MAR3023 Basic Marketing Concepts EXAM 2 Chapter 5 Market Research o What is Marketing Research Formal Definition The systematic design collection interpretation and reporting of Purpose information to help marketers solve specific marketing problems or take advantage of marketing opportunities desires marketing opportunities for particular goods services and changing attitudes purchase patterns of customers to inform an organization about customers needs The process of designing gathering analyzing and reporting information that may be used to solve a marketing problem o Ex Product development pricing studies customer satisfaction assessments distribution analysis promotion effectiveness studies Brady s Definition o Why Marketing Research Answer It s the foundation of marketing strategy Cluster Analysis statistical analysis technique that identifies customer segments The researcher measures things like price sensitivity importance of quality and on time delivery Identifies groups segments of customers that have similar characteristics o Why is Marketing Research important Answer Big data drives current strategies MDS Map Multidimensional Scaling Map Used to visualize the level of similarities individual cases within a data set o Where did it come from ORIGINS OF MARKETING RESEARCH In the 1980 s there was the TQM Movement Total Quality Management Customer Orientation o Research to Find customer reaction to product Compare product to competitors Find problems with product o The Marketing Research Process Know each step of the process 1 The Problem Definition Market Opportunity when an organization experiences a dramatic rise in sales or some other positive event it may conduct marketing research to discover the reasons maximize the opportunities stemming from them o When a firm discovers a market opportunity it may need to conduct research to understand the situation more precisely in order to craft a better market strategy 2 The Research Design Customer Relationship Management CRM of existing customers however research indicates that CRM tends to be biased therefore misleading when making decisions related to identifying acquiring new customers based on the analysis o Decides how to refine a broad indefinite problem or issue into a precise researchable statement Exploratory Research Qualitative Research Create a Research Design needed to address a research problem an overall plan for obtaining the info an informed guess assumption about o Develop a hypothesis a problem o Exploratory Research Qualitative Research Types of Research Approaches to Market Research Study helps in problem solving as it allows the researcher to better define the problem by getting a look at it first hand Describes less structured data collection methods Used in the design to clarify the problem Secondary Info Qualitative Research Focus Groups Focus Groups a flexible group discussion of a product ad or concept o Conclusive Research designed to verify insights through objective procedures to help marketers in making decisions characteristics of a population s certain phenomena to solve a particular problem conducted to clarify the o Descriptive Research Generally associated with surveys who buys what they buy when where how much allows marketers to make casual o Experimental Research inferences about relationships Know the differences between Applied vs Basic Research o Applied Research research designed to solve a specific problem usually for a specific company eg consulting research designed to extend knowledge of marketing phenomena o Basic Research o Survey Research Mail Respondents answer questionnaire through mail Sample Mail Survey Telephone Respondents answers are recorded by interviewer on the phone Sample Phone Survey Online Respondents answer questionnaire via email or website Sample Online Survey Personal Interview Surveys Participants respond to survey questions face to face o Causal Research variables ex Experiments identifies the cause effect between Research Reliability Validity o Reliability a condition that exists when a research technique produces almost identical results in repeated trials measures what it s supposed to measure a condition that exists when a research method o Validity Primary Data from respondents ex Surveymonkey Secondary Data data observed and recorded or collected directly o Brady s Definition information that has been collected for a purpose other than the research at hand o Formal Definition compiled both inside and outside the organization for some purpose other than the current investigation More than half of all marketing research now comes from secondary sources due to the opportunity to obtain data via the Internet This is the main type of data that we use now Internal Sources of Secondary Data o Examples of Sales reports records research reports accounting records competitive info gathered by sales force an organization s own database may contain info about past marketing activities External Sources of Secondary Data o Examples of Trade associations periodicals government publications unpublished sources online databases 3 Sampling the Population Population o Random Sampling selecting representative units from a total population elements units or individuals of interest to researchers a limited number of units chosen to represent the total for a specific study Sample population Sampling type of sampling in which every element in Probability Sampling the population being studied has a known chance of being selected for study form of probability sampling in which all units in a population have an equal chance of appearing in the sample and the various events that can occur have an equal or known chance of taking place which the population is divided into groups with a common attribute and a random sample is chosen within each group a sampling technique in which there s no way to calculate the likelihood that a specific element of the population being studied will be chosen a type of probability sampling in Nonprobability Sampling o Stratified Sampling o Quota Sampling A nonprobability sampling technique in which researchers divide the population into groups and then arbitrarily choose participants from each group 4 Data Gathering 3 Options o 1 Human interviews focus groups o 2 Machine scanner data observation o 3 Self Report customer surveys Keys bias depth accuracy resources 5 Data Analysis analysis of what is typical and what Statistical Interpretation
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