Marketing Research

Marketing Research

1. The process of planning, collecting & analyzing data relevetant to the marketing decision

2. Maximizes the chance of getting accurate and meaningful results

   • Marketing Research Problem: what info is needed and how that info can be obtained efficiently & effectively
   • Marketing Research Objective: To provide insightful decision-making info
   • Management Decision Problem: a broad-based problem that uses mkgt research to take proper action

3. 7 steps

   • Secondary Data: data previously collected for any purpose other than the one at hand
   • Primary Data: Info collected for the first time
     • Survey Research: a researcher interacts with people to obtain facts, opinions, & attitudes
       • Mall Intercept Interview: conducted in the common area of a mall
       • Computer Assisted Personal Interviewing: Questions are read to the respondent off a computer screen, and directly keys the answers into the computer
         • Costs more than
           • Telephone Interviewing: conducted in a central-location telephone (CLT) facility
       • Computer-Assited Self-Interviewing: A mall interviewer intercepts & directs willing respondents to nearby computers
       • Executive Interview: interviewing businesspeople at their offices concerning industrial products or services
       • Requires
         • Open-ended questions: encourage an answer phrased in the respondent's words
         • Close-ended questions: to make a selection from a limited list of responses
           • Scaled-response question: measures the intensity of a respondent's answer
       • Scanned-based research: a system for gathering info from a single group of respondents by continuously monitoring the ad promotion & pricing they are exposed to and the things they buy
         • InfoScan: a SB sales-tracking service for the consumer packaged-goods industry
   • Research Design: specifies research questions to be answered , how & when the data will be gathered, & how it'll be analyzed
     • Researchers decide how they'll collect primary data
       • Sample: a subset from a larger population
         • Several questions must be answered before a sampling plan is chosen
           • Universe: the population from which a sample will be drawn
           • Probability Sample: every element in the population has a know statistical likelihood of being selected
             • Random Sample: a sample arranged in such a way that every element of the population has an equal chance of being selected
             • Nonprobability sample: a smaple in which little or no attemp is made to get a representative section of the population
               • Covenience sample: uses respondents who are convenient or readily accessible
         • Errors
           • Measurement Error: a difference between the info desired & the info provided
           • Sampling Error: when a sample somehow does not represent the target population
           • Frame Error: the sample drawn from a population differs from the target population
           • Random Error: when the selected sample is an imperfect representation of the overall population
   • 7. Follow up
     • 6. Prepare & represent the report
       • 5. Analyze the data
         • 4. Collect primary data
           • 3. Specify the sampling measures
             • 2. Plan the research design & gather 2ndary data
               • 1. Identify & formulate the problem

4. Observation Research: a method that depends on watching other people do

   • In contrast to
   • Mistery Shoppers: researchers posing as customers who gather observational data about a store
   • Behavioral Targeting (BT): a mkgt research that combines a consumer's online activity with psychographics & demographic profiles compiled in databases
   • Social Media Monitoring: the use of automated tools to monitor online buzz, chatter & conversations
     • Big Data: the exponential growth in the volume, variety, and velocity of information and the development of new tools to analyze & create meaning from such data

5. Ethnographic Research: the study of human behavior in its natural context, involves observation of behavior & physical setting

   • Competitive Inteligence CI: an intelligence that helps managers assess their competitors and their vendors in order to become more efficient and effective competitors

6. Collecting the data:

   • Field Service firm: specializes in interviewing respondents on a subcontracted basis

7. Analyzing the data

   • Cross-tabulation: analyzing data that lets the analyst look at the responses to one question in relation to the responses to one or more other questions

8. Consumer Generated Media: media generated and shared by consumers among themselves

   • Neuromarketing: a field of mkgt that studies the body's responses to marketing stimuli