.g., numerical data in spreadsheets). Unstructured Data: Not organized in a specific format (e.g., text in social media posts, images, videos). Data from Facebook can be both structured (e.g., user profiles, post timestamps) and unstructured (e.g., text in posts, images).

What is the basic problem in measuring consumers' intentions about future behaviors?

The basic problem is that intentions don't always translate into actual behavior. People may intend to do something but not follow through due to various factors like changing circumstances or competing priorities. This gap between intention and behavior is known as the intention-behavior gap.

What is the most important error in research? Explain.

The most important error in research is arguably sampling error. Sampling error occurs when the sample chosen for a study is not representative of the larger population it is meant to represent. It can lead to biased or inaccurate results, undermining the validity and generalizability of the research findings. Sampling error is critical because it can introduce systematic biases that affect the entire research process. Even if the research design, data collection, and analysis are flawless, if the sample is not representative, the results cannot be reliably applied to the broader population. Researchers use various techniques, such as random sampling and stratified sampling, to minimize sampling error and increase the likelihood of obtaining accurate and generalizable results.

What are the primary kinds of research done by each enterprise?

The primary kinds of research vary depending on the entity but can include customer surveys, product testing, competitive analysis, market segmentation, and industry trend analysis.

What is the research process?

The research process is a systematic series of steps taken to gather information, analyze data, and draw conclusions in order to answer a specific research question or address a particular problem. While there are variations, a typical research process involves the following stages:

What are the two basic forms of panels? How do they differ?

The two basic forms of panels are: Continuous Panels: Collect data continuously from the same participants over time. Discontinuous Panels: Gather data at specific intervals, but not continuously. Continuous panels provide ongoing insights, while discontinuous panels are periodic.

What are three ways to assess awareness? What is the basic difference between measures of recall and measures of recognition?

Three ways to assess awareness are:Unaided Recall: Asking respondents to recall a brand or product without any prompts. Aided Recall: Providing prompts or cues to help respondents recall.Recognition: Asking respondents if they recognize a brand or product from a list. The basic difference is that recall measures require respondents to retrieve information from memory, while recognition measures simply require them to recognize the correct answer from a list.

What is the general sequence in which the three basic types of research are employed?

Typically, researchers start with exploratory research to gain insights, move to descriptive research to gather data, and then conduct causal research to determine cause-and-effect relationships. However, the sequence can vary based on research objectives.

What are the main differences between the utility, justice, and rights approaches to ethical reasoning?

Utility Approach & Rights Approach & Justice Approach:

Which of the four Vs—volume, velocity, variety, or veracity—creates the biggest challenge to marketing managers intent on "finding a needle in a haystack"?

Variety often creates the biggest challenge because marketing data can come in various formats (text, images, video, social media posts) and from diverse sources, making it difficult to integrate and analyze effectively.