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23 Cards in this Set
- Front
- Back
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What are 2 reasons why people do market research.
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To make themselves look smart
To make themselves be smart. Should be doing this. |
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What is the goal of marketing research?
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REDUCE OUR RISK
Good information always takes the emotion out of decision. |
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Market research for movies
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How should our movie end?
What actors are customers going to like in our movie? (Jen Aniston or Angelina Jolie?) What type of movie do certain people like to watch? |
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When using market research, what 3 things must you consider?
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-Speed
-Quality -Cost |
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Speed
Quality Cost |
Key components of market research.
You cant have all 3 If we want fast, cheap information we go to Google but the quality isn’t very good If we want good, fast information we go to a market research firm but it’s expensive If we want good, cheap information we go to the library but it might take a long time |
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What are the 3 steps of the marketing research process?
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1. Exploratory determining variables
2. Gather factual statements 3. Predictive modeling for the future. If you fail to use this process you will fail. |
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What are exploratory determining variables?
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Reasons for doing something/ choosing something over something else.
Students go to UI for several different reasons including economical (high value), city, partying, quality of education, athletics, etc. |
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It is important to present _____ statements.
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Factual
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What made students choose to go to UofI?
Presenting factual statements. |
Economical (high value) (10%), city (20%), partying (20%), quality of education (40%)
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How do we explain the data?
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Predictive modeling
cause and effect. ( If we do this, this will happen.) |
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Name the 7 steps in the marketing research process.
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1. Define the problem
2. Plan the design 3. Specify the sampling procedure 4. Collect the data 5. Analyze the data 6. Report the findings 7. Follow up |
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1. Define the problem
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( In Allie's words) If you can’t answer the burning questions, you’re fucked
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2. Plan the design
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You can’t plan the design until you determine the burning question
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3. Specify the sampling procedure
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You can’t ask everyone, so you have to create a sample
Tippie Senate can’t ask all of UI questions about the college, so they had to create a sample Sampling types: Random sample Cluster sample |
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4. Collect the data
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Mail questionnaires are good because we can get to very targeted people and we can ask a lot of questions. Downside is that it takes a while to get answers back
Telephone surveys 2 types: Very structured survey: • Scales of 1-5 (1-5 is better than 1-10) One-to-one focus group where the moderator approaches certain subjects and finds your reaction to certain subjects Phone Probe |
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5. Analyze the data
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o Statisticians analyze the data and look for relationships in the data. They have to make sure the people who set up the research know what the data means. A lot of the time, companies don’t know what their market data means
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What are the two types of marketing information?
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Secondary data
Primary Data |
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What is Secondary data?
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data that has been collected for a different reason and you are the second person to use the data
Example: Researching information for the group project. We look at market research reported previously for different reasons Marketers always look for secondary data first to answer the data |
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What are the two types of secondary data?
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1. Internal data- (inside the firm)
ex: Financial statements, research reports, files, customer letters, sales call reports, and customer lists. 2. External Data- (outside the firm) Ex: US Census reports, trade association studies and magazines, business periodicals, and internet-based reports |
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What is Primary data?
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Facts and figures newly collected for the project, specific for your burning question
More expensive, good quality, may be fast |
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What are the two Types of Primary data?
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Observational data (watching people)
Mechanical and electronic approaches Personal approaches Questionnaire data (asking people) Idea generation through in-depth interviews and focus groups Idea evaluation by mail, online, telephone, and personal surveys |
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6. Report the findings
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Report what you have found during your research process
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7. Follow up
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Make sure everyone is satisfied.
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