[MKT 337] - Final Exam Guide - Everything you need to know! (29 pages long)

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29 Mar 2017
School
Department
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UT-Austin
MKT 337
FINAL EXAM
STUDY GUIDE
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Chapter 8: Marketing Research from Customer Insights to Actions
The Role of Marketing Research
What is Marketing Research?
Marketing Research- Is the process of defining a marketing problem and
opportunity, systematically collecting and analyzing information and recommending
actions.
- Research to reduce risk of and thereby improve marketing decisions.
The Challenges in Doing Good Marketing Research
Whatever the marketing issue involved, good marketing research is challenging.
Marketing research must overcome difficulties and obtain the information needed
so that marketers can make reasonable estimates about what consumers want and
will buy.
Five-Step Marketing Research Approach
Decision: a conscious choice from among two or more alternatives.
1. Define the Problem
a. Set Research Objectives: specific, measurable goals the decision
makers seek to achieve in conducting the marketing reseach
i. Exploratory: provides ideas about a relatively vague problem.
ii. Descriptive research: involves trying to fin the frequency that
something occurs or the extent of a relationship between two
factors.
iii. Casual research: most sophisticated, tries to determine the
extent to which the change in one factor changes another one.
b. Identify Possible Marketing Actions: Effective decision makers
develop specific measures of success, which are criteria or standards
used in evaluating proposed solutions to a problem.
2. Develop the Research Plan
a. Specify Constraints: in a decision are the restrictions placed on
potential solutions to a problem. Usually consisting of time and
money.
b. Identify Data Needed or Marketing Action: focus on collecting data
that help managers make a clear choice between products
c. Determine how to Collect Data:
i. Concepts: ideas about products or services.
ii. Methods: Approaches that can be used to collect data to solve
all or part of the problem.
1. Sampling: technique to select a group of distributors,
customers, or prospects and treating the information
they provide as typical of all those in whom they are
interested.
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2. Statistical inference: generalize the results from the
sample to much larger groups of distributors, customers
or prospects to help decide on marketing actions.
3. Collect Relevant Information:
a. Data: the facts and figured related to the problem
i. Secondary data: facts and figures that have already been
recorded before the project at hand
1. Internal data: inside the firm
2. External data: outside the firm
ii. Primary Data: facts and figures that are newly collected for the
data.
1. Observational data (watching people)
a. Can be collected by mechanical, personal or
neuromarketing methods
2. Questionnaire data (asking people)
a. Facts and figures obtained by asking people
about their attitudes, awareness, intentions and
behaviors.
i. Idea generation Method-coming up with
ideas : individual interviews, depth
interviews or focus groups
ii. Idea evaluation method- Testing an Idea:
online surveys, mall intercept interviews,
open-ended questions or fixed alternative
questions.
1. Fixed alternative Questions:
dichotomous question
a. Scale: semantic differential
scale or likert scale
3. Other Sources:
a. Social Network
b. Panels and experiments
i. Panel: sample of customers which
researchers take a series of
measurements.
ii. Experiments: obtaining data by
manipulating factors under tightly
controlled conditions to test cause and
effect.
1. Independent variable: driver,
usually one of the marketing mix
elements
4. Other sources of data (social media)
a. Information technology and data mining
i. IT: operating computer networks that can
stores and process data
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