Market Research Lecture Review

These flashcards cover key vocabulary and concepts from the Market Research lecture to help students prepare for exam.

Market Research

The process of collecting, analyzing, and interpreting information about a market, including information about the target market, consumers, and the effectiveness of marketing strategies.

4 P's of Marketing

The four key components of marketing strategy: Product, Price, Place, and Promotion.

Primary Data

Data collected specifically for the purpose of a research project, addressing specific research needs.

Secondary Data

Data that has already been collected for another purpose and is used to support the current research project.

Exploratory Research

Research conducted to gather more information about a problem that is not clearly defined.

Descriptive Research

Research that seeks to describe characteristics of a population or phenomenon being studied.

Causal Research

Research aimed at identifying potential cause-and-effect relationships.

Survey Research

A method of gathering information from respondents using questionnaires to inform marketing decisions.

Focus Group

A qualitative research method where a small group discusses a product or service under the guidance of a moderator.

Big Data

Large and complex data sets that traditional data processing software cannot deal with efficiently, often from multiple sources.

Marketing Analytics

The practice of measuring, managing, and analyzing marketing performance to maximize its effectiveness.

Ethics in Marketing Research

The moral principles guiding marketing researchers to conduct their work honestly and with integrity.

Advertising Effectiveness Studies

Research methods used to evaluate the impact of advertising campaigns on consumer behavior.

Sample

A subset of a population selected for analysis in a research project.

Scanner Data

Data collected from scanner readings of UPC labels at checkout, used to examine customer purchasing habits.

Observation Research

A qualitative research method where researchers observe consumer behaviors rather than rely on self-reported data.

Panel Research

A research method that involves collecting data from a group of participants over time to analyze trends and changes.

Marketing research steps

Collecting, Recording, Analyzing, interpreting = Decision Making

Marketing Research Design Process

The systematic framework used to plan, conduct, and analyze marketing research projects, including defining the objectives and research needs, designing the research, collecting data, and analyzing data and developing insights, developing and implementing an action plan

Action plan

Executive summary, body of the report, conclusions, limitations, supplements including tables, figures, appendices

Qualitative research techniques

A method of research that focuses on understanding consumer behavior, motivations, and attitudes through in-depth interviews, focus groups, and observations.

Quantitative research

A method of research that focuses on data and analyzing numerical patterns to understand consumer behavior, often using surveys, scanners, panels and experiments..

What to avoid when designing a questionnaire

Questions that cannot be easily answered

sensitive questions

double barreled questions which refer to more than 1 issue

leading questions

one sided questions

Descriptive analytics tools

Help firms organize, tabulate, and depict their available data, usually in easy-to-understand reports, tables, and charts.

Predictive analytics tools

Rely on historically available data to forecast the future, such as what is predicted to happen to a firm’s product sales in the next month, next quarter, next year, and so on

Prescriptive Analytics Tools

Analyses that use simulations, which ask a series of what if–type questions, and optimization techniques to find the most effective or best result, which help firms better understand what they should do

Active Analytics Tools

Artificial intelligence algorithms used to analyze input gathered from various data bases including data from the Internet of Things (IoT).