Exam #2 Material- Principles of Marketing (chp. 4)
What is the first step in the Market Research Process?
Define the research problem
what is step 4?
Design the sample
What is step 2 in the Market Research Process?
Determine the research design
Evidence-based decision making in marketing -______ are raw unorganized facts -_______ is interpreted data -_______________: a marketer's capability to utilize all of the relevant information available in order to make the best possible decisions -______________: the collection, deployment, and interpretation of information that allows a business to acquire, develop, and retain its customers. -goal of customer insights function- transform data into information that allows for better decisions.
data information evidence-based decision making customer insights
Evidence-Based Decision Making in Marketing: -more complicated than it sounds -massive amounts of _______ -much data is ________ -________________ -analysis of data enables managers to better allocate resources to drive market performance of products
data unstructured
Step 7: Prepare the Research Report -research reports typically include the following sections -executive summary -____________ -discussion of study results including tabulation, cross tabulations, and other statistical analyses -__________ -_________
description of research methods limitations of study conclusions and recommendations
The Marketing Information System (MIS) -a process that determines what information marketing managers need and then _____________________ relevant and timely marketing information to users -three components: 1. _________ 2. _________ 3. _________
gathers, sorts, analyzes, stores, and distributes 1. four types of data 2. computer hardware and software 3. output for marketing decisions makers
Figure 4.1: The Marketing Information System -1. Internal Company Data -2. Market Intelligence -3. Market Research -4. Acquired Databases funnel into computer hardware and software which funnels into _____________
information for marketing decisions
Descriptive Research: -systematically _______________ -conclusions based on a ________________________ -results expressed in ______ terms -___________ versus __________
investigates a marketing problem a large representative sample of research participants quantitative cross-sectional versus longitudinal designs
Market Intelligence System: -information gathered via _____________________ -salespeople are key to sourcing this information -information may come from mystery shoppers, speaking with buyers, trade shows, purchasing, or using reverse engineering
monitoring of everyday data, sources, and observations
Step 5: Collect the Data: -the _______________ is only as good as the data used to generate them -challenges to gathering data in foreign countries: ___, ___, ____
quality of research conclusions cultural issues, language issues, back-transition
exploratory research: -exploratory research is useful for: gaining better _________, identifying __________ -often ______ in nature: focus group, _______, case studies, ethnographies
understanding of the problem new opportunities qualitative MROC
Reseach with secondary data: -does info already exist? -________ compile data -secondary data can save _______-
trade association secondary data
What is step 6?
analyze and interpret the data
Examples of Questions a MIS and an MDSS might answer:
-what were our company sales of each product during the past month and the past year? -what changes are happening in sales in our industry and what are the demographic characteristics of consumers whose purchase patterns are changing the most? -what are the best media to reach a large proportion of heavy, medium, or light users of our product? -has our decline in sales simply reflected changes in overall industry sales, or is there some portion of the decline that industry changes cannot explain? -do we see the same trends in different product categories? are the changes in consumer trends similar among all our products? what are the demographics characteristics of consumers who seem be the most and the least loyal? -if we change our media schedule by adding or deleting certain media buys, will we reach fewer users of our product?
What is step 3?
Choose the method to collect primary data
what is step 5?
Collect the data
Refers to the process of collecting, analyzing, and interpreting data about customers, rivals, and the business environment in order to improve marketing effectiveness
Market Research
When the information from an MIS is inadequate for decision-making, firms may add analysis and interactive software to their MIS to create a _________. -statistical software tools -modeling software tools -the _____ allows marketing managers to conduct their own analysis
Marketing decision support system (MDSS) MDSS
a measure of how many visitors come to a page on a website and leave without viewing any other pages
bounce rate
Casual Research: -attempts to identify _______ -often involves __________ -_________ and _________ variables sales of beer and diapers are correlated, but does one cause the other?
