Marketing Final 10/17

Front 1

What is marketing research?

Back 1

- The process of defining a marketing problem and opportunity, systematically collecting and analyzing information and recommending actions to improve an organizations marketing activities
- Reduce risk and uncertainty
- More effective marketing actions

Front 2

Objectives

Back 2

specific measurable goals the decision maker seeks to achieve in solving a problem.

Front 3

Measures of success

Back 3

critera used in evaluating proposed solutions to the problem.

Front 4

Hypothesis

Back 4

an idea about the relationship of two or more factors or about what might happen in the future.
i. Technical breakthroughs
ii. Marketing studies
iii. Customer suggestions
iv. New product concept

Front 5

What is marketing research?

Back 5

- The process of defining a marketing problem and opportunity, systematically collecting and analyzing information and recommending actions to improve an organizations marketing activities
- Reduce risk and uncertainty
- More effective marketing actions

Front 6

Five step marketing research approach to leading marketing actions:

Back 6

1. Define the problem
a. set research objectives
b. Identify possible marketing actions
2. Develop the research plan
a. specify constraints
b. identify data needed for marketing actions
c. Determine how to collect data
3. collect relevant information by specifying
a. secondary data
b. primary data
4. Develop findings
a. analyze data
b. present findings
5. Take marketing actions
a. identify action recommendations
b. implement action recommendations
c. evaluate results.

Front 7

Objectives

Back 7

specific measurable goals the decision maker seeks to achieve in solving a problem.

Front 8

Measures of success

Back 8

critera used in evaluating proposed solutions to the problem.

Front 9

Hypothesis

Back 9

an idea about the relationship of two or more factors or about what might happen in the future.
i. Technical breakthroughs
ii. Marketing studies
iii. Customer suggestions
iv. New product concept

Front 10

Five step marketing research approach to leading marketing actions:

Back 10

1. Define the problem
a. set research objectives
b. Identify possible marketing actions
2. Develop the research plan
a. specify constraints
b. identify data needed for marketing actions
c. Determine how to collect data
3. collect relevant information by specifying
a. secondary data
b. primary data
4. Develop findings
a. analyze data
b. present findings
5. Take marketing actions
a. identify action recommendations
b. implement action recommendations
c. evaluate results.

Front 11

What is marketing research?

Back 11

- The process of defining a marketing problem and opportunity, systematically collecting and analyzing information and recommending actions to improve an organizations marketing activities
- Reduce risk and uncertainty
- More effective marketing actions

Front 12

Objectives

Back 12

specific measurable goals the decision maker seeks to achieve in solving a problem.

Front 13

Measures of success

Back 13

critera used in evaluating proposed solutions to the problem.

Front 14

Hypothesis

Back 14

an idea about the relationship of two or more factors or about what might happen in the future.
i. Technical breakthroughs
ii. Marketing studies
iii. Customer suggestions
iv. New product concept

Front 15

Five step marketing research approach to leading marketing actions:

Back 15

1. Define the problem
a. set research objectives
b. Identify possible marketing actions
2. Develop the research plan
a. specify constraints
b. identify data needed for marketing actions
c. Determine how to collect data
3. collect relevant information by specifying
a. secondary data
b. primary data
4. Develop findings
a. analyze data
b. present findings
5. Take marketing actions
a. identify action recommendations
b. implement action recommendations
c. evaluate results.

Front 16

Primary Data

Back 16

Data newly collected; observational and questionare data. Can be collected in Panel, Experimental, or Test Market formats

Front 17

Questionnaire data

Back 17

Facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors. Essential that questions are directly related to the marketing problem at hand.

Front 18

Hypothesis Generation

Back 18

 Purpose: Uncover ideas to test in idea evaluation stage
 Typical Methods: One on one conversation, focus groups, brainstorming sessions, using small samples
 Kind of questions asked: Open ended
 How results are analyzed: Qualitative analysis

Front 19

Hypothesis Evaluation

Back 19

 Purpose: test ideas discovered in hypothesis generation stage to recommend marketing actions
 Typical Methods: Mail, telephone, and personal interviews using large samples
 Kinds of questions asked: Fixed alternative
 How results are analyzed: Qualitative analysis

Front 20

Panel

Back 20

 sample of consumers or stores from which researches take a series of measurements

Front 21

Experiment

Back 21

 change variable factor involved in making purchase

Front 22

Test markets

Back 22

 determine whether consumers will buy new products, brand, or store concept.

Front 23

Lost horse

Back 23

starting with the last known value and listing factors that could affect the forecast.

Front 24

Direct forecast

Back 24

estimating the value to be forecast without intervening steps

Front 25

Sales Forecast

Back 25

- Refers to the total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts

Front 26

Statistical inference

Back 26

 means used to generalize the results from the sample to much larger groups of prospective customers

Front 27

-Determine how to collect Data:

Back 27

Falls under Developing Research plan, stage 2. Includes sampling.

Front 28

Sampling

Back 28

• Part of Stage 2, Developing a Research plan
1. Select a group of prospective customers
• 2. ask them questions
• 3. treat their answers a typical of all those who are interested

Front 29

Develop Findings Stage - Deliver final report

Back 29

- Analyzing Data – clear visual, concise answers
- Presenting the findings – a picture is worth a thousand words
- Making recommendations – must lead to decision that triggers marketing actions
o Help management improve quality of decision making
o Overcome risk and uncertainty

Front 30

Secondary Data

Back 30

Facts and figures already recorded prior to the project

Front 31

Observational Data

Back 31

(Watching people) - Electronic approaches

Front 32

External Data

Back 32

Outside firm info (US Census)

Front 33

Internal Data

Back 33

Inside firm info (firm financial statements)