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MKT 9 review
MKT 9 review
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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:
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
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?
Syndicated data (for a fee)
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?
Focus group interviews
A: answer the specific question
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
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
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
-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
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