Mrkt 3001 - Ch 08

Front 1

Marketing Research

Back 1

the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions

Front 2

Decision

Back 2

a conscious choice from a among two or more alternatives

Front 3

measures of success

Back 3

criteria or standards used in evaluation proposed solutions to the problem

Front 4

Constraints

Back 4

restrictions placed on potential solutions to a problem

Front 5

Concepts

Back 5

ideas about products or services

Front 6

new product concept

Back 6

a picture or verbal description of a product or service the firm might offer for sale

Front 7

Methods

Back 7

the approaches that can be used to collect data to solve all or part of a problem

Front 8

Sampling

Back 8

selecting representative elements from a population: probability and non probability sampling

Front 9

Statistical inference

Back 9

drawing conclusions about population from a sample taken of that population

Front 10

Data

Back 10

the facts and figures related to the problem, divided into two main parts

Front 11

Secondary Data

Back 11

facts and figures that have already been recorded before the project at hand

Front 12

primary data

Back 12

facts and figures newly collected for the project. Internal or external

Front 13

observe people, ask them questions

Back 13

two ways of collecting primary data

Front 14

Observational Data

( Nielsen Ratings)

Back 14

Facts and figures obtained by watching, either mechanically or in person, how people actually behave

Front 15

Mystery Shopper

Back 15

hired to check on the quality of products and services and write detailed report on what is found.

Front 16

Ethnographic Research

Back 16

is a specialized observational approach where trained observes seek to discover subtle emotional reactions as consumers encounter products in their "natural use environment"

Front 17

questionnaire data

Back 17

facts and figures obtained by asking people about their attitudes, awareness, intentions and behaviors

Front 18

individual interviews

Back 18

a single researcher asking questions of one correspondent

Front 19

depth interviews

Back 19

researchers ask lengthy, free flowing kinds of questions to probe for underlying ideas and feelings

Front 20

Focus Groups

Back 20

informal sessions of 6 to 10 past, present and future customers in which a discussion leader asks their opinions about the firms and its competitors products

Front 21

Mall intercept interviews

Back 21

personal interviews of consumers visiting shopping centers. biased result though

Front 22

Panel

Back 22

sample of consumers or stores from which researchers take a series of measurements

Front 23

experiment

Back 23

involves obtaining data by manipulating factors under tightly controlled conditions to test cause and effect, an example of casual research.

Front 24

drivers

Back 24

independent marketing variables, often one or more of the marketing mix elements such as product features, prices, or promotion (like advertising messages or coupons)

Front 25

Test Markets

Back 25

offering a single product for sale on a limited basis in a defined area to helo decide the likely effectiveness of potential marketing actions

Front 26

information

Back 26

the distilled facts and figures whose interpretation leads to marketing actions

Front 27

Sales Forecast

Back 27

Total sales of a product that a firm expects to sell during a specified time period under specified conditions.

Front 28

A) The Role of Marketing Research

B) Steps:
1) define the problem
2) develop the research
3) Collect relevant info
4) develop findings
5) Take marketing actions

C) Marketing and Sales Forecasting

Back 28

Marketing Research steps

Front 29

Step 1: Define problem

- setting the research objectives

-identifying marketing actions suggested by the research

Back 29

Step 1:

Front 30

Set the Research Objectives

Back 30

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

-Clear purpose

Front 31

Identify Possible Marketing Actions

Back 31

Measure of success

- too broad or too narrow is bad

Front 32

STEP 2: DEVELOP THE RESEARCH PLAN

A. Specify the constraints on the research activity

B. identifying the data needed for marketing actions

C. Determine how to collect the data.

Back 32

Step 2:

Front 33

STEP 3: COLLECT RELEVANT INFORMATION .

- Secondary data
-Primary Data

Back 33

STEP 3:

Front 34

1) Internal
2)External

3) Advantages and disadvantages

Back 34

Parts of secondary data

Front 35

-Can be time saving if data has been collected and published or exists internally

- Low cost or free

Back 35

Advantages of secondary data

Front 36

1. May be obsolete or out of date.
2. Definitions or categories may not be quite right for your project.
3. Data collected for another purpose may not be specific enough for your project.

