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List the steps in the market research process (7 steps)
Define research problem
Determine research design
Choose method to collect primary data
Design sample
Collect data
Analyze and interpret data
Prepare research report
tabulation
arranging data in a table or other summary form
cross-tabulation
exploring data through sub-groups
What are the demographic segmentation variables?
age, gender, family life cycle, income, social class, and ethnicity
target market
segments on which an organization focuses its marketing efforts
Phases of targeting
Evaluate market segments
Develop segment profiles
Choose a targeting strategy
Internal company data
information generated from within the company, often through intranet and marketing dashboards
focus group
product-oriented among a small group of consumers led by a trained moderator
When is a focus group used?
during exploratory research
predictive technology
uses shopping patterns of a large sum of people to determine which products are likely to be purchased if others are
sales funnel
process through which a company finds, qualifies, and sells products to buyers
big data
describes the growth of structured/unstructured data
structured data
can be organized and formatted in an easy way for computers to understand; inserted into a database in seamless fashion
A/B test
compares performance of two versions of content to see which one appeals to more viewers/visitors
B2C
marketing targets individual consumers
B2B
marketing focuses on selling products/services to other businesses
family life cycle
means of characterizing consumers within a family structure on the basis of different stages which people pass as they grow older
perceptual map
visual representation of how consumers perceive a brand/product
behavioral segmentation
categorizes consumers based on how they act toward, feel about, or use a good
market basket analysis
data mining technique that identifies which items are often purchased together
data mining
process in which analysts identify unique patterns of behavior in big data
Define research problem
specify objectives and identify interests of consumers
Determine research design
secondary and primary research; “plan" of attack”
Choose method to collect primary data
surveys and observations
Design sample
probability sampling (simple, systematic, and stratified); non-probability sampling
Analyze and interpret data
tabulation/cross-tabulation most frequently used method of analysis
Prepare research report
Includes: executive summary, description of research methods, presentation of results, limitations of study, and conclusions/recommendations
List two examples of when and how internal company data may be used.
used to produce reports on sales and marketing activities; includes sales records
How might big data be used?
provides competitive advantage; delivers information efficiently and effectively; identifies new opportunities; turns insights into better products
A/B marketing is used during _______?
product development, digital marketing, and user experience optimization