Chapter 9: Marketing Research
What are the 3 roles of marketing research?
1) Descriptive: Gathering and presenting factual statements 2) Diagnostic: Explaining data 3) Predictive: Addressing "what if" questions
What is the role of marketing research?
The process of planning, collecting, and analyzing data relevant to a marketing decision.
What's important about preparing and presenting a report?
The report must be user friendly
What are the disadvantages of secondary data?
May not give adequate detailed information May not be on target with the research problem Quality and accuracy of data may pose as a problem
What are the advantages of secondary data?
It saves time and money if on target. Aids in determining the direction for primary data collection. Pinpoints kinds of people to approach. Serves as the basis for comparison for other data.
What is secondary data and it's sources?
It is data previously collected for any purpose other than the one at hand. Sources include: Internal corporate info, government agencies, trade and industry association, business periodicals, and news media.
What is primary data and it's advantages and disadvantages?
It is info collected for the first time. Used for solving the particular problem under investigation. Its' advantages include: Answers a specific research question Data are current Source of data is known Secrecy can be maintained Its' disadvantages include: Primary data can be very expensive Disadvantages usually offset by the advantages of primary data. (The cost of primary data may range from a few thousand dollars for a limited survey to several million for a nationwide study. To save money, firms may cut back on the number of interviews, use Internet studies instead, or use piggyback studies by gathering data on two different projects using one questionnaire.)
What is the marketing research process and it's purpose?
It's purpose is as changes occur in the firm's external environment, marketing managers must decide on changes to the existing marketing mix. The process is as follows. 1) Define Problem 2) Plan design/Primary data 3) Specify Sampling Procedure 4) Collect data 5) Analyze data 6) Prepare/present report 7) Follow up
