BUSML 4202 Study Guide - Fall 2018, Comprehensive Midterm Notes - Time, Test Market, Systematic Sampling
12 Oct 2018
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BUSML 4202
MIDTERM EXAM
STUDY GUIDE
Fall 2018
Three roles of market research
Descriptive role- gathering statement of fact
Diagnostic/ explanatory role-explaining the effects of a current marketing mix and identifying
possible new courses of action
Predictive role
Marketing Research Process
1. Problem ID
a. 1. Recognize the management decision problem.
b. 2. State the symptom(s) of the problem.
c. 3. Analyze the situation. –
i. What is the decision-making environment? –
ii. What factors are most likely causing the symptoms? –
iii. What are the potential courses of action?
d. 4. Translate the MDP into a marketing research problem.
e. 5. State the research objectives.
i. There are two components to problem identification, the management decision
problem (MDP) and the marketing research problem (MRP).
ii. The MDP is: – General – Decision-oriented – Multifaceted
1. EX: should we introduce a new ad campaign?
iii. The MRP is: – Specific – Data-oriented – Focused (often addressing only one
aspect of the MDP)
1. EX: determine effect of new ad campaign
2. Determine research design
a. Research design specifies methods and procedures for collecting and analyzing the
needed info
b. There are three major research designs
i. Exploratory
1. Focus groups, experience surveys, interviews
2. Can happen at any point in the research process
3. Is not conclusive
4. Helps to refine the problem, is typically qualitative
ii. Descriptive
1. Cross sectional surveys, longitudinal panels
2. Used to draw conclusions about the population
3. Usually very structured data
iii. Causal – can only be done if problem is clear
1. Lab or field experiments
2. Used for conclusive research
3. Design the data collection method
find more resources at oneclass.com
find more resources at oneclass.com
a. Two types of data
i. Secondary data-info gathered for another purpose
1. Keep in mind, who did it, who paid for it, when/how it was collected
ii. Primary data- info gathered specifically to serve the research objectives at hand
4. Sampling and data collecting
a. A sample is a subset of a larger population
5. Analyze and interpret the data
a. Data entry requires data cleaning, coding and tabulation prior to statistical tests
b. Three types of statistical tests
i. Univariate-examine single variable
ii. Bivariate-examine relationship between two variables
iii. Multivariate-examine relationship between multiple variables
6. Prepare and report the findings
a. The findings are formally presented in reports. Based on data analysis, the researcher
draws conclusions and makes recommendations
b. Based on these reports, the findings are utilized by management
Exploratory Research
• Defined
o Preliminary research used to clarify the nature of the problem. Tends to provide
qualitative insights
▪ Flexible, fast, unstructured,
▪ Helps guide future research
▪ Can occur at many places throughout the research process
▪ Uses unstructured data collection resulting in qualitative data
• Coca-Cola case
o Market share had dropped to Pepsi in 1984 (symptom
o Action: reformulate 99 year old coke formula based on blind taste tests
o Cokes market research on the formulation was one of the most exhaustive in history
with about 200000 interviews in every market
o Itodued Ne Coke o Apil rd 1985
o It was a disaster
▪ Black market opens to trade cases of old coke
o Old formula was reintroduced on July 10th 1985
• Types of exploratory research
o Case studies-review the actions/outcome of past scenarios that are similar to the ones
being studied
o Experience surveys-discussions with industry experts
▪ Finding out about the industry, through experts
o Secondary analysis survey-use existing data to gain insight
▪ Can be helpful in analyzing the situation of the form
▪ Occasionally used as the main data source for a project
▪ Examples: supermarket scanner data, CRM data
o Pilot studies-small scale studies with some sampling
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Diagnostic/ explanatory role-explaining the effects of a current marketing mix and identifying possible new courses of action. State the symptom(s) of the problem: 3. Analyze the situation: what is the decision-making environment, what factors are most likely causing the symptoms, what are the potential courses of action, 4. Translate the mdp into a marketing research problem. Based on data analysis, the researcher draws conclusions and makes recommendations: based on these reports, the findings are utilized by management. Exploratory research: defined, preliminary research used to clarify the nature of the problem. Lots of ways to find opportunity to identify potential problems w/o an interviewer or moderator: disadvantages, no one in the room making sure everyone understands the questions, data is hard to analyze. In depth interviews: unstructured direct, personal interview when a single respondent is probed by a highly skilled interviewer to uncover underlying motivations beliefs attitude and feelings, objectives, obtain detailed commentary including feelings, very detailed qualitative data, structure.
