MKT 300 1nd Edition Exam 2 Study Guide Lectures 11 15 Chapter 7 Research Basics Terms Marketing Research procedures that develop and analyze new information about a market For example the use of questionnaires interviews w customers directly observing customers experiments and many other approaches Role of research specialists scientific method Scientific Method guides marketing research A decision making approach that focuses on being objective and orderly in testing ideas before accepting them Experimental Method researches compare the responses of two or more groups that are similar except on the characteristic being tested Researches want to learn if the specific characteristic which varies among groups causes differences in some response among the groups For example half see the add does it affect who likes the product Population the total group that marketing managers are interested in Sample a part of the relevant population Validity concerns the extent to which data measure what they are intended to measure Hypotheses marketing managers use their intuition and observations to develop educated guesses about the relationships between things or about what will happen in the future Marketing Research Process a five step application of the scientific method that includes 1 defining the problem 2 analyzing the situation 3 getting problem specific data 4 interpreting the data and 5 solving the problem Situation Analysis step 2 of the marketing research process An informal study of what information is already available in the problem area Secondary Data information that has been published or collected already Should be included in situation analysis Ideally much of this data should already be available from the firm s MIS Includes data inside of the company For example company files intranet reports cost data MIS And data outside of the company Internet libraries governments etc Primary Data Information specifically collected to solve a current problem step 3 of marketing research process getting problem specific data Includes observation i e equipment website analysis personal approaches and questioning i e in depth and focus group interviews online mail phone surveys and panels Research Proposal a plan that specifies what information will be obtained and how to be sure no misunderstandings occur later Qualitative Research Seeks in depth open ended responses not yes or no answers Its real advantage is depth But it s hard to measure the results objectively It can be used to prepare for quantitative research Focus Group Interview One widely used form of qualitative questioning It involves interviewing 6 10 people in an informal group setting Uses open ended questions Wants to get group interaction Quantitative Research Seeks structured responses that can be summarized in numbers like percentages averages and other statistics Most survey research is quantitative Concepts to Apply 1 T F Marketing research provides the answer T F Marketing managers do not need to be involved in the design and scope of marketing research a False Marketing research does not provide you with the answer There is actually a high rate of failure in marketing research but it can improve your odds b False The role of a researcher is that of a consultant They must partner with the requestor of researcher the marketing manager 2 Why should companies follow a marketing research process What is the most important step in that process a A process helps to avoid waste b The most important step in that process is defining the problem 3 Why is the distinction between a problem and a symptom important a 4 5 6 7 8 9 10 The same symptoms can result from different problems It is the researcher s job to define the right problem Perfect research on the wrong problem or on a symptom won t provide a solution When do you use primary vs secondary data What are the advantages to each a You conduct secondary data first It is that has already been collected Advantage typically faster and cheaper Disadvantage might not be up to date and tell you everything you need to know b You conduct primary data if you still need more information You go out and get your own problem specific data doing marketing research observe and or question Advantage more specific to the problem and can be more beneficial Disadvantage more expensive What is the difference between qualitative and quantitative data What are the strengths and weaknesses of each What are the common methodologies of each a Quantitative Data structured responses that can be summarized in numbers like percentages averages and other statistics i Strengths projectable fast ii Weaknesses not very in depth iii Common Methodologies use of structured questions in which responses have been predetermined and a large number of respondents involved Most survey research b Qualitative Data Seeks in depth open ended responses not yes or no answers i Strengths depth Accuracy Softer opinions and ideas ii Weaknesses hard to measure the results objectively Not projectable iii Common Methodologies used to prepare quantitative research Involves collecting analyzing and interpreting data by observing what people do and say Most samples are not as accurate as census Why do you sample instead of taking a census a The census may be more information than you need and the time and money used to take the data of everyone may not outweigh the benefit of the information provided What is meant by validity Why does validity concern researchers a Validity is the idea of asking the right questions to measure what you want to measure b Research should consider are you missing a critical question Are the questions worded properly double barreled loaded leading or overstate Is the question order appropriate sensitive should be last Are you asking the right people and the right number of people c Example cookie question how much would you pay for good cookies Answer is not valid because we don t know how many cookies you get Research techniques are often combined to help define and solve complex issues What techniques would you recommend to determine consumer receptivity to a brand new Breakthrough product idea What techniques would you use to estimate the percent of the target that might buy this product Give 3 examples of privacy concerns that may affect data collection Under what circumstances should you recommend against research being conducted a Issues i Trust ii Openness Supply Chain 10 11 12 Chapter 10