Market Research Exam

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16 Terms

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4 Marketing Planning Phases

Situation Analysis

Marketing Strategy Development

Marketing Actions Development

Control Phase

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KPI’s in Digital Marketing (Key performance Indicator) and what they use (data wise)

Measures how effectively they are achieving their goals.

  • ROMI

  • Customer retention rate

  • Conversion Rates

  • Brand recall

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ROMI

(Return on marketing Investments)

Measures profitability of marketing investments

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MIS Components:

Internal Data

External Data

Market Research

Marketing Analytics

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3 Types of Research

  • Exploratory Research

  • Descriptive Research

  • Causal Reasearch

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Explanatory Research

To explore new ideas or investigate a problem that is not defined.

(e.g. focus group to understand why the lost intrest in a product)

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Descriptive Research

To describe characteristics, behaviors, or attitudes of a population in a measurable way.

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Causal Research

To find cause-and-effect relationships.

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A good research objective is…

clear, focused, and measurable.

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Hypothesis

A testable statement that predicts the relationship between two or more variables.

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Steps of the market research process:

  1. Define the problem

  2. Set research objectives

  3. Design research

  4. Collect data

  5. Analyze data

  6. Report findings

  7. Make informed decisions

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Validity

Is it measuring what its supposed to?

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Reliabilty

Are the results consistent over time or across different researchers?

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Increase survey response rates by:

  • Offering incentives

  • Keeping it short and clear

  • Sending reminders or follow-ups

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Customer Retention Rate

The percentage of customers who continue buying from your business over a period of time.

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Customer Conversion Rate

The percentage of potential customers (leads) who actually make a purchase.