Marketing Research Exam 1 (Kopp)

Marketing
An organizational function and a set of processes of creating, communicating, and delivering value to customers, and for managing customer relationships in ways that benefit the organization and its stakeholders
Marketing Strategy
Selecting a segment of the market as the company’s target market and designing the proper mix of products/services, price, promotion, and distribution system to meet the wants and needs of those within the target market
Market Research
the action or activity of gathering information about consumers’ needs and preferences.
Marketing Concept
a business philosophy key to achieving organizational goals and to be more effective than competitors in creating, delivering, and communicating customer value to target market.
Marketing Research
Systematic gathering an analysis of marketing-related data to produce information that can be used in decision making
Why do we study marketing research
to reduce uncertainty
1. Explore
2. Describe
3. Diagnose
4. Predict
What are the four reasons we do marketing research
NOTHING
What qualifications does a company have to have to be a marketing research firm?
Top 50 revenue generating marketing research firms in the U.S.
What is the “Gold 50”?
Invitations to marketing research firms with estimated annual revenue of more than 15 million are sent in January of each year requesting revenue information for prior calendar year.
How does the Gold 50 get their data?
Expensive, Research already conducted, Information, Decisions must be made now
When is research not needed?
Secondary Information
Information already collected
Applied research
Intended to help make a decision about a specific market problem.
Basic research
More theoretical in nature. Intended to advance general marketing knowledge, verify a proposed marketing theory or concept
Sample plans
Select units from the population (representative)
Sample size
Number of elements (statistical analysis)
Data analysis
tabulations, statistical tests, text analysis, listen to consumer word choice.
research objectives
State what the researcher must do .Figure out what to research
Causal research
experiments. Isolation of causes and effects
The research process
1. Define a problem
2. Research the design
3. Sample the plan
4. Data Collection
5. Data analysis
6. Research report
Primary information
Collected specifically for the problem at hand
Assumptions
Marketing research proposal
A plan that offers ideas for constructing research; Defining the problem
Hypothesis
Operational definition
Exploratory Research
less formal, no quantitative objectives, questionnaire, on sample plan we don’t know much about the problem, background information.
Research Design
The type of research that we use depends on what we know and what we want to find out
Experience surveys
individuals who are knowledgeable about the problem
Descriptive research
accurate description for something that is occurring (usually) market characteristics and/or marketing mix characteristics (most popular type of marketing research)
longitudinal studies
Repeadetly mearure the same something overtime
Case analysis
panels
a small group of people brought together to discuss, investigate, or decide on a particular matter, especially in the context of business or government
experiment
independent variables
The one that is changed by scientists
extraneous variables
Things we cant control that might affect the experiment
control group
Group that may affect a dependent variable but are not independent variables
internal validity
Observed change in the dependent variable if in fact due to the independent variable
field experiments
A natural setting (improves external valdidity)
dependent variable
Responds to the change made to the independent variable
quasi-experimental design
Something that happens where we can look at before and after but we have no control over the independent variable but still can measure the effect of the dependent variable
before-after with control group
laboratory experiments
Conducted in an artificial setting allows control of as many extraneous variables as possible (Improve internal validity)
secondary data analysis
focus groups
causality
understanding a phenomenon in terms of conditional statements (if, then)
experimental design
A procedure for devising an experimental setting such that a change in a dependent variable may be attributed solely to the change in an independent variable
experimental group
test group
external validity
Results can apply outside the experimental setting
test marketing
Sample agregator
Firm that collects data through utilizing multiple sample companies
Research panels
group of individuals who have agreed to provide input on research studies and are asked to participate in research studies on a regular basis
Research databases
group of individuals who are part of a firms database and are asked to participate in research studies sporadically
philosophy of science
Underlies researchers efforts to make sense of the world and its various activities and events in a wide variety of disciplines.
cross sectional studies
measure something only one point at a time