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Chapter 4

MKT702 Chapter 4 Notes.docx

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Department
Marketing
Course
MKT 702
Professor
John Peco
Semester
Fall

Description
Chapter 4 Notes MKT-702 Marketing Insights – Provide diagnostic information about how and why we observe certain effects in the marketplace, and what that means to marketers. Marketing Research – Systematic design, collection, analysts, and reporting of data and findings relevant to a specific marketing situation facing the company. Market Research 1. Engaging Students or professors to design and carry out projects 2. Using the Internet 3. Checking out rivals 4. Tapping into marketing partner expertise Marketing Research Fall Into Three Categories: 1. Syndicated Service Research Firms – These firms gather consumer and trade information, which sell for a fee. Examples include TNS Canada 2. Custom Marketing Research Firms – These firms are hired to carry out specific projects. They design the study and report the findings. 3. Speciality-Line marketing research firms – These provide specialized research services. The best example is the field service firm, which sells field interviewing services to other firms Marketing Research Process Step 1: Define the problem, the decision alternatives, and the research objectives. Some research is exploratory – the goal is to shed light on the real nature of the problem and to suggest possible solutions or new ideas. Some research is descriptive; it seeks to quantify demand, such as how many first-class passengers would purchase in-flight internet service at $25 Value proposition is null with those segments. Step 2: Marketing research is where we develop the most efficient plan for gathering the needed information and what that will cost. To design a research plan, we need to make decisions about the data sources, research approaches, research instruments, sampling plan and contact methods. Research Approaches Observational Research: Researchers can gather fresh data by observing the relevant actors and settings unobtrusively as the actors shop or consumer products. Ethnographic Research: Is a particular observational research approach that uses concepts and tools from anthropological and other social science disciplines to provide deep-cultural understanding of how people live and work. The goal is any others form of research. Ethnographic research isn’t limited to consumer companies in developed markets. Chapter 4 Notes MKT-702 Focus-Group Research – A focus group is a gathering of six to ten people carefully selected by researchers based on certain demographic, psychographic, or other considerations and brought together to discuss various topics of interest at length. Focus group is a useful exploratory step, but researchers must avoid generalizing from focus-group participants to the whole market, because the sample size Survey Research- Companies undertake surveys to assess peoples knowledge, beliefs, preferences, and satisfaction and to measure these in the general population. Behavioural Research – Customers leave traces of their purchasing behaviour in store scanning data, catalogue purchases, and customer database, marketers can learn much by analyzing these data. Actual purchases reflect consumers preferences and often and more reliable than statements they offer to market researchers Experimental Research – The most scientifically valid research is experimental research, designed to capture cause-and-effect relationships by eliminating competing explanations of the observed findings. If the experiment is well designed and executed- research and marketing managers can have confidence in the conclusions. Research Instruments Questionnaires/ A questionnaire consist of a set of questions presented to respondents. Because of its flexibility, it is by far the most common instrument used to collect primary data. Qualitative Measures- Some markets prefer more qualitative methods for gauging consumer opinion, because consumer actions don’t always match their answers to survey questions. Qualitative research techniques are relatively unstructured measurement approaches that permit a range of possible responses. Qualitative Research 1. Word associations – Ask subjects what words come to mind when they hear the brands name. “ What does the Aldo name mean to you? Tell me what comes to mind when you think of Aldo shoes. “The primary purpose of free-association tasks to identify he range of possible associations in consumers mind. 2. Projective techniques – Give people an incomplete stimulus and ask them to complete it, or give them an ambiguous stimulus and ask them to make sense of it. 3. Visualiz
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