MRKT 300: Chp 10. - Market Research

Steps of the Marketing Research Process

1. define the objectives and research needs 2. designing the research 3. collecting the data 4. analyzing the data and developing insights 5. developing and implementing an action plan

Marketing research

a set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers

Secondary data

information collected prior to the project

Primary data

data collected to address specific research needs, focus groups, in depth interview, surveys

Sample

a group of customers who represent the customers of interest in a research study

Data

raw numbers or other factual info that have limited value to marketers on their own

Information

result of organizing and analyzing data

Syndicated data

data for a fee from a commercial research firm

Scanner data

Used in qualitative research obtained from scanner readings at checkout

Panel data

info collected from a group of consumers, organized into panels overtime

Qualitative research

broad, open ended questions understand interest

Quantitative Research

structured responses that can be statistically tested

Observation

examining purchase and consumption behaviors through watching and recording

In-depth interview

trained researchers ask questions and listen to/record answers then pose questions to clarify

Focus group interviews

small group of people meet for intensive discussion about a particular topic

Survey

systematic means of collecting information using a questionnaire

Questionnaire

document that features a set of questions to gather information

Unstructured questions

open ended, it allows people to answer in their own words

Structured questions

close-ended, specific answers that can be evaluated

Volume

amount of data being collected, the most valuable and difficult big data

Variety

multifaceted forms, image, text, video, etc.

Velocity

how quickly data can be gathered

Veracity

different levels of quality and timeliness

Value

comes from insights provided into factors critical to marketers

Marketing analytics

uses advanced tech/models to analyze data so that marketers can improve their decision making and optimize returns

Descriptive analytics tools

help firms organize, tabulate, and depict available data

Predictive analytics tools

rely on historically available data to forecast the future

Churn/churn rate

the percent of customers who discontinue use, divide the number of average participants by those who discontinue use

Prescriptive analytics tools

analyses that uses simulations, the what if questions

Active analytics tools

AI algorithms used to analyze input gathered from various databases