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