Assignment and Reflection about Principles of Marketing

Marketing Research

Unrestricted

“the process of planning, collecting, and analyzing data relevant to a marketing

decision”

What is marketing research?

• Gathering and presenting factual statementsDescriptive

• Explaining dataDiagnostic

• Addressing “what if” questionsPredictive

Roles of marketing research

• Guides decision making and helps identify opportunities

• Helps managers trace problems • Helps managers understand relationships and

isolate issues • Helps managers more effectively and accurately

serve customers

Managerial uses of marketing research

The marketing research process

• Determines what information is needed and how it can be obtained efficiently and effectively

Marketing research problem

• Defines the specific information needed to solve a marketing research problem

Marketing research objective

• Broad-based problem that uses marketing research in order for managers to take proper actions

Management decision problem

The marketing research process

“data previously collected for any purpose other than the one at hand”

What is secondary data?

Internal corporate information

Government agencies

Trade and industry associations

Business periodicals

News media

Sources of secondary data

Social media data

• “The exponential growth in the volume, variety, and velocity of information and the development of complex new tools to analyze and create meaning from such data”

• Where do we collect it? • Data visualization uncovers meaning and

patterns

Big data

• Research design specifies: • Research questions that must be answered • How and when to gather data • The way to analyze data

• Project budget is finalized after the research design is approved

Planning the research design

“data collected for the first time and used to solve the particular problem under

investigation”

What is primary data?

Forms of survey research

• Encourage an answer phrased in the respondent’s own words

Open-ended questions

• Ask the respondent to make a selection from a limited list of responses

Closed-ended questions

• Closed-ended questions designed to measure the intensity of a respondent’s answer

Scaled-response questions

Questionnaire design: question types

State the survey’s purpose at the beginning of the interview

Avoid leading questions

Avoid asking two questions in one

Interview design

One-way mirror observations Mystery shoppers

Behavioral targeting (BT)

Observation research

• Study of human behavior in its natural context • Involves observation of behavior and physical

setting • Goal is to gain insight into culture and behavior

of a community

Ethnographic research

• Involves manipulation of a variable to understand and isolate the effects

• Will one package design be more effective than another? Why?

Experiments

• Sample: subset from a larger population • Universe: the population of interest, from which

the sample will be drawn

Samples

Samples

Measurement error

Measurement error

Occurs when there is a difference between the information desired and the

information provided

Sampling error

Occurs when a sample does not represent the target population

Frame error

Occurs when a sample drawn from a population differs from the

target population

Random error

Occurs when the selected sample is an imperfect representation of

the overall population

Types of errors

• Some primary data are collected by marketing research field service firms

• Data analysis • Purpose is to interpret and draw conclusions from

the collected data

• Techniques used to organize data • One-way frequency counts and cross-tabulations • Hypothesis testing, measures of association, and

regression analysis

Collecting and analyzing the data

Collecting and analyzing the data

• Researchers are required to present written and oral reports

• Contents of a report • Concise statement of the research objectives • Brief explanation of research design • Summary of major findings • Conclusion with recommendations

• Follow up • Researcher should determine why management

did or did not carry out the recommendations

Preparing and presenting the report

Administer surveys

Conduct focus groups

Other types of marketing research

Uses of internet for research

• Web survey systems (Qualtrics, Survey Monkey) • Google consumer surveys • Online panel providers (Amazon Mturk) • Web communities • Mobile surveys (30% of interview responses)

Tools for internet research

• Tracks scanner data from retailers and examines sales trends

• Can also track individual level purchases

• Neuromarketing: • Studies physical responses to marketing stimuli

Scanner-based research

Eye tracking

• Do you already know a lot about your market? • Is it worth doing the research?

• When the expected value of research information exceeds the cost of generating the information

When should we do research?

Using CRM for data