Exam 2 Review Dr Mike Brady MAR 3023 Exam 2 Review Sheet Marketing Research process of designing gathering analyzing and reporting information that may be used to solve a marketing problem o Be familiar with the origins of marketing research i e the TQM movement and other paradigms that espouse close connections to customers Research to find customer reaction to product Research to compare product to competitors Research to find issues with products TQM Movement Cluster Analysis Identifies customer segments Identifies segments of customers that have similar characteristics o Be able to discuss how marketing research is the means by which firms acquire information about customers which informs the strategic decisions they make Gives managers important answers I unhappy customer tells 9 12 people If decrease customer defection by 5 then you can increase profits 25 100 Costs 5x more to attract new customers than to retain old ones o Be able to articulate and give examples of how marketing is far more empirical quantitative than most people believe Increased wait times can signal higher quality Unknown waits seem longer than known waits Explained waits seem shorter Two types of Data hand hand o Secondary Data information that has been collected for a purpose other than the research at o Primary data information that has been gathered specifically for the research objectives at Approaches to a Market Research Study o Exploratory describes less structured data collection methods example focus groups o Descriptive describes the characteristics of a population example surveys o Experimental identifies cause and effect between variables Types of Marketing Research Studies Applied versus Basic Be able to distinguish one from the other Research designed to solve a specific problem usually for a specific company o Applied research Consulting o Basic research Research designed to extend knowledge for marketing phenomena Have you ever had a bad service and not complained about it Mcdonalds o 2 200 complaints day o 70 are service related Why don t consumers complain Luke s research Service provider responsiveness 35 Sacrifice 25 Switching 15 Sympathy 9 Be able to discuss the marketing research process starting from problem definition all the way through data analysis and report preparation o Problem definition a problem well defined is half solved Exploratory research qualitative research Allows the researched to better define the problem by getting a look at it first hand Conclusive research make decisions Descriptive research Experimental research Designed to verify insights through an objective procedure to help marketers Used when the marketer has one or more objectives in mind and needs assistance in the final stages of decision making Used when marketers need to understand the characteristics of certain phenomena to solve a particular problem Allows marketers to make casual decisions about inferences o Variable x causes variable y o An independent variable is manipulated and the resulting changes on the dependent variable are measured o Research design Two types of data Secondary data info that has been collected for a purpose other than the research at hand o Conducted inside and outside of the organization o General reports supplied by data services and internal and online databases Primary data info that has been gathered specifically for the objective at hand o Observed and recorded or collected directly from respondents Info types Exploratory less structured data collection methods o Focus groups flexible group o Observation o Secondary source Descriptive characteristics of a population o Cross tabs o Regression Casual identifies cause and effect between variables o Experiments cost of social norms Social norms reciprocity Market norms get what you pay for o Sampling The process of selecting representative units from a total population Population includes all elements units or individuals of interest to researchers for a specific study Sample limited number of units to represent the characteristics of a total population researchers Makes it easier to project the reactions of a total market or market segment Two types of sampling Probability sampling every element in the population being studied has a known chance of being selected for the study o Random sampling all the units in the population have an equal chance of being chosen o Stratified sampling population of interest is divided into groups according to a common attribute and a random sample is then chosen within each group or segment of the population Nonprobability sampling o More subjective than probability sampling because there s no way to calculate the likelihood that a specific element of a population is being chosen o Quota sampling researchers divide the population into groups and arbitrarily choose participants from each group o Data gathering Survey methods Mail survey questionnaires are sent to respondents o Less expensive than telephone or personal interviews as long as the response rate is high enough to produce results Telephone survey interviewer records respondents answers to a questionnaire over a phone line o Response rate is higher because it requires less effort o Questionnaires can be sent to people who have provided their contact Online survey info via email Quick and cheap Crowdsourcing o Combines the words crowd and outsourcing and calls for taking tasks usually performed by a marketer or researcher and outsourcing them to a crowd or potential market through an open call o Marketers can gather input straight from willing customers and to actively listen and engage with people s ideas of products o Observe group interactions when members are exposed to an idea or Focus group interview concept Usually informal Customer advisory boards o Small groups of actual customers who serve as sounding boards for new product ideas and offer insights into their feelings and attitudes to the projects o Data analysis Easy if the marketers plan their data analysis methods early in the process Should allow for continuous evaluation of the data during the entire collection period First step is to lay the data out in table form Cross tabulation may be best in some cases Statistical interpretation is the next step Focuses on what is typical and what deviates from the average o Report preparation Researcher must look at the findings to see how everything lays out In most cases it is unlikely that the study can provide
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