MOS UNIT6: Market Research & Marketing Fundamentals

MOS1021 MIDTERM #2

Market Research

The systematic process of collecting, analyzing, and interpreting information to recommend actions that improve marketing activities

Exploratory Research

Preliminary research used to clarify the nature/scope of a problem and suggest hypotheses

Descriptive Research

Research that profiles markets, customers, or variables to describe “what is” (e.g., who buys, what features matter)

Causal Research

Research that tests cause-and-effect by manipulating an independent variable and measuring its effect on a dependent variable

Secondary Data

Existing information collected for another purpose that can inform the current study

Primary Data

New information gathered specifically to address the current research objectives

Observational Research

Collecting primary data by watching relevant behaviours in natural or contrived settings

Ethnographic Research

Deep observational study in consumers’ natural environments to understand use, context, and meaning

Survey Research

Asking standardized questions (in person, phone, mail, online) to capture attitudes, preferences, and behaviours

Experimental Research

Randomly assigning participants to treatments to test whether an independent variable changes a dependent variable

Focus Group Interviewing

Moderated discussion with a small group to generate rich qualitative insights on predetermined topics

Online Marketing Research

Using internet/mobile tools (online surveys, tracking, panels, experiments) to collect primary data

Online Focus Groups

Real-time or asynchronous moderated discussions with participants online to generate qualitative insights.

Social Listening

Monitoring social platforms to track brand mentions, sentiment, and themes that inform marketing decisions

Behavioural Targeting

Using tracked online behaviours to deliver ads/offers tailored to individual interests

Population

All individuals relevant to the research question (group of interest)

Sample

A subset of the population selected to represent the whole

Sampling Frame

A list or source used to access members of the population

Probability Sampling

Random selection where each population member has a known non-zero chance of inclusion

Non-Probability sampling

Non-random selection based on convenience or other criteria where chances of inclusion are unknown

Survey Panel

A large group that completes questionnaires repeatedly over time to provide longitudinal data

Concept Test

Presenting a product idea (description/visual) to obtain early customer reactions before development

Test Marketing

Limited launch of a product or campaign in representative markets to gauge performance before wider rollout

Independent Variable (IV)

The factor a researcher manipulates to test its effect

Dependent Variable (DV)

The outcome measured to see if it changes due to the IV

Analyze & Interpret

Statistically analyze, synthesize, and assess evidence against the hypothesis/research objectives

Recommend & Implement

Deliver a report with solutions tied to objectives and continue monitoring outcomes

Market Segmentation

Dividing a broad market into groups of customers with shared characteristics so each group can be served more effectively

Geographic Segmentation

Grouping by location attributes (country, region, city, urban/suburban/rural, climate)

Demographic Segmentation

Grouping by basic traits (age, gender, income, education, occupation, ethnicity, household formation)

Psychographic Segmentation

Grouping by psychological attributes (values, personality, interests, lifestyle)

Behaviour Response Segmentation

Grouping by behaviours (benefits sought, usage rate, occasions for use, loyalty status)

Mass Marketing (Undifferentiated)

One strategy for the whole market; ignores segment differences

Differentiated (Segmented) Marketing

Separate strategies/offers for multiple segments

Concentrated (Niche) Marketing

Focusing on one or a few small segments to capture a large share

Micromarketing (Individual Marketing)

Tailoring products/messages to the needs of a single customer (“segment of one”)

Local Marketing

Tailoring brands and programs to needs of local areas (cities, neighbourhoods, specific stores)

Target Market Profile

A concise description of the ideal customer that guides mix decisions

Target Market

A set of buyers with common needs/traits that a firm chooses to serve

Competitive Advantage

An edge over competitors by offering greater customer value (lower price or superior benefits)

Value Proposition

The total mix of benefits a brand promises to deliver versus alternatives

Positioning

Designing the offering and messaging so the target market perceives it distinctly versus competitors

Positioning Statement

A clear, concise “for (target), (brand) is (concept) that (point of difference)” summary of intended positioning

Perceptual/Positioning Map

A visual plot of brands on key attributes based on customer perceptions to reveal gaps and rivals

Head-on positioning

Directly comparing with a named competitor to claim equality or superiority on salient attributes.

Brand Leadership Positioning

Emphasizing category leadership and widespread acceptance to reinforce dominance

Differentiation Positioning

Highlighting unique, non-price attributes/benefits that set the brand apart.

Technical Innovation Positioning

Leading with cutting-edge tech to signal superior innovation

Lifestyle Positioning

Linking the brand to a target lifestyle/identity so it helps customers “be who they want to be”

” Repositioning

Changing how a brand is perceived relative to competitors due to shifting rivals or target preferences