W4 - Market Research

big data

the huge and complex datasets generated by today’s sophisticated information generation, collection, storage and analysis technologies. ​

Marketing analytics

• tools and technologies used in making sound marketing decisions ​

• lead to effective outcomes and return on marketing investment​

marketing information system (MKIS)

consists of people and procedures dedicated to assessing information needs, developing the needed information and helping decision makers use the information to generate and validate actionable customer and market insights.​

What does the marketing information system look like

Marketing managers and other information users

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assessing information needs, internal databases, marketing intelligence, marketing research, analysing and using information

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marketing environment

• target markets

• marketing channels

• competitors

• publics

• macroenvironment forces

what are some questions for assessing marketing information needs?

what types of decisions are you regularly called upon to make?

what topics do you want to know about?

What info would you want daily?

internal databases

electronic collections of consumer and market information obtained from data sources within the company’s own network.​

competitive marketing intelligence

the systematic monitoring, collection and analysis of publicly available information about consumers, competitors and developments in the marketing environment.​

marketing research

the systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organisation.​

what is the marketing research process?

defining the problem and research objectives → developing the research plan for collecting information → implementing the research plan - collecting and analysing the data → interpreting and reporting the findings

what are the three types of marketing research

1. exploratory (usually start with this)

2. descriptive

3. causal

exploratory research

marketing research used to gather preliminary information that will help define the problem, and to suggest hypotheses. ​

Descriptive research

marketing research used to describe marketing problems, situations or markets.​

Causal research

marketing research used to test hypotheses about cause-and-effect relationships.​

qualitative research

• Very descriptive in nature​

• Used in exploratory research​

• Yields qualitative data ​
  (non-numerical information)​

• Common techniques: focus groups, observation and interviews​

​

quantitative research

• Used in descriptive and experimental researches​

• Yields quantitative data (numerical information)​

• Common techniques: structured questionnaires and surveys​

reliability

• A condition existing when a research technique produces almost identical results in repeated trials​

• Also considered as ‘repeatability’ if results can be replicated​

validity

A condition existing when a research method measures what it is supposed to measure

secondary data

consists of information that already exists somewhere, having been collected for another purpose. ​

primary data

consists of information collected for the specific purpose at hand.​

• observed, recorded or collected directly from respondents​

• collected to address a specific problem that cannot be answered by secondary data alone​

• gathered by observing phenomena or surveying people of interest​

what are some sources of secondary data

internal

• sales data

• accounting data

• competitive data

external

• government sources

• news

• corporate information

what are three main forms of primary data collection

observation, descriptive survey methods, experimental

methods of collecting primary data

observational research - observing

ethnographic research - trained observers + natural habitat

survey research - descriptive info

experimental research - causal info

descriptive survey methods (4)

mail surveys

online survey

telephone survey

personal interview survey

how can you gather secondary data

• internal sources

  • profit/loss statements, sales figures etc.

• government publications

• periodicals and books

• commercial data

what are the types of sampling

probability sampling

nonprobability sampling

probability sampling

Every element in the population being studied has a known chance of being selected for the study.

non-probability sampling

There is no way to calculate the likelihood that a specific element of the population being studied will be chosen.

three forms of probability sampling

random (totally random)

stratified (divided into groups based on common attribute)

cluster (natural clusters within the population)

non probability sampling example

quota sampling

• Researchers divide the population into groups and then arbitrarily choose participants from each group​

• on the basis of random choice or personal whim, rather than any reason or system​

what are three decisions you need to make for designing a sample

sampling unit

sampling size

sampling procedure

what are aspects to consider for strengths/weaknesses of contact methods

flexibility

quality

control of interviewer effects

control of sample

speed

response rate

cost

what are the forms of personal interviewing

individual, group, focus group

predictive analysis

involves extracting information from data and using it to generate predictions for each individual customer or prospect.​

Netnographic research

involves monitoring online communities of interest to gain customer insights from posts to online forums, blogs, and social media generally.​

Online behavioural targeting

• involves using online data to target ads and offers to specific consumers.​

• Privacy is an explosive issue facing online researchers.​

What are other marketing information considerations

Public policy and ethics in marketing research