M300 1st Edition Lecture 5 Outline of Current Lecture I What is Marketing Research II Who uses Marketing Research III Why use Marketing Research IV Marketing Research example V Marketing Research process VI Define the Research objectives VII Kinds of Data VIII Research objectives and designs IX 3 Requirements to establish Causality X Collecting the data Current Lecture I What is Marketing Research a Marketing research is the process of collecting analyzing and interpreting data about customers competitors and the business environment in order to improve marketing effectiveness II Who uses Marketing Research a Corporations i Salespeople sales managers ii Brand managers iii Upper level marketing managers iv Engineers e g new products v Human resource managers b Politicians c Non profit institutions d Governments e Academia III Why use Marketing Research a Better decision making b Better business results c Better serve customers IV Marketing Research example a Jay Leno vs Conan O Brien Marketing research pushed NBC to move Leno to the 10pm time slot and moved O Brien to Leno s old 11 30pm time slot i They didn t understand 10pm viewing habits These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute ii There was a big difference between scripted programming vs talk TV iii The time slot difference between 10 to 11 30 had a large impact V Marketing Research process a 1 Define the research objectives i What are you trying to accomplish b Define the data needed and the data collection instrument i What will help me answer that question c Collect the data d Analyze data and seek insights i This is a key part ii Many companies have inability to analyze data e Act on the insights VI Define the Research objectives a What do you want to find out i Better product design and success ii Better business results iii More satisfied customers iv More effective advertising v Better new product VII Kinds of Data a Qualitative focused on depth of insight i Insight uses only a few subjects but you can spend hours with them ii More in depth iii Asks the question WHY iv Use this to understand a phenomenon or when you don t yet have an hypothesis b Quantitative focused on numerical data that is representative of larger groups i Gathered at a distance ii Asks the question WHAT c Instruments include surveys polls scanner data d Ethnography when you follow people around to observe their daily habits and activities VIII Research objectives and designs a Exploratory i To clarify problems and develop hypotheses ii To establish research priorities iii To develop questions to be answered b Descriptive i To describe and measure marketing phenomena c Causal i To determine causality test hypotheses to make if then statements to answer questions IX 3 Requirements to establish Causality a 1 Co variation i Two phenomena vary together sun rises rooster crows b 2 Temporal sequence i The appropriate causal order of events sun rises at 6am rooster crows at 6 10am c 3 Nonspurious association i An absence of alternative plausible explanations maybe rooster crows because of the farmers alarm X Collecting the data a Collecting the data will involve either or both i Secondary data data already collected but for another purpose ii Primary data data collected to address a specific research question