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What is involved in defining the objectives and research needs?
Identifying the issue or question to answer.
What is involved in designing the research?
Decide on research types (qualitative or quantitative) and the methodology (surveys, interviews)
What is involved in data collection?
Using primary or secondary sources to gather the necessary information
What is involved in analyzing data?
Processing and interpreting the data to draw conclusions
How do you develop and implement an action plan?
Use research insights to guide marketing strategies and decisions.
What is marketing data?
Raw figures, facts, or information gathered (e.g demographics, purchasing habits)
What are marketing insights?
Actionable understandings drawn from data
What can marketing insights reveal?
Patterns or trends to inform strategic decisions.
What is primary data?
Original data collected specifically for the current research objective (e.g. surveys, experiments)
What is secondary data?
Pre-existing data collected for other purposes but used to inform the current research (e.g. census data, industry studies)
What are the sources of secondary data?
Internal data, external data, and syndicated data.
What is internal data?
Data from within the organization, such as sales records.
What is external data?
Information from external sources like industry reports or government statistics
What is syndicated data?
Data collected by third-party companies and sold to multiple firms.
What is big data?
Large, complex data sets from various sources, including digital and social media, that require advanced tools to be processed.
What are the four ways that researchers collect qualitative data?
Focus groups, in-depth interviews, observational research, and social listening.
What are focus groups?
Guided discussions with target market members; useful for deep insights into consumer perceptions.
What are in-depth interviews?
One-on-one interviews for a thorough understanding of individual opinions.
What is observational research?
Watching consumer behavior in natural settings; good for observing genuine actions.
What is social listening?
Analyzing social media and online feedback; effective for real-time.
What are the advantages of qualitative research?
Provides deep, descriptive insights and explores motivations and attitudes that might not emerge in quantitative studies.
What are quantitative research types?
Surveys, experiments, panel research, scanner research.
Why use surveys?
Provide broad quantitative insights; cost-effective.
Why use experiments?
Test cause-and-effect relationships; highly controlled
What does panel research do?
Tracks changes in consumer behavior over time.
What’s the difference between primary and secondary data?
One is gathered specifically for the study (e.g. tailored surveys), while the other is collected for other purposes but later used in research (e.g. syndicated scanner data)
What are the advantages of quantitative research?
Allows for generalization, statistical reliability, and numerical comparisons.
What are structured questions?
Questions with predefined answer options (e.g. multiple choice)
What are unstructured questions?
Questions that are open-ended, allowing respondents to answer in their own words.
What are five things to avoid in a marketing research questionnaire?
Leading questions, complex jargon, double-barreled questions, negative wording, and overly long questions.
What is marketing research?
Systematic collection, analysis, and interpretation of data relevant to marketing decisions.
What is secondary data?
Pre-collected data used for purposes other than the current research.
What is primary data?
Data collected firsthand for the specific research purpose.
What is syndicated data?
Data collected and sold by research firms to multiple clients.
What exactly is scanner data?
Data from purchases recorded at retail points of sale.
What is panel data?
Data collected from a consistent group over time.
What is data mining?
Process of analyzing large datasets to discover patterns or relationships.
What is sentiment mining?
Analyzing text, like social media comments, to gauge consumer sentiment.
What are the steps in the market research process?
Define the objectives and research needs, design the research, collect the data, analyze data and develop insights, and develop and implement an action plan.
What are the five reasons firms develop new products?
Market saturation, changing customer needs, diversification, fashion cycles, and improving business relationships.
What is market saturation?
As markets for existing products become saturated, firms develop new products to attract new customers and grow their market share.
What are changing customer needs?
Developing new products to offer solutions that better fit current lifestyles or trends.
What is Managing Risk through Diversification?
By offering a range of products, firms can spread out risk and reduce dependence on a single product or market segment.
What are fashion cycles?
In industries like fashion and technology, where trends change quickly, developing new products is necessary to remain relevant.
What is improving business relationships?
Firms sometimes create products specifically to strengthen partnerships with suppliers or retailers, ensuring smooth distribution and sales.
What is the diffusion of innovation curve?
Illustrates the rate at which different types of consumers adopt a new product.
Who makes up the five categories in the diffusion of innovation curve?
Innovators, early adopters, early majority, late majority, laggards
Who are innovators in the diffusion of innovation curve?
First to adopt, willing to take risks
Who are early adopters in the diffusion of innovation curve?
Influential and socially active, they adopt products after seeing the success with innovators.
Who are the early majority in the diffusion of innovation curve?
Wait until the bugs are worked out; they're key to reaching mass market acceptance.
Who are the late majority in the diffusion of innovation curve?
Adopt only after most others have; more skeptical of innovations.
Who are laggards in the diffusion of innovation curve?
Last to adopt, typically resistant to change or technology.
