Mk323 Chapter 10: Marketing Research

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marketing research

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techniques and principles for systematically collecting, recording, analyzing, interpreting data that can aid decision makers involved in marketing

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marketing research process

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defining the objectives, designing the research, data collection, analyzing data and developing insights, action plan and implementation

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examples of objectives/research

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mcdonald's wants to know how to price its newest combo meal

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data collection process

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begins only after the design process

consists of primary and secondary data

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secondary data

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information that have been collected prior to the start of the focal research project

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primary data

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data collected to address specific research needs

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data vs information

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data: raw numbers that, on its own, have limited value to marketers

information: results from organizing, analyzing, and interpreting data and putting them into a useful form

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examples of secondary data

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-census data, information from trade associations, published reports

- internally: sales invoices, customer lists

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disadvantages of secondary data

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not timely or specific enough to meet needs

- the census is only taken once a decade

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syndicated external secondary data

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available for purchase from commercial research firms

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scanner data

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quantitative research from UPC labels at checkout counters

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panel data

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information collected from a group of consumers over time

- take records of what they purchased (secondary data) and ask them survey questions about it (primary data)

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data mining

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uses a variety of statistical analysis tools to uncover previously unknown patterns in the data or relationships among variables

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examples of qualitative research

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observation, in-depth interviews, focus groups, social media

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examples of quantitative research

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experiments, surveys, scanners, panel

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observation

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examining purchase and consumption behaviors through personal or video camera scrutiny

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sentiment mining

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using social media sites, firms collect consumer comments about companies and their products

- data is analyzed to distill customer attitudes towards and preferences for products

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in-depth interview

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trained researchers ask questions, record answers, and pose additional clarifying questions

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focus group interviews

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8-12 people discuss a particular topic

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survey

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systematic means of collecting information from people using a questionnaire

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experimental research

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a type of quantitative research that systematically manipulates one or more variables to determine which variables have a causal effect on others

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biometric data

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includes one or more physical traits

- facial characteristics

- iris scans

- fingerprints