MKT 9 review

Business 012 with Fine at Clemson University

About this deck

By: Haley Evans
Created: 2011-03-01
Size: 26 flashcards
Views: 2

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How much of marketing research answers the question Why? vs. What?

Approximately 1% of research answers why and 99% of research answers what.

What is the objective of marketing research? How does it interact with the consumer?

Objective: successful decision making

Data is systematically:

-collected

-recorded

-analyzed

-interpreted

What is a marketing information system designed to do?

Recording internally generated data and reports

Collecting marketing intelligence on an ongoing basis

Marketing analytics software

Recording marketing research information

What are data warehouses?

Large computer files that store millions and even billions of pieces of individual data.

What is data mining?

No original question

Run the data and see if there are any relationships

Helps with creating segments

Marketing research should be performed under what circumstances?-- in the ethical sense

Produce unbiased, factual information

Per the American Marketing Association, the ethics of using customer information entail what?

Prohibits selling or fundraising under the guise of conducting research

Supports maintaining research integrity

Encourages the fair treatment of clients and suppliers

What are the steps in the marketing research process?

Step 1: define objectives

Step 2: design the research project

Step 3: collect data

Step 4: analyze and interpret data

Step 5: present results

Step 3 of marketing research process, Collect data...

Exploratory research (qualitative)

Most expensive of all steps

Most subject to error

What are the types of observation in the marketing research process?

Examine purchase and consumption behaviors

-personal observation

-video observation

Ethnographic research (type of personal observation)

-going into the environment of the respondent

What questions are used to help a marketer define objectives concerning the marketing research process?

What information is needed to answer specific research questions?

How should that information be obtained?

What do marketers use to decide whether or not to engage in market research?

cost versus benefit analysis

What are the sources of poor design?

Irrelevant research questions

Research questions that marketing research cannot answer

Answers already known

What are the two types of data marketers can choose from when conducting research?

Secondary data 9already available)

Primary data (collected to answer the specific issue at hand

Secondary data: Examples? Advantages? Disadvantages?

Census data

Sales invoices

Syndicated data (for a fee)

Internet information

A: readily available, relatively cheap

D: reliability and relativity

How does one gauge the credibility of secondary data?

Who gathered this information?

For what purpose?

What does the source have to gain by doing so?

Was the information gathered and reported systematically?

Is the source an authority?

Is it objective evidence?

Primary data: Examples? Advantages? Disadvantages?

Observed behavior

Focus group interviews

Surveys

A: answer the specific question

D: costly

Exploratory research

In-depth interviews: ask one person questions, record answers, ask follow up questions

Focus group interviews: small group of people, moderated, video recorded

Projected techniques: subject resented with scenario, asked to express thoughts

Conclusive research

Quantitative

Confirm preliminary insights

Test hypothesis about cause-and-effect relationships

Survey research: questionnaire, experimental research, scanner research, panel research

What is experimental research?

Systematically manipulate one or more variables

What is scanner research?

Uses stat from UPC codes

Data mining is prevalent

What is panel research?

Collect information from a group over time

What are the advantages of web surveys?

People lie less

Inexpensive

What is involved when analyzing and interpreting data? What is the purpose of this step?

Thorough and methodical

Purpose: converting data information to describe, explain, predict and/or evaluate a particular situation

What is included in a market research report?

Executive summary: condensed report findings

Body of report

-research objectives

-methodology

-detailed findings

-conclusions

-limitations: be honest with environmental factors

-supplement: tables, design, questionnaires, etc.

What is the purpose of Cinematch, Platinum Blue, and Epagogix in terms of the customer and what they do?

Cinematch: how they (Netflix) recommend other movies that you may enjoy

Platinum Blue: predict musical hits based on mathematical relationships with pitch, base, tempo, etc.

Epagogix: predict box office hits and predicts gross income within 5 million

About this deck

By: Haley Evans
Created: 2011-03-01
Size: 26 flashcards
Views: 2

About StudyBlue

“I have used this website for three exams, and I see a huge difference in my test results.”
Naj