MKT - CH 4

research problem

after mgt research deliverable has been identified, define research problem. exactly what info is needed to help mgt in this situation?

in depth interview

an unstructured interview w/ an individ who has been chosen based on some characteristic of interest, often a demographic attribute

open ended questions

encourage respondeats to be expressive and offer the opportunity to provide more detailed, qualitative responses. used in exploratory research

quantitative research

used to develop a more measured understanding using statistical analysis to assess and quantify the results

mechanical observation

uses a device to chronicle activity. turnstiles record ppl comin in and out of an area. eye cameras can track movement of eye while watching an ad.

probability sampling

uses a specific set of procedures to identify individuals from the population to be included in the research. then a specific protocol is identified to select a Number of individs for the research.

gross national product

value of all goods and services produced in an economy, plus the value of the goods/services imported, less the goods services exported

business publications

wall street journal businessweek fortune forbes

macroeconomics

study of economic activity in terms of broad measure of output (GNP) and input as well as the interaction among various sectors of an entire economy.

microeconomics

study of individual economic activity (firm, household, prices)

sample

subgroup of the population selected for participation in the research

descriptive research techniques

surveys, behavioral data, observational data

interest

the annual earnings that are sacrificed when wealth is invested in an given asset or business. the interest sacrificed is often called the cost of capital

market research

the methodical identification, collection, analysis and distribution of data related to discovering then solving marketing problems or opportunities and enhancing good decision making

nature of the decision

the more strategic the decision, the more important the information and the greater need for primary data. if decision is tactical, secondary data is sufficient

nonprobability sampling

the probability of everyone in the population being included in the sample is not identified. often done when time or financial constraints limit the opprtunity to conduct probability sampling. problem = limits the ability to perform statistical analyses and generalize conclusions beyond sample itself

search secondary sources

-almost always the first place to go in conducting a market research proj. fast. less expensive. doesnt fit research problem exactly. not current. govt sources market research organizations the internet

marketing research process

-define research problem -establish the research design -search secondary sources -collect the data -analyze the data -report the findings

good marketing research

-follows a well defined set of activities and does not happen on accident -enhances the validity of the information -is impartial and objective

Internal information sources

CRM-customer orders customer inquiries salesperson info systems marketing plans customer payments

govt sources

Securities and exchange commission

management research deliverable

first step of defining the research problem. management, working with researchers and marketing decisions makers defines this. looking for info to help them make better informed decisions.

consumer price index

a measure of the avg amt (price) paid for a market basket of goods and services by a typical US consumer in comparison to the avg paid for the same basket in an earlier base year

exploratory research

about discovery. why? clarify the research problem,develop hypotheses for testing in descriptive or causal research, gain additional insight to help in survey development or to identify other research variable for study, answer the research question

observational data

behavioral patterns among the population of interest. watching where ppl go in stores. examine ppl in their homes.

factors for which type of research to use

benefit vs cost time until decision nature of the decision availability of data

marketing intelligence

collecting, analyzing, and storing data from the macro environment on a continuous basis. if done well, competitive advantage. successful companies accurately analyze and interpret env info then develop strategies to take adv of opps

availability of data

companies already have a lot of data as a result of CRM and other internal info systems.

census

comprehensive record of each individual in the population of interest

secondary data

data collected for some other purpose than the problem currently being considered.

primary data

data collected specifically for this research question

online database

data stored on a server that is accessed remotely over the internet or some other telecommunications network.

time until decision

if decision makers dont have enough time to conduct marketing research. internet makes it take less time but if time is short, may have to use more exploratory research and secondary data

behavioral data

include info about when, what and how often customers purchase products and services as well as other customer touches. when comps match this kind of info w demo and psychographic info they can see differences in purchase patterns. behavior is usually more reliable than surveys bc its based on what they actually do, not what they say theyre going to do

inflation

increase in the overall level of prices over an extended time period

data collection

involves access and distribution of the survey to the respondeat then recording the respondent's responses and making the data avail for analysis. can collect own data or hire a market research firm. most costly element of market research. greatest potential for error.

qualitative research

less structured and can employ methods such as surveys and interiews. uses small samples and isnt meant to be used for statistical analyis

benefit vs cost

make sure benefits of doing research should exceed the cost

closed ended questions

more precise, and provide specific responses. allow for more quantitative analysis and are most often used in descriptive research

focus group

most widely used qualitative research technique. a meeting(in person or online) of 6-10 ppl that is moderated by a professional who carefully moves the convo thru a defined agenda in an unstructured, open format. value lies in the richness of the discussion. results of focus group are NOT generalizable to a population of interest.

market information system (MIS)

not a software package but a continuing process of identifying, collecting, analyzing accumulating, and dispensing critical info to marketing decision makers. INFO BANK where date relevent to comp marketing efforts are collected and stored until such time as mgt needs to withdraw it.

research design

plan of action for attacking the research problem. consists of 5 activities: 1) type of research 2) nature of data 3) nature of data collection 4)information content 5)sampling plan

descriptive research

seeks to describe or explain some phenomenon. identify the characteristics of our target market, assess competitor actions in the marketplace, determine how customers use our prod, discover differences across demographics with respect to use of prod -uses secondary data, surveys and observations. some is also used in exploratory research, depends on how u use the info. descriptive research uses a different, more restrictive and rigorous methodology than exploratory research.

company website

single best source for competitive information

demographics

statistical characterisitcs of human populations, age or income, used to identify markets. study demo helps identify new opportunities

SAS

statistical software, many same features as SPSS. take findings and create tables and reports

SPSS

statistical software. range of marketing analytical tools. easy to use interface. managers of all levels can use

surveys

structured questionnaires given to a sample group of individuals representing the population of interest and are intended to solicit specific responses to explicit questions

causal research

tries to discover the cause and effect between variables.