Marketing Notes 4-7

List the steps in the market research process (7 steps)

1. Define research problem

2. Determine research design

3. Choose method to collect primary data

4. Design sample

5. Collect data

6. Analyze and interpret data

7. 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

1. Evaluate market segments

2. Develop segment profiles

3. 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

1. Define research problem

specify objectives and identify interests of consumers

2. Determine research design

secondary and primary research; “plan" of attack”

3. Choose method to collect primary data

surveys and observations

4. Design sample

probability sampling (simple, systematic, and stratified); non-probability sampling

6. Analyze and interpret data

tabulation/cross-tabulation most frequently used method of analysis

7. 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