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SC MKTG 350 - Marketing Research

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MKTG 350 1st Edition Lecture 10 Marketing Research Marketing researcha. Reduces uncertaintyb. Links the organizations to customers through data c. By monitoring the competition firms can anticipate and react to competitive offerings or moves Process 1. Defining the objectives and research needs – set of techniques and principles for systematically collecting, recording, analyzing data to aid decision makers a. What information do we need to answer the questioni. Some time asking the wrong questions, or ones that they can not answer ii. How should we obtain the information 2. Designing the research- a. Types of data – i. Primary data – data that you collect for a specific research project (very specific) (takes time and money) ii. Secondary data- data that have already been collected for some other purpose (might not be exactly what you want) (cheaper) 1. Internal- data that your company has already collected (sales receipts)2. External- anything that you can find on the internet (census) 3. Syndicated- data you purchase b. Types of research 3. Data collection process4. Analyzing data and developing insights- converting data into information to explain, predict, and/or evaluate a particular situation 5. Action plan and implementationa. Executive summary- synopsis of everything you have done b. Bodyc. Conclusionsd. Limitation e. Supplements including tables, figures, appendices External Secondary data - Syndicated data- data that you purchased from another company (not always perfect) - Panel research- data that are taken over a period of time - Scanner research- data that are complied form the use of bar codes 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.Internal secondary data- Data warehouse- information that is captured electronically that you can later analyze - Dating mining –when you go into date warehouse and look for patterns in the data o Bananas by cereal increase banana sale Opting out of emails from companies where you have made purchasesData collection techniquesQualitative (data) research- exploratory research- when we don’t really know what is going on (background research) - Observation- watching people in a certain setting (store setting) (people lie- condom isle-so its best to just watch their behavior) - In-depth interviews- one on one and ask them specific questions (long time and expensive) - Focus groups- a small group of people 8-12 discuss a topic in-depth (usually recorded- tolook at the non-verbal content) take information and create hypotheses- Social media- look at what people are saying about the company on line find what problem are and then confirm or denyQuantitative research- conclusive (hypothesis that you can test and confirm/deny) - Experiments- establish causality – label caused more people to buy the wine over another Y=dependent variable o Test price –x y-sales - Survey- ask a series of questions and try and get an idea of what we think is happening o Structure question- specific answerso Unstructured questions- open ended o Avoid questions they cant answer easily or accurately o Avoid sensitive questionso Do not ask double barreled questions- (ask two questions in one)o Don’t ask leading questions o Avoid one sided questions  Telephone- mail- computer ( inexpensive, fast results) Response rates - Scanner- from bar codes - Panel Problems with international research- Survey questions are asked in English all around the world - should ask in native tongue- Lack of consideration for language (make sure translations are correct- Misinterpreting data across countriesEthics of using customer informationStrong ethical orientation adhere to ethical practices (when they try and sell you something) (must maintain the integrity of the survey/experiment – don’t omit any answers) (advocate fair treatment- do not call lists) (keep responses


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