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21 Cards in this Set

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Five step marketing research approach
1. Define the Problem
-set research objectives (mesaurable goals)
-Identify possible marketing actions
2. Develop the research plan
-Specify constraints
-identify data needed for marketing actions
-determine how to collect data
3. collect relevant information
-Obtain secondary data
-Obtain primary data
4. develop findings
-Analyze the data
-Present the findings
5. take marketing actions
-Make action recommendations
-Implement action recommendations
-Evaluate results
Two key elements to determine how to collect data
Concepts: ideas about products or services
Method: the approaches that can be used to collect data to solve all or part of the problem
Data
facts and figures related to a problem
Secondary Data
Facts and figures already recorded prior to the project
Primary Data
facts and figures newly collected for the project
Internal Data (Secondary Data)
Inside the firm: financial statements, research reports, files, customer letters
External Data (secondary Data)
Outside the firm: U.S. census reports, trade association studies and magazines, business periodicals
ADV and DISADV of Secondary data
ADV: time savings and low cost
DISADV: out of date, not be specific to your purpose
Observational data (primary data)
watching people: mechanical methods, personal methods, neuromarketing methods
Other sources of data (primary data)
Social networks, panels and experiments, information technology and data mining
Mechanical Methods of primary data
ex: national TV ratings
Personal methods for Primary data
mystery shoppers, paid by companies to check on the quality and pricing of their products and the intergrity of and customer service provided by their employees
Ethnographic research
observers seek to discover subtle behavior and emotional reaction as consumers encounter products in their 'natural use environment'
Personal observation
different observers report different conclusions when watching the same event
Panel
sample of consumers or stores from which researchers take a series of measurements
Experiment
obtaining data by manipulating factors under tightly controlled conditions to test cause and effect
Test markets
offer a product for sale in a small geographic area to help evaluate potential marketing actions
Information technology
operating computer networks that can store and process data
Data warehouse
data stored, organized, and manged in databases
Data mining
finding (possibly hidden) statistical links between consumer purchasing patterns and marketing actions
ADV and DISADV of primary data
A: more flexible and specific to the problem
B: more time consuming and costly