Phase 1 Report

Importance of the Scientific Method

  • Purpose:

    • Aids in explanation and prediction.

    • Improves efficiency.

    • Measures changes over time.

Significance in Marketing Research

  • Data-Driven Decisions:

    • Critical for making informed decisions rather than relying on intuition.

  • Characteristics of Good Research:

    • Must be systematic, peer-reviewed, empirical, and insightful.

    • Not Good Research: Based solely on gut instincts and general assumptions.

  • What Makes Research "Bad"?:

    • Contains unbounded information.

    • Is not reproducible.

    • Lacks evidence.

    • Biased by conflicts of interest.

When is Marketing Research Not Needed?

  • Situations:

    • Existing information is available.

    • Timing is not right.

    • Funds are unavailable.

    • Costs outweigh the value.

Performance Indicators

  • Key Performance Indicators (KPI):

    • Engagement (likes, shares, comments, net promoter score).

    • Not a KPI: Employee satisfaction rating.

Types of Marketing Research Design

  • Three Main Types:

    • Exploratory

    • Descriptive

    • Causal

  • Research for Unknown Markets:

    • Exploratory research is best.

  • Quantitative Research:

    • Involves structured questions with pre-set responses.

  • Qualitative Research Example:

    • Observing customer behavior in a store.

Observation Types

  • Direct vs. Indirect Observation:

    • Direct: Real-time observation.

    • Indirect: Relies on past data.

    • Indirect Observation Example:

      • Analyzing store receipts for purchase trends.

Qualitative Research Methods

  • Sentence Completion Test:

    • Participants complete sentences with their own words.

  • Shopalong Method:

    • Following a shopper to observe purchasing behavior.

  • Netnography:

    • Observing behavior in online communities.

User-Generated Content (UGC)

  • Definition:

    • Includes reviews, product hacks, and social media posts.

  • Limitations of Social Media Research:

    • Does not provide a completely representative sample.

Sentiment Analysis Limitations

  • Main Limitation:

    • May not be representative and can be manipulated.

Primary vs. Secondary Data

  • Primary Data:

    • Collected firsthand.

  • Secondary Data:

    • Collected by someone else.

  • Key Informant Example:

    • Industry expert with insider market knowledge.

Key Users and Insights

  • Lead User vs. Key Informant:

    • Lead user is an actual consumer with advanced knowledge.

  • Purpose of Case Analysis:

    • Review past situations to apply insights to current issues.

Surveys in Research

  • Benefits:

    • Standardized, efficient, anonymous, easy to analyze.

  • Fastest Survey Method:

    • Online surveys.

  • Drawback of Mall Intercept Surveys:

    • Sample may not represent the general population.

Measurement Types

  • Objective Measurement Example:

    • Customer's purchase history.

  • Subjective Measurement Example:

    • Customer's satisfaction level.

Measurement Scales

  • Nominal Scale:

    • Most basic, uses only labels.

  • Ordinal Scale:

    • Ranks options without specifying distance.

  • Interval Scale:

    • Compares values, no true zero.

  • Ratio Scale:

    • True zero, allows for numerical comparison.

Examples of Measurement Scale Questions

  • Ordinal Scale Example:

    • "Rank these brands in order of preference."

  • Interval Scale Example:

    • "On a scale of 1-10, how likely are you to recommend this product?"

  • Ratio Scale Example:

    • "How many times have you purchased this product in the past month?"