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MKT Quiz 2.doc

12 Pages

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MKT 100
Daryl D' Souza

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MKT Quiz 2 Week 7 Market ResearchResearching CustomersThe Typical Market Research Process1 P roblem Definition2 R esearch Design3 D ata Collection4 D ata Analysis and Interpretation5 P resentation of ResultsWhy do marketing researchWhat should we doExploratory researchBetter understanding of consumer wants needs desires motivations and behaviourMay lead to another study to refine understandingGuides future decisionmakingThe research ProcessMethod or process to develop and analyze information pertaining to a specific questionKind of researchExploratory Sales DataDescriptive Cross Sectional Tracking Brand Development Proprietary Public Descriptive LongitudinalTracking Price PerceptionsCauseEffectSources of Consumer InsightConsumer InformationMIS internal records tracking studies metric of performance Secondary Research proprietary publicPrimary Research qualitative observation focus groups quantitative surveys online Sources of information include ongoing collection of data from internal records such as sales and customer service dept what I call onboard scanners but some call Marketing Information Systems and Problem specific sources that represent onetime efforts to obtain information specific to a problem what I call an away teamEach of these break down as shown to more specific kinds of marketing research and allow for a deeper discussion of the two especially primary problem specific marketing research Primary Informationproblem specific researchMethod or process to develop and analyze information pertaining to a specific question problem definitionresults Types of research and dataExploratory Research What is the real problem and what needs to be studiedDescriptive ResearchDescribes CustomersCauseandeffect Research Regression Does X cause YConsumer surveysA Probability SampleAll respondents in the population or segment to be studied have a known nonzero chance of being chosenMKT Quiz 2 A random sample is a probability sample where respondents are randomly chosen from a complete list of the population Allows for the development of generalizable estimates with confidence limitsConvenient SampleConsumer surveysproblemsSampling ProblemsHouseholds are sick of being duped by sales pitches that pretend to be a market research study The Council of American Survey Research Organizations estimates that over one third of households refuse to participate in phone surveys because of inconvenience or a suspicion that the call is really sugging selling under the guise of research Online consumer research1Reduces Errors2 Reducescost by 2050 3 Speeds up the process from weeks to days 4 Provides richer responses 5 Provides a richer multimedia presentationWhat kind of research designProblem Specific Qualitative research Interviews Focus groups visitsAdvantagesDisadvantages deep understandingnot generalizableflexible fluid open suggestiverequires expertiseaccessible in language method subjective interpretationsand data to the managersubjective to the selective able to tap deep important perception of manager or enduring meaningsanalystQuantitativeAdvantagesDisadvantagessuperficial structuredpower of not innovativenumberssciencedishonestyreluctanceobjectivenonresponsegeneralizableforecastableQualitative ResearchCustomer visitsListen to how the customer talks about the product or serviceIt tells you how they think about the benefits what problems they have and how to improve product features and design You should adopt the customers words and metaphorsObserve the product in use in every situationPhotograph innovative customer adaptation of your product package or service to improve its performance in a particular usage situationThis may suggest a new design featureFocus Groups610 respondents in an informal setting guided discussion with group interaction artificiality of controlQuantitative ResearchSurvey Researchstructured questioning with fixed responses that can be quantified summarized generalized and projected with averages percentagesquestions about knowledge attitudes preferences or buying behaviour mail telephone personal computer assisted analyzable with statistical methodsExperimental Researchcontrolled laboratory CauseEffect tracking
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