MKT 300 1nd Edition Lecture 11 Outline of Last Lecture XVII Chapter 5 Terms part 2 XVIII Chapter 5 Concepts to Apply part 2 Outline of Current Lecture XIX Chapter 7 Terms XX Chapter 7 Concepts to Apply Current Lecture Chapter 7 Terms Marketing Research procedures that develop and analyze new information about a market i e use of questionnaires interviews w customers directly observing customers experiments and many other approaches Role of research specialists scientific method steps 1 define problem 2 analyze situation 3 gather problem specific data 4 interpret data 5 solve problem Scientific Method guides marketing research a decision making approach that focuses on being objective and orderly in testing ideas before accepting them Experimental Method researchers compare the responses of two or more groups that are similar except on the characteristic being tested Researchers want to learn if the specific characteristic which varies among groups causes differences in some response among the groups i e half see the add does it affect who likes the product Population the total group 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 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 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 form the firm s MIS Includes data inside of the company i e company files intranet reports cost data MIS and data outside of company i e internet libraries governments etc Primary Data information specifically collected to solve a current problem step 3 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 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 real advantage is depth But it s hard to measure the results objectively can be used to prepare for quantitative research Focus Group Interview one widely used form of qualitative questioning involves interviewing 6 to 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 this Chapter 7 Concepts to Apply T F Marketing research provides the answer T F Marketing managers do not need to be involved the design and scope of marketing research F it does not provide you with the answer F The role of the researcher is that of a consultant They must partner with the requestor of the research marketing manager Why should companies follow a marketing research process what is the most important step in that process A process helps avoid waste The most important step in that process is defining the problem step 1 Why is the distinction between a problem and a symptom important 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 and disadvantages of each You conduct secondary data first It s data that has already been collected It is faster and cheaper typically but it might not be up to date and tell you everything you need to know If you need more information you collect primary data which is when you are going out and getting your own problem specific data doing marketing research observe and or question This is more expensive but it is more specific to the problem and can be more beneficial What is the difference between qualitative and quantitative data What are the strengths and weaknesses of each What are common methodologies for each For projectable and fast measurements select quantitative research involving the use of structured questions in which response options have been predetermined and a large number of respondents involve For softer opinions and ideas that can be more accurate select qualitative research involving collecting analyzing and interpreting data by observing what people do and say Results are not projectable Most samples are not as accurate as census Why do you sample instead of taking a census 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 Validity is the idea of asking the right questions to measure what you want to measure 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 o people i e cookie question how much would you pay for good cookies Answer 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 new product Quantitative Marketing Research b c it is projective Give 3 examples of privacy concerns that may affect data collection Data at what you buy online used to target you for certain types of advertisements GPS data shows where I am going so marketers can use that information to sell things to me ISP