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Lecture 1

MK 370 Lecture 1: MR test 1 study guide

9 Pages

Course Code
MK 370

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• A Marketing Strategy consists of selecting a segment of the market as the company’s target market and designing the proper “mix” of the product/service, price, promotion, and distribution system to meet the wants and needs of the consumers within the target market. • Marketing is creating, communicating, and delivering value to customers, and for managing customer relationships in ways that benefit the organization and its stakeholders. Market Research Process: 1. Establishing the Need for Market Research 2. Define the Problem 3. Establish Research Objectives 4. Determine the Research Design (Exploratory, Descriptive, Causal) 5. Identify Information Types and Sources (Primary and Secondary information) 6. Determine Methods of Accessing Data 7. Design Data Collection Forms 8. Determine Sample Plan and Size 9. Collect Data 10.Analyze Data 11.Prepare and Present the Final Research Report • Exploratory Research: collecting information in an unstructured and informal manner. • Descriptive Research refers to a set of methods and procedures describing marketing variables. • Causal Research (experiments): allows isolation of causes and effects. • Primary information: information collected specifically for the problem at hand • Secondary information: information already collected • Data analysis involves entering data into computer files, inspecting data for errors, and running tabulations and various statistical tests. • Data cleaning is a process by which raw data are checked to verify that the data have been correctly inputted from the data collection form to the computer software program. • Research design is a master plan that specifies the methods and procedures for collecting and analyzing the information needed for addressing the marketing research problem.• Exploratory research is most commonly unstructured, informal research that is undertaken to gain background information about the general nature of the research problem. - No set of objectives, sample plan, or questionnaire - Usually conducted when the researcher does not know much about the problems - Gain Background Information - Define Terms - Clarify Problems and Hypothesis (refine research objectives) - Establish Research Priorities - Secondary Data Analysis - Experience Surveys - Case Analysis - Focus Groups - Projective • Descriptive research is undertaken to describe answers to questions of who, what, where, when, and how . Descriptive research is desirable when we wish to project a study’s findings to a larger population through the use of representative samples. – Cross-sectional studies. Cross-sectional studies measure units from a sample of the population at only one point in time. – Longitudinal studies. Longitudinal studies repeatedly measure the same sample units of a population over time. • Causal Research: Causality may be thought of as understanding a phenomenon in terms of conditional statements of the form “If x, then y.” - Causal studies are conducted through the use of experiments • Independent variables are those variables, which the researcher has control over and wishes to manipulate. – Examples: level of ad expenditure; type of ad appeal; price; product features, etc. • These variables are also known as causal, treatment, and program variables among others. • Dependent variables are those variables that are influenced by the independent variables. – Examples: return on investment, net profits, market share, and customer satisfaction. • These variables are also known as effect variables. • Extraneous variables are those variables that may have some influence or effect on a dependent variable yet are not independent variables. - Extraneous variables must be controlled through proper experimental design. • O = measurement of a dependent variable • X = manipulation, or change, of an independent variable • Pretest refers to the measurement of the dependent variable taken prior to changing the independent variable. • Posttest refers to measuring the dependent variable after changing the independent variable. • A “true” experimental design is one that truly isolates the effects of the independent variable on the dependent variable while controlling for the effects of any extraneous variables. • One-Group, Before-After Design: O1 X O2 • After-Only Design: X O1 • Before-After with Control Group: – Experimental group: O1 X O2 Control group: O3 O4 Research Objectives 1. To gain background information, to define terms, to clarify problems and hypotheses, to establish research priorities  Exploratory 2. To describe and measure a marketing phenomena at a point in time  Descriptive 3. To determine causality, to make “if-then” statements  Causal (Hypothesis) Test marketing is the phrase commonly used to indicate an experiment, study, or test that is conducted in a field setting. • Pros: • A good method of forecasting future sales • Allows firms the opportunity to pretest marketing mix variables • Cons: • Does not yield infallible results • Are expensive • Makes competitors aware of the product/service/promotion being tested • Takes time to conduct • Primary data: information that is developed or gathered by the researcher specifically for the research project at hand. Secondary data: information that has previously been gathered by someone other than the researcher and/or for some other purpose than the research project at hand. • Applications include forecasting, corporate intelligence, international data, public opinion, and historical data. Advantages: • Obtained quickly • Inexpensive • Usually available • Enhances existing primary data • May achieve research objective Disadvantages: • Incompatible reporting units …need zip code data and only have County data. • Data are outdated. • Lack of information needed to assess the credibility of the data reported • Standardized information is a type of secondary data in which the data collected and/or the process of collecting the data are standardized for all users. Syndicated data are data that are collected in a standard format and made available to all subscribers. • Example: The Nielsen TV Ratings Advantages: • Shared costs • Quality of the data collected is typically very high • Routinized data collection means data are normally disseminated very quickly Disadvantages: • Buyers have little control over what information is collected • Firms often must commit to long-term contracts • No strategic information advantage in purchasing syndicated data • Standardized services refer to a standardized marketing research process that is used to generate information for a particular user. • Example: ESRI’s Community Tapestry Advantages: • Taking advantage of the experience of the research firm offering the service. • Reduced cost. • Speed of the research service. Disadvantages: • The ability to customize some projects is lost. • The company providing the standardized service may not know a particular industry well. • Direct observation: observing behavior as it occurs • Indirect observation: observing the effects or results of the behavior rather than the behavior itself – Archives – Physical traces • Disguised observation: subject is unaware that he or she is being observed; mall tracking • Undisguised observation: respondent is aware of observation; shadow • Structured observation: researcher identifies beforehand which behaviors are to be observed and recorded • Unstructured observation: no restriction is placed on what the observer would note: all behavior in the episode under study is monitored • Human observation: observer is a person hired by the researcher, or,
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