cause and effect experiments independent and dependent
Observational Methods: -data collection approach in which researcher records _______, often without their knowledge -__________ -____________ -____________ -mechanical observation (people meters/portable people meters, eye tracking, heat maps)
consumer behaviors personal observation unobtrusive measures mechanical observation
Marketing Research Ethics: -marketing research ethics refers to taking an aboveboard approach in conducting market research that _____________________ to the participant. -conducting ______ under the guise of research to create a ____ for future customers. -_____________ issues -_____________ issues
does no harm data database privacy confidentiality
Research with Primary Data -primary data refers to data collect by the _____________ -when a company needs to make a specific decision, secondary data may not be enough -may include ______, ________, ________, attitudes, and opinions -exploratory, __________________ research
firm to address a specific question demographics, psychological info, awareness descriptive, casual
Brand you: career and internship info and research -you need to explore careers and find out where the cool jobs are -good research strategies: __________ -how to begin and end your search =gathering info online and offline
focus on the big picture, investigate your assumptions, ask the right questions
Data and Measurement Quality Issues -Quality of market research insights based on __________ -three key considerations:
garbage in, garbage out validity, reliability, representativeness
Acquired Databases: -externally sourced databases can be used to access various types of useful information -_________________ -________________ -misuse of databases can be problematic and has led to ________ list and _________ laws
noncompeting businesses government databases do not call anti-spamming
Step 4: Design the Sample -___________ -a sample in which personal judgement is used to select respondents (ex: surveying individuals at your fav restaurant) -convenience sample -quota sample
nonprobabilty sampling
Step 1: Define the Research Problem -specify the research ___________ -what questions will the research attempt to answer? -identify the ____________ -what are the characteristics of the consumer group(s) of interest? -place the problem in an ____________- -what factors in the firm's internal and external business environment might influence the situation?
objectives consumer population of interest environmental context
Online Research: -two major types of online research -1. gathering info from ________ (ex: cookies) -2. fathering info via ______ (ex: has tag searches) -________ combines the internet and ethnography -_________ uses shopping patterns fo large numbers of people to determine which products are likely to be purchased if other are
online surfing online sources netnography predictive technology
Step 2: Determine the Research Design -once the problem is isolated, the next step should be to determine the ________ -a ______ is a plan that specifies what information markets will collect and what type fo study they will do. -Research designs fall into two categories: -1. _________ uses secondary data that was collected for some other purpose than the problem at hand -2. ______ collects primary data from respondents
plan of attack research design secondary research primary research
what is step 7?
prepare the research report
Step 4: Design the Sample -___________ -each member of the population has some known chance of being included (ex: preference for action films versus chick flicks) -simple random sample systematic sampling procedure -stratified sample
probability
Methods for conducting surveys -different survey methods can be used to interview respondents -__________, ___________, and ______________ -data collection methods: ________, telephone interviews, face-to-face interviews, ________ (table 4.2 advantages and disadvantages)
structured , moderately structures, and unstructured questionnaires mail questionnaires online questionnaires
Step 3: Choose the method to collect primary data -primary data collection falls into two broad categories -____________ involve some kind of interview or other direct contact with respondents who answer questions -_____ is where researcher records consumer's behavior -use of new technologies: ______ and _______-
surveys observation neuromarketing and virtual stores
Market Research: -two general types of market research data -________ such as Nielsen Ratings and Q Sources -_______ reports provide answers to specific questions for specific firms
syndicated research custom research
Step 6: analyze and interpret the data -data must be analyzed and interpreted to be meaningful -_______: arranging data in a table or other summary form to get a braod picture of overall response -_____: exploring data by sub-groups in order to see how results vary across categories
tabulation cross-tabulation (table 4.3)
Knowledge is Power: -successful market planning depends upon informed decision making -developing marketing objectives -select __________ -positioning products -developing _____________ strategies -______ is the fuel that runs the marketing engine.
target markets 4 Ps information
Marketing Dashboard: - a comprehensive display and access system providing company personnel with _______________________. -may provide: -data on _______ versus forecasts -progress on marketing _________ -__________________ -distribution ________ effectiveness
up-to-the-minute information necessary to make decisions actual sales plan objecties price competition channel
MIS, MDSS, and Customer Insights: -to make good decisions, marketing managers need timely access to quality information -a firm's MIS stores and analysis data from a _______________ -a firm's MDSS makes it easier to access the MIS and f________________ suppose your university hired you to lead its customers insights team. what sorts of questions might your MIS and MDSS systems answer?
variety of sources find answers to specific what if questions
Bounce Rate: Bounce Rate= total number of visitors viewing one page only/total entities to the webpage -marketers uses bounce rates to determine ________________
whether an entry page effectively generates visitor interest
Internal Company Data System: -information generated from _____________- -used to produce reports on ___________ -includes _______: who buys what in what quantities at what intervals -commonly accessed by marketers via secure _________
within the company sales and marketing activities intranets
