MKTG 300 - Chapter #10 Material

Market Research Process?

• Define the research need and objectives

• Design the method of the research

• Collect the data

• Analyze data and communicate results

• Evaluate the research

For acquisition/stimulate demand, we are interested in learning from?

• People outside the category.

To capture trends, it is better to do the same research repeatedly?

• Over time 

Cross-sectional research?

• Research that collects data at one point in time across different samples of people or phenomena.

Longitudinal or time-series research?

• Research that collects data over a period of time, seeking
  to understand how the variable under study changes over time.

Design the method of the research?

• Research design is our plan for addressing our research questions and hypotheses.

Selecting the design often requires us to make?

• Trade-offs between the data quality and the cost. 

Design the method of the research - We typically consider one of three approaches?

• Exploratory

• Descriptive

• Experimental (causal) research

Sometimes we do all the three (or two) approaches?

• Exploratory → Experimental

• Descriptive → Experimental

• Exploratory → Descriptive → Experimental

Exploratory research?

• To explore issues

• Not to test hypothesis, but to create them 

• To determine whether we pursue further research and to find a location 

Descriptive research?

• To describe things

• To characterize markets, industry competitors, target populations, customers, or a set of product features

• To identify the attitudes and aspirations of customers

Experimental (Casual) research?

• To test the impact of some manipulation on a particular outcome.

• A sophisticated research design to test causality is
  needed.

Collect customer evaluations of a particular product (?), then expose half of those respondents to a commercial (?) and collect
evaluations of the product again (?) to identify the effect of the commercial, if any.

• Baseline data

• Manipulation

• Post-manipulation data

Interactive method of data gathering?

• Questionnaires 

• Face-to-face communication with the subjects

Observational method of data gathering?

• Human observation

• Electronic or computer-based observations

Advantages of Secondary data research?

• Saves time in collecting data because they are readily available.

• Free or inexpensive.

• Generative AI can find and summarize secondary data.

Disadvantages of Secondary data research?

• May not be precisely relevant to information needs.

• Information may not be timely.

• Sources may not be original, and therefore usefulness is an issue.

• Methods for collecting data may not be appropriate.

• Data sources may be biased

Advantages of Primary data research?

• Specific to the immediate data needs and topic at hand.

• Offers insights generally not available from secondary research.

Disadvantages of Primary data research?

• Costly

• Time-consuming

• Requires more sophisticated training and experience to design study and collect data

Examples

• Observation

• Focus groups

• In-depth interviews 

• Social media

• Surveys

• Experiments

In preparing to communicate our results, we first need to?

• Think about our audience.

Their degree of (?) with the issue at hand, their technical competence, and the setting for the delivery of the research results are all factors that will determine how we approach the report

• Familiarity

• Technical competence

• Setting for delivery of the research 

Big data inside organization?

• Sales transactions

• Customer relationship management (CRM) systems

• Our website visits

• Views and transactions

Big data outside organization?

• Social media

• Blogs

• Google analytics

How to use Big Data - Understand customer relations?

• Measure churn rates periodically

• Measure purchasing behaviors

How to use Big Data - Test customer response to marketing mix change?

• Measure the average purchasing amount periodically

• Measure the customer responses to any marketing mix (A/B testing)

Big data inside organization should be organized in the following
way for marketing research!

• Client ID

• Time

• Client behaviors

• Price paid

• Product/services purchased, consumed

• Promotion used

• Place

If we are pursuing ______ strategy, we are interested in gaining insights from users of a competitive brand or segment. In particular, we wish to identify those users who might be willing to switch, and then understand how we can persuade them to switch?

• An acquisition earn share

For _______ we will be speaking with current users of our brand, seeking to understand what they value about our brand, and what could make them value us more.

• Retention stimulate demand

Which of the following is NOT correct about primary data research?

• It is likely that our competitors will be able to benefit from our primary research.

Which of the following is correct about secondary data research?

• Secondary research is collected by a third party.

• Many government agencies and regulatory bodies collect and distribute vast quantities of demographic information each year.

• It is more difficult to establish a sustainable competitive advantage with secondary data.

Big data?

• Should be organized by ClientID, time, client behavior, and marketing mix.