Back 36

Disadvantages of secondary data

Front 37

1) observing behavior

2) Questioning consumers

3) panels and experiments

4) Advantages and disadvantages

Back 37

parts of primary data

Front 38

A2/M2

Back 38

will measure viewing behavior on TV, On demand, DVRs, and Internet shows

Front 39

External secondary data

( U.S. Census Bureau)

Back 39

Published data from outside the organization

Front 40

Internal secondary data

Back 40

The data collected inside the organization and include detailed product sales reports as well as customer complaint tabulation

Front 41

Personal observation

Back 41

Can tell what people do, not why they do it.

Front 42

1) Mechanical Observation ( Nielsen boxes)
2) Personal Observation ( secret shop- tooth brushing camera)

Back 42

2 ways to observe behavior

Front 43

1) Idea generation methods - coming up with ideas
2) Idea evaluation methods- Testing an Idea


* Questionnaire data

Back 43

Questioning consumers: Primary Data

Front 44

Idea generation methods - coming up with ideas


Primary Data: Questioning consumers: Idea generation methods

Back 44

* Individual interviews
* depth interviews
* focus groups
* fuzzy front end

Front 45

Idea evaluation methods- Testing an Idea



Primary Data: Questioning consumers: Idea evaluation methods

Back 45

* Marketing researcher tests ideas
* difficult - consumers cant see or touch products
* less is more (dumb it down effect)
* mall intercept interviews

Front 46

Ad: More specific to problem

Dis: More costly and time consuming

Back 46

Advantages and disadvantages: Primary data

Front 47

Fuzzy front end

(teenagers drawing themselves)

Back 47

methods attempt to identify elusive consumer tastes and trends before typical consumers have recognized them themselves.

Front 48

1. Leading questions.
2. Ambiguous questions.
3. Unanswerable questions.
4. Two questions in one.
5. Nonexhaustive questions.
6. Nonmutually exclusive questions.

Back 48

Typical problems when Writing questionnaires

Front 49

Syndicated panel data

Back 49

a process of having the consumer record all their purchases using paper or electronic diary

Front 50

Information Technology

Back 50

involves designing and managing computer and communication networks to provide a system to satisfy an organization’s needs for data storage, processing, and access leading to effective marketing actions.

Front 51

data warehouse

or

The databases form the core

Back 51

where the ocean of data is collected and stored.

Front 52

Sensitivity analysis

Back 52

query the database with “what if … ?” questions to determine how a hypothetical change in a driver like advertising can affect sales.

Front 53

Data Mining

Back 53

Extraction of hidden predictive information from large databases in order to find statistical links between consumer and purchasing patterns and marketing actions.

Front 54

Step 4: Develop the findings

-Analyze the data
-Present the findings

Back 54

Step 4:

Front 55

Step 5: Take Market Actions

A. Make the Action Recommendations

B. Implement the Action Recommendations

C. Evaluate the Results

Back 55

Step 5:

Front 56

B) MARKET AND SALES FORECASTING

1) Judgment of decision maker
2) Surveys of Knowledgeable groups
3) Statistical methods

Back 56

B) MARKET AND SALES FORECASTING

Front 57

Direct forecast

Back 57

Estimating the value to be forecast without any intervening steps.
* For example, how many quarts of milk should I buy?

Front 58

Lost-horse forecast

Back 58

* Start with the last known value of the item being forecast
* List the factors that could affect the forecast
* Assess whether they have a positive or negative impact
* Making the final forecast.

Front 59

Survey of buyers’ intentions

Back 59

involves asking prospective customers whether they are likely to buy the product during some future time period.

Front 60

Salesforce survey

Back 60

involves asking the salesforce to estimate sales during a coming period.

Front 61

Trend extrapolation

Back 61

involves extending a pattern observed in past data into the future.

# Assumes that the underlying relationships in the past will continue into the future
# This is the basis of the method’s key strength: simplicity.
# if assumption is wrong then forecast is inaccurate

Front 62

Linear trend extrapolation

Back 62

the pattern from past data is described as a straight line

Front 63

Decision making

Back 63

the act of consciously choosing from alternatives.