MKT CH 7

Marketing Research

Marketing Research

Procedures to develop and analyze new information to help marketing managers make decisions

Information Sources

• Internal data

• Individual customer data

• External data

• Marketing research studies

Data Storage, Access, & Security

• Big data

• Data warehouse

• Security and protection

Marketing Analysis

• Analysis changes data

  • Information

  • Knowledge

  • Wisdom

• Decisions support systems

Marketing Strategy Decisions

• Marketing dashboard

• Predictive Analytics

• AI and machine learning

Results

• Marketing metrics (profits, market share, customer lifetime value)

Elements of a Marketing Information System

• Information Sources

• Data Storage, Access, and Security

• Marketing Analysis

• Marketing Strategy Decisions

• Results

Dimensions of Big Data

• Volume

• Variety

• Velocity

• Veracity

Dimensions of Big Data: Volume

so much data

Dimensions of Big Data: Variety

so many formats

Dimensions of Big Data: Velocity

Need to process quickly

Dimensions of Big Data: Veracity

Not always accurate

Data Warehouse

A place where databases are stored so that they are available when needed

Decision Support System (DSS)

a computer program that makes it easy for marketing managers to get and use information as they are making decisions

Marketing Dashboard

Displays up-to-the-minute marketing information in an easy to read format

Marketing Model

A statement of relationships among marketing variables

General Data Protection Regulation (GDPR)

A set of laws on data protection and privacy for all individuals within the European Union.

Marketing Research Process

A 5 step application of the scientific method that includes:

1. Defining the Problem

2. Analyzing the Situation

3. Getting Problem-Specific Data

4. Interpreting the Data

5. Solving the Problem

Step 1: Defining the Problem

• Pinpointing and identifying the problem

• Don’t confuse problems with symptoms

• Setting research objectives may require more understanding

Step 2: Analyzing the Situation

• Situation Analysis

  → Relevant secondary data

• Monitor the web and anticipate trends

• Sentiment Analysis

Situation Analysis

an informal study of what information is already available in the problem area; should find relevant secondary data

Secondary Data

information that has been collected or published already

Primary Data

Information specifically collected to solve a current problem

Sentiment Analysis

An automated process of analyzing and categorizing social media to determine the amount of positive, negative, and neutral online comments a brand received

Consumer Panel

a group of consumers who provide information on a continuing basis

Step 3: Getting Problem-Specific Data

• Primary Data

  → Questioning

  → Observing

• Quantitative & Qualitative Data

Qualitative Research: Customer Journey Map

The story and graphic diagram of a customer’s experience in the buying process from need awareness through the purchase process and post-purchase relationship

Qualitative Research: Focus Group Interviews

An interview of 6-10 people in an informal group setting

Step 4: Interpreting the Data

• What does the data mean?

• Is the sample representative?

• Validity & Ethics

Dimensions of Big Data: Validity

the extent to which data measure what they are intended to measure

Step 5: Solving the Problem

Use the research results to make marketing decisions