What are the four factors affecting diffusion?
Relative advantage, compatibility, observability, and complexity or trialability.
How does relative advantage affect diffusion of innovation?
If the new product offers substantial benefits over existing options, diffusion is likely to be faster.
How does compatibility affect diffusion of innovation?
Products that align with potential customers' values and experiences are adopted more quickly.
How does observability affect diffusion of innovation?
Easily visible benefits encourage more people to adopt the product.
How does complexity and trialability affect diffusion of innovation?
Products that are easy to use or try out tend to be adopted more quickly.
What are the steps of the product development process?
Idea generation, concept testing, product development, market testing, product launch, and evaluation of results.
What is idea generation in the product development process?
Brainstorming and gathering ideas from various sources, such as customer feedback, competitors, or research and development (R&D).
What is concept testing in the product development process?
Initial testing of the idea with potential customers to assess their reactions and interest.
What is product development in the product development process?
Creating a prototype or initial version of the product, often tested internally.
What is market testing in the product development process?
Conducting limited release trials in specific markets to gather customer feedback and identify potential adjustments.
What is product launch in the product development process?
Full-scale introduction of the product to the market with supporting marketing efforts.
What is evaluation of results in the product development process?
Reviewing the product's performance in the market to determine if it meets business objectives and customer expectations.
What is a test market?
A small-scale launch of a product in a limited area to gauge its potential success in the broader market.
What risk does test marketing present?
Competitors may observe and copy the product if they notice positive results, reducing its novelty or competitive advantage.
What are the four stages of the product life cycle?
Introduction, growth, maturity, and decline.
What is introduction in the product life cycle?
Focus on awareness and trial; heavy marketing to build initial interest.
What is growth in the product life cycle?
Expanding distribution and solidifying brand; marketing focuses on differentiation.
What is maturity in the product life cycle?
Maximizing profit while defending market share; strategies may include price adjustments, promotions, or product updates.
What is decline in the product life cycle?
Reducing costs and possibly discontinuing the product; marketing may be reduced or redirected to loyal customers.
What is a first mover?
Companies that are the first to bring a new product or innovation to the market, gaining a competitive advantage.
What is a prototype?
An early model or sample of a product created to test its functionality, design, and user experience before full-scale production.
What is a product?
Anything of value that can be offered to a market to fulfill a need or want.
What are the three types of interrelated components?
Core customer value, actual product, and associated services.
What is the core customer value?
Addresses the fundamental need or problem the product solves.
What is the actual product?
The physical attributes like brand, quality, packaging, and features that define what the product is.
What are associated services?
Additional benefits like warranties, financing, and customer support that accompany the product.
What are the four types of consumer products?
Convenience products, shopping products, specialty products, and unsought products.
Describe a convenience product and provide an example.
Items that consumers buy frequently, with minimal effort (e.g., bread, soda).
Describe a shopping product and provide an example.
Items for which consumers spend time comparing quality, price, and style (e.g., clothing, electronics).
Describe a specialty product and provide an example.
Items that consumers show a strong preference for and will spend effort to obtain (e.g., luxury cars, designer bags).
Describe an unsought product and provide an example.
Items consumers don’t consider buying regularly or are unaware of until needed (e.g., life insurance, emergency services).
What’s a product line?
a group of related products offered by a brand
What is a product mix?
the complete range of products a company offers
What does increasing product line depth mean?
adding more products within an existing line (e.g., new flavors of a snack).
What does decreasing product line depth mean?
removing products from a line to streamline offerings (e.g., discontinuing less popular flavors).
What does increasing product mix breadth mean?
adding new product lines to the company’s portfolio (e.g., launching a new category like clothing in addition to footwear).
What does decreasing product mix breadth mean?
reducing the number of product lines (e.g., discontinuing an underperforming line).
What are the risks of increasing or decreasing product depth and breadth?
it could dilute the brand, or underextension, which might miss market opportunities.
What elements make a brand?
Name, logo, symbols, slogans, jingles, and packaging.
What advantages do brands provide to firms?
Customer loyalty, ease of introducing new products, price stability, competitive protection, and enhanced market positioning.
What is brand equity?
the value added to a product by a brand's reputation and recognition
What are the four components of brand equity?
brand awareness, perceived value, brand associations, and brand loyalty
What is brand awareness?
measuring how familiar consumers are with a brand and its products
What is perceived value?
the customer’s evaluation of a brand's benefits and costs relative to competitors
What are brand associations?
the mental links that consumers make between a brand and its attributes or emotions
What is brand loyalty?
a consumer’s consistent preference for one brand over competitors
What are the six branding strategy decisions?
brand ownership, naming strategy, brand and line extensions, co-branding, licensing, and brand repositioning
What central question does brand ownership raise?
Who will own the brand?
