mkt 360 chapter one

marketing research

systematic gathering of marketing-related data to produce information for decision-making.

philosophy of science

the study of elements of scientific inquiry.

scientific method

current knowledge → theory & hypothesis → study design & data collection → theory test → conclusion.

what is the purpose of marketing research

helps managers make decisions related to the marketing mix (product, price, promotion, place).

what are the four functions of marketing research?

exploratory: understand a problem or situation

descriptive: describe market characteristics

diagnostic: explain causes of outcomes

predictive: forecast future outcomes

applied research

solves a marketing problem, investigates opportunity, or understand results of previous decisions

basic research

advances general marketing knowledge, verifies a marketing theory or concept

when and why do companies outsource research projects?

the decision can be made based on cost, capabilities, staff workload, and quality of data

share the evolution of the marketing research industry

1879: first studies

1920: foundation

1975: golden age

1995: insight stage

2010: consultative stage

what makes up the composition of marketing research industry?

full-service firms: conduct all types of research

boutique firms: specialize in one research method, audience, or analysis

sample companies: provide samples and collect data

sample aggregators: collect data using multiple sampling companies

what are some factors that affect the marketing research industry?

data privacy

automation & A.I.

telecommunications technology

economics and DIY

research panels

crowdsourcing competition

what are the best practices for line charts?

clear title

x and y axis labels

key/legends

what is a moving average in sales forecasting?

a method that calculates the average of sales over a specific number of past periods to predict future sales.

what is trend analysis in sales forecasting, and how are regression-based models used?

a) identifies patterns in historical sales data over time to predict future sales, b) to quantify the relationship between sales and one or more independent variables.

what are salesforce estimates in sales forecasting?

predictions of future sales based on input and insights from a company's sales team, often considering market conditions and customer interactions.