Marketing Multiple Choice and Short Answer Questions

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Market Research

Chapter

Learning Objectives

Explain the use and benefits of a marketing information system and market research
Outline the importance and challenges of market research to companies
Differentiate between exploratory, descriptive, and causal research
Identify the step-by-step market research approach
List and describe the primary research tools available to marketers
Describe the advantages and disadvantages of primary research tools

Sklar, Wilton, and Associates (SW&A)

Market Research

“If the research we commission does not drive a decision or avoid a mistake, then our job is not done. ”

- Luke Sklar, partner & founder, SW&A

Consumer Insights = Stimulating Ideas

Information for Marketing

Gathering correct information about your market is crucial for business operation

Marketing Information Systems (MIS)

procedures and processes for gathering data on an ongoing basis

Market Research Studies

studies to answer questions not answered by MIS

LO 1

Market Research

Good market research can reduce risk and uncertainty in decision-making
Market research is not an easy undertaking
Goal: Obtain accurate information  Sound decisions
Types:

Exploratory

Descriptive

Causal

LO 2

Exploratory Research

Preliminary research
Precedes more conclusive research

LO 3

http://youtu.be/y3IXprSddNc

http://www.understandingsociety.org.uk/

Descriptive Research

General understanding of the problem
Conclusive data to answer particular questions

LO 3

Causal Research

Preceded by descriptive and exploratory research
Expectation about a cause-and-effect relationship to be explained

LO 3

Six-Step Market Research Approach

LO 4

Step 1: Define the Problem/Issue/Opportunity

Precise definition of the problem and a formal proposal defining the task
Requires clarifying research objectives

LO 4

Step 2: Design the Research Plan

Decide on collection method
Select a sampling plan

LO 4

Decide on collection method

Choose method to maximize accuracy of results

Collection Methods:

In-depth personal interviews
Focus groups
Telephone surveys
Mall intercepts
Online questionnaires
Direct mail surveys

LO 4

Sampling

Samples should be representative of the population
Probability sample  Precise rules used to select
Non-probability sample  Use of arbitrary judgment

LO 4

Step 3: Conduct Exploratory Research

Clarify scope and nature of problem

Secondary data analysis
Focus group research
In-depth interviews

LO 4

Secondary Data

Internal Data

External Data

Secondary data first, then primary data

LO 4

Sources of Secondary Data

LO 4

Sources of Secondary Data

LO 4

Secondary Research Sources

Google

Google Search
Google Image
Google Video
Google Books
Google Scholar

Newspapers

Business, Lifestyle, etc. sections

Magazines

Business, Hobbies, Lifestyle, etc.

Research Reports

Private Research Firms
Academic Papers and Articles
Census data

Discuss library session …. purpose, location and date.

Let’s list all the kinds of research sources we’ve discussed so far in this course where you can find information for marketers to use.

Hint: “The Internet” is not a source!

Newspapers

Magazines (what kind?)

ETC. …

MRU LIBRARY

http://www.mtroyal.ca/Library/index.htm

Focus Group Research

Informal interview session
Small group
Moderator

LO 4 & 5

In-Depth Interview

One-on-on interviews
Free-flowing conversation

LO 4 & 5

Online Research

Online Research Communities
Online Research Bulletin Boards
Social Listening

LO 4 & 5

Step 4: Collect Quantitative Primary Research

LO 4, 5 & 6

Step 5: Compile, Analyze, and Interpret Data

Synthesize and simplify pages of data into actionable information

LO 4

Step 6: Generate Report and Recommendations

Market data and information has little value unless recommendations are provided that lead to marketing actions

LO 4

Report Writing

Correctness: spelling, punctuation, grammar, etc.
Citations: in-text “breadcrumbs” that inform reader
References: end of document … why???

http://www.mtroyal.ca/Library/Research/CiteSources/index.htm

http://library.senecacollege.ca/Research_Help/Citing_Sources/apa_guide.html

Future of Market Research

Technology  Filtering ability is required
Marketers and market researchers  Team
Privacy is top-of-mind

Marketing Information System (MIS)

A set of procedures and processes for collecting, sorting, analyzing, and summarizing information on an ongoing basis

Market Research

Process of collecting and analyzing information in order to recommend actions to improve marketing activities

Exploratory Research

Preliminary research conducted to clarify the scope and nature of the marketing problem

Descriptive Research

Research designed to describe basic characteristics of a given population or to clarify their usage and attitudes

Causal Research

Research designed to identify cause-and-effect relationships among variables

Objectives

Specific, measurable goals

Sampling

The process of gathering data from a subset of the total population rather than from all members of that particular population

Secondary Data

Facts and figures that have already been recorded by a third party

Primary Data

Facts or figures that are newly collected for a project

Focus Groups

A research technique where a small group of people (usually 6-10) meet for a few hours with a trained moderator to discuss predetermined areas