Marketing research

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72 Terms

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Market segmentation

based on differences between groups of consumers.

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One commonly used basis for market segmentation is the discovery of differences that are the following:

Statistically significant
Meaningful
Stable
Actionable differences

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Differences must be

statistically & significant

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the differences found in

sample(s) truly exist in the population(s) from which the random samples are drawn

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Differences must be

meaningful

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one that the marketing manager can potentially use as

basis for marketing decisions

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Differences should be

stable

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one that will be in place for

foreseeable future

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Differences must be

actionable

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the marketer can focus various marketing strategies and tactics

product design or advertising, on the market segments to accentuate the differences between segments

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Statistical tests are used when researcher wants to
compare


means or percentages of two different groups or samples.

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t Test

statistical inference test to be used with small sample sizes

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(n ≤ 30)

t Test

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z Test

statistical inference test to be used when the sample size is 30 or greater

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Most computer statistical programs report

only the t value because it is identical to the z value with large samples

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Analysis of variance (ANOVA)


used when comparing the means of three or more groups

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ANOVA

is an investigation of the differences between the group means to ascertain whether sampling errors or true population differences explain their failure to be equal

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ANOVA will “flag” when

at least one pair of means has a statistically significant difference, but it does not tell which pair

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Green flag procedure

If at least one pair of means has a statistically significant difference, ANOVA will signal this by indicating significance

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ANOVA has two distinct advantages over

performing multiple t tests of the significance of the difference between means

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ANOVA immediately

notifies researcher if there is any significant difference

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ANOVA arranges

the means so the significant differences can be located and interpreted easily

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A census

an accounting of the complete population

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Sample

a subset of the population that should represent the entire group

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Sample unit

the basic level of investigation

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Online panels

large numbers of individuals who have agreed to participate in online surveys

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River samples

created via the use of banners, pop-ups, or other online devices that invite website visitors to take part in the survey

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E-mail list samples


purchased or otherwise procured from someone or some company that has compiled email addresses of opt-in members of the population of interest

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Marketing Research Report

Written &/or oral report to client

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Written and/or oral report

transmits research results, vital recommendations, conclusions, other important information

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The marketing research report is the product that represents the

efforts of the marketing research team

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The marketing research report may be the

only part of the project the client will see

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Marketing Research Report Should Consist Of

up front matter, body, appendix

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up front matter

title page, table of contents, executive summary

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executive summary

tell them what you are going to tell them

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body

background, research objectives, methodology, conclusion

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conclusion

detailed findings, summary of learnings

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appendix

details, materials used, etc

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The front matter consists all pages that precede the first page of the report

title page, research purpose/objectives, research design, table of contents, executive summary

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title page

research title, date, who created

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Abstract/Executive Summary

is a “skeleton” of your report and serves as a summary for the busy executive or a preview for the in-depth reader

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The body is the

bulk of the report

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the body contains

introduction to the report, an explanation of your method, a discussion of your results, a statement of limitations, and a list of conclusions and recommendations

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Introduction

orients the reader to its contents. It may contain a statement of the background situation leading to the problem, the statement of the problem, and a summary description of how the research process was initiated

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Research objectives

may be listed either as a separate section or within the introduction section

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Methodology

describes, in as much detail as necessary, how you conducted the research, who (or what) your subjects were, and what tools or methods were used to achieve your objectives

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Results

the most important portion of your report. This section should logically present
the findings of your research and may be organized around the research objectives for the study

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Limitations

typical limitations in research reports often focus on but are not limited to factors such as constraints of time, money, size of sample, and personnel

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Conclusions

are the outcomes and decisions you have reached based on your research results

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Recommendations

are suggestions for how to proceed based on the conclusions

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Why Tell Stories?

Connects the Parietal (facts/rationale) and Temporal (emotional) parts of the brain
Makes it easy
Builds trust

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Three Core Elements of an Effective Summary

Create the story
Deliver the experience
Refine and rehearse

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Eight Elements of a Great Presentation

Plan in analog
Answer the one question that matters most
Develop the passionate sense of purpose
Headline
Draw a Road Map
Introduce the antagonist
Reveal the conquering hero
Make the presentation memorable

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Headlines

Specific
Memorable
Twitter like (140 characters)

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5 Step Persuasive Selling

summarize the situation

introduce your idea

explain how it works

reinforce key benefits

suggest an easy next step

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summarize the situation

Bring reader up to speed
Put yourself in their shoes
Present the facts

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Introduce your idea

Clear & Simple Terms

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Explain how it works

Share your recommended plan
Highlight impressive points
Start from your audience’s needs perspective

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Reinforce key benefits

Recap and reinforce why this is a good idea
Only three reasons

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Suggest an easy next step

Don’t leaving them “hanging”
Make their decision easy … all they have to do is say “yes”

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1st paragraph

First sentence
• States the purpose of the communication
• Second sentence
• Provides a belief statement

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Power Statements Lead All Paragraphs

First sentence summarizes the paragraph
• Balance of paragraph supports Power Statement

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Easy Next Steps


Make it easy to move forward

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Tell a story

Think through your story
3 Key Points
Headline
•Summarizes 3 Key
Points
•Metaphor / Simile
•Twitter Like

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Follow the 5 step process

Summarize Situation
Introduce your Idea
Explain How It Works
Reinforce the Benefits
Easy Next Steps

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Be Succinct

Start with purpose of the document
Add a belief statement

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Power statements


1st paragraph
•Tell them what your going to tell them
1st sentence in every paragraph
•Summarize the paragraph

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Easy Next Steps

Be very clear

ID next steps

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3 Steps To Writing Clearly and Concisely

tightening

sharpening

brightening

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tightening

Eliminate unnecessary words

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Sharpening

Adding detail to make you sentences more precise

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Brightening

Adding interesting language and varied sentence structure to keep reader engaged