Marketing Research Midterm

Marketing Researc

Function that links the company to its market through gathering information

New product development

concept and product testing

Positioning

Perceptual mapping

Retail research

Sales data by point-of-purchase

Price elasticity

How sensitive are customers in change in price

When marketing research is not feasible

Research process

Determine → Select → Manage → Analyze → Interpret → Communicate

Exploratiry research

Gain insights into a problem

Descriptive research

Provides answers to who, what, when, where, and how questions

Casual research

Collects data to determine cause and effect relationships

Primary data

Information gathered specifically for the research objectives at hand

Secondary data

Information gathered fro a purpose other than the research problem

Internal secondary data

Data collected by company for accounting or marketing purposes

External secondary data

Data collected by outside agencies

Purpose of secondary data

Evaluate whether data is consistent to research problem

Accuracy of secondary data

Check whether data is up to date

Consistency of secondary data

Check multiples sources for same data

Credibility of secondary data

Check the reputation of organization that collected data

Methodology of secondary data

Check the data is as good as the method used

Bias of secondary data

Check if there may be underlying agendas with who collected the data

Pros of secondary data

Lower cost

Lower effort

Quicker

Accurate

Cons of secondary data

Collected for different purpose

No control over quality

May be outdated

Construct

Hypothetical variable that is not observable

Variable

Observable item that can have more than one possible value

Independent variable

predicts the outcome of interest

Dependent variable

Outcome of interest

Hypothesis

Empirically testable, yet unproven statement

Alternative hypothesis

States that there is some relation between the variables under investigation

Null hypothesis

No relation between variables under investigation

Hypothesis testing

Tests alternative hypothesis against null hypothesis

Conceptual framework

Shows relationships among variables/constructs

Pros of qualitative research

Data quickly collected

Data is rich

Preliminary insights to build models

Cons of qualitative research

Lack of generalizability

Low reliability

Difficulty in finding interviewers

Reliance on subjective interpretation

Qualitative methods

In-depth interview

Focus group

Case study

Ethnography

Social media monitoring

Netnography

In-depth interview

One-on-one interviews

Semi-structured questions

Focus group

Open-ended questions asked to group

Spontaneous discussion

Ethnography

Records behavior in natural setting

Descriptive research

Collecting quantitative data

Provides information about competitors, target markets, and enviromental factors

Facilitates statistical analysis

Sampling error

Bias attributable to mistakes on drawing a sample or determining sample size

Non-sampling error

Bias occurring regardless of use of sample or census

Poor questions, poor target population, poor design

Pros of descriptive research

Accommodate large sample size

Precise enough estimates

Easy to administer

Relationships can be studied

Disadvantages of descriptive research

Questions can be difficult to develop

In-depth data difficult to obtain

Low response rates possible

Experimental research

Effective way to assess causality

Random assignment

All participants have equal probability to be in experimental or control group