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D174 Module 4
Market Research
| Question | Answer |
|---|---|
| Marketing Information System (MIS) | is not a software package but a continuing process of identifying, collecting, analyzing, accumulating, and dispensing critical information to marketing decision makers. MIS ia an information bank. |
| Three factors in creating an MIS | What information should system collect, what are information needs, how does system maintain privacy and confidentiality |
| Internal information sources | customer orders, customer payments, marketing plans, salesperson information systems, customer inquiries |
| Marketing Intelligence | companies engage in collecting, analyzing, and storing data from the macro environment on a continuous basis |
| Demographics | statistical characteristics of human populations, such as age or income, used to identify markets. |
| Microeconomics | The study of individual economic activity (firm, household, or prices) |
| Macroeconomics | study of economic activity in terms of broad measures of output (gross national product or GNP) and input as well as the interaction among various sectors of an entire economy |
| Market Research | methodical identification, collection, analysis, and distribution of data related to discovering and then solving marketing problems and enhancing good decision making |
| Steps in Marketing Research | Define Research Problem, Establish Research Design, Search Secondary sources, collect data, analyze data, present the findings |
| What are Research Design activities | type of research, nature of data, nature of data collection, information content, sampling plan |
| Types of research ( first activity in Research design) | exploratory research, descriptive research, |
| Exploratory research | Research geared toward discovery that can either answer the research question or identify other research variables for further study. It is generally the first step in the marketing research process. |
| Descriptive research | Research designed to explain or illustrate some phenomenon |
| Nature of data (what kind of data do we need) | Primary data, Secondary data |
| Secondary data | data collected for some other purpose than the problem currently being considered |
| Primary data | collected first hand for the research- uses two approaches namely quantitative research and qualitative research |
| Qualitative research | less structured and can employ methods such as surveys and interviews to collect the data; qualitative research employs small samples and is not meant to be used for statistical analyses. |
| Quantitative Research | used to develop a more measured understanding using statistical analysis to assess and quantify the results. |
| Nature of data collection (how should the data be collected?) | Focus group, in-depth interviews, Surveys, Behavioral data, Observational data, Mechanical observation |
| Mechanical observation | A variation of observational data that uses a device to chronicle activity |
| Observational data | The documentation of behavioral patterns among the population of interest. |
| Behavioral data | Information about when, what, and how often customers purchase products and services as well as other customer “touches.” |
| Surveys | A quantitative research method that employs structured questionnaires given to a sample group of individuals representing the population of interest and intended to solicit specific responses to explicit questions. |
| in-depth interviews | A qualitative research method that consists of an unstructured (or loosely structured) interview with an individual who has been chosen based on some characteristic of interest, often a demographic attribute. |
| Focus groups | A qualitative research method that consists of a meeting (either in person or increasingly online) of 6 to 10 people that is moderated by a professional who carefully moves the conversation through a defined agenda in an unstructured, open format. |
| Information content (what do we need to know) | This can be achieved with open-ended questions, closed-ended questions |
| open-ended questions | encourage respondents to be expressive and offer the opportunity to provide more detailed, qualitative responses. |
| closed-ended questions | more precise and provide specific responses. As a result, they allow for more quantitative analysis and are most often used in descriptive research. |
| census | comprehensive record of each individual in the population of interest |
| sample | subgroup of the population selected for participation in the research |
| Probability sampling | uses a specific set of procedures to identify individuals from the population to be included in the research. |
| non-probability sampling | probability of everyone in the population being included in the sample is not identified. The chance of selection may be zero or not known. Done when time and/or financial constraints limit the opportunity to conduct probability sampling |
| Data collection | involves access and distribution of the survey to the respondent, then recording the respondent’s responses and making the data available for analysis. |
| Online database | data stored on a server that is accessed remotely over the Internet or some other telecommunications network. |
| Challenges researchers face as they collect secondary data in international markets | data accessibility, data dependability,data comparability |
| Challenges researchers face as they collect PRIMARY data in international markets | Unwillingness to respond, unreliable sampling procedures, inaccurate language translation, insufficient comprehension |
Created by:
mkale
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