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Lecture 8

Management and Organizational Studies 1021A/B Lecture Notes - Lecture 8: Ethnography, Test Market, Focus Group


Department
Management and Organizational Studies
Course Code
MOS 1021A/B
Professor
Michael Aloisio
Lecture
8

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November 24: Market Research Segmentation, Targeting &
Positioning
Market Research, Metrics, and Analytics
-Customer insights: sometimes also called marketing insights. Customer Insights are the new
revelations and the gained understandings of either the marketplace or the consumers that inhabit
it. When organizations can not only develop these deep customer insights but also apply them,
they can gain powerful, profitable, sustainable competitive advantages.
-Market research: process of planning, collecting, and analyzing information in order to recommend
actions to improve marketing activities.
-Marketing information system (MIS): a set of procedures and processes for collecting, sorting,
analyzing, and summarizing marketing information on an ongoing basis.It flows from internal
sources, marketing intelligence and market research.
-Marketing Intelligence is the systemic collection and analysis of publicly available information
about customers, competitors, and developments in the marketing environment.
-Internal Sources of consumer data and market information exist within an organization and/or will
be generated by an organization. Examples of internal information include sales data, customer
purchasing patterns, inventory reports, operational information. Digital database tools called
Internal Company Data Systems (ISDSs) will help to make all this disparate info more readily
available to decision-makers. (used to track, store information).
-Metrics: numeric data that is collected and grouped to track performance, often presented in
spreadsheets and dashboards.
-Dashboards: the visualization of data and key performance indicators using graphs, charts and
numbers so hat numerical information tells a story that is insightful, easy to use and understand.
-Market share: percentage of ales volume for a product, relative to the entire sales volume of the
category in which it competes. Ex. 17% market share = 17% of sales in the market are attributed
to this brand.
-Brand development index (BDI): shows how well a brand’s sales are developed in a region
relative to the region’s population size.
-Analytics: process of taking metrics data and applying smart thinking and technology to gain
actionable insights that can help make better business decisions.
1. Web analytics: the measurement and analysis of website data, looking at elements such as
page views, time on site, bounce rate, new visitors, returning visitors and referral traffic. Ex.
Google.
2. Social media analytics: the real-time measurement, interaction and analysis of social media to
assess social media campaign performance, message resonation, and amplification, consumer
sentiment and common themes.
3. Predictive analytics: combination of data from varied sources to reveal consumer behavior
patterns that are modeled to customize offers and predict business outcomes.
Big Data
-Big data: massive amounts of data characterized as high-volume, high-velocity and high variety
information.
-RFM analysis: the rating of customers on the basis of how recently products were purchased
(recency), how often products were purchased (frequency) and the dollar value of transactions
(monetary value).
-Data mining: processing of large amounts of data using sophisticated software to find insightful
correlations and patterns that lead to better business decisions.
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-Types:
1. Structured data: data that can be easily tagged, stored, and searched in a database using
consistently identifiable terms that are systematically organized into columns, rows and tables.
Ex. inventory levels, financial information. 20%-25% of company data.
2. Unstructured data: data that comes from word-processed documents, presentations, audio
files, images, video and e-mail or social media messages that cannot be easily categorized and
tagged in a database using fixed terms and definitions.
3. Semi-structured data: a hybrid data format that consist of structured and unstructured data.
4. Legacy data: data that is difficult to use as it has been collected and stored in an obsolete
format or system that is no longer compatible with current computer systems and databases.
Types of Market Research
1. Exploratory research
-Preliminary research conducted to clarify the scope and nature of a marketing problem or
opportunity.
2. Descriptive research
-Research designed to describe basic characteristics of a given population or to clarify its usage
and attitudes. Seeking more conclusive data.
3. Causal research
-Research designed to identify cause and effect relationships among variables.
-Syndicated Research: syndicated studied
-Custom Research : organization do it by itself
The six-step Market Research Approach
1. Define problem / issue / opportunity
-State problem and then specify the objectives of research.
-Objectives: specific measurable goals.
2. Design research plan
-Information requirements: relevant, availability, practicality and accuracy.
-Collection method: purchase data from a pre-existing study or do own research.
-Sampling: process of gathering data from a subset of the total population rather than from all
members of that particular group. Who? How big the size? How should be collected?
-Probability sampling: selecting a sample so that each element of a population has a specific
known chance of being selected. Helps to select a sample that should be representative of entire
population and allows conclusion to be drawn.
-Non-probability sampling: selecting a sample so that the chance of selecting a particular element
of a population is either unknown or zero.
3. Conduct exploratory ad qualitative research
-Qualitative research: uses approaches such as focus groups, in-depth interviews, online
communities, online bulletin boards, and social listening.
-Secondary data: internal data ( within a company, ex. sales report, cost information); external data
(from published sources outside organization). Advantages: Lower cost, easier to obtain.
Disadvantages: out of date, definitions or categories may not be right for the project, data may not
be accurate or specific enough for the study.
-Primary data:
-Focus groups: small group of people (6-10) meet for a few hours with a trained moderator to
discuss predetermined areas. Focus group sessions are watched by observers and are
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