MKTG 2030 Chapter Notes - Chapter 8: Panel Data, Scientific Method, Financial Statement

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3 Mar 2015
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Marketing Research: From Information to Action
How Social Media is Changing the Marketing Research Game
-Social media offers the infinite panel; people are more comfortable expressing themselves in social
media across a wider variety of topics
-Social media allows marketers to access almost everything on the minds of their customer segments
-Social media provides real time results; marketers can discover hidden insights/preferences/unmet
needs
-Social media allows people to express themselves in their own words
-There are mass conversations available for very lost costs
-Novel primary research can be conducted through social media
What is Marketing Research?
-Process of defining a marketing problem/opportunity, systematically collecting and analyzing
information and recommending actions to improve an organization’s marketing activities
-Research needs to identify and define the opportunities and generate marketing actions
-Helps reduce the risk of uncertainty
Types of Marketing Research
-Marketing research is classified on basis of technique or function
-Technique: surveys, experiments and observation
Exploratory Research
-Preliminary research conducted to clarify the scope and nature of the marketing problem; gives better
understanding of the dimensions of the problem
-Followed by more conclusive research
Descriptive Research
-Designed to describe the basic characteristics of a given population or to profile particular marketing
situations
-Researcher has general understanding of the problem and seeks conclusive data that answers
the questions necessary to determine a course of action
oMagazines, radio stations and TV stations do descriptive research to identify characteristics of
audiences to present them to prospective advertisers
Causal Research
-Designed to identify case and effect relationships among variables
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-There is an expectation about the relationship to be explained
-Researchers try to establish that one event (price change) will produce another event (change in
demand)
Marketing Research Process
-Research should always be done on the basis of scientific method (process of systematically
collecting, organizing, and analyzing data in an unbiased, objective manner)
oReliable: ability to replicate research results under identical environmental conditions
oValidity: notion of whether the research
measured what was intended to be measured
Problem Definition
-Need to properly define the scope and nature of the
marketing problem to be investigated
-Researchers must know what is to be
accomplished through the research process
-A problem well defined is a problem half solved
Exploratory Research
-Preliminary research conducted to clarify the scope
and nature of the marketing problem
-Most researchers will conduct some basic exploratory
research during the early stage of the research
process
Secondary Data
-historical data that has been previously collected and assembled for some project other than the one at
hand
-Primary research: data gathered and assembled specifically for the project at hand
-Normally get secondary data first and then primary; can be obtained quickly
oInternal secondary data: financial statements, research reports, customer letters, customer
lists
oSingle source data: integrated info from multiple sources that allows marketers to examine
customers’’ household demographics and lifestyles, product purchases, media habits and
responses to sales promotions
Focus Group -Informal interview sessions in which 6 – 10
people, relevant to the research project, are
brought together in a room with a moderator
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