Marketing Test 2 Chapter 7

5 steps in marketing research approach
1. Define the problem – set research objectives, identify possible marketing actions
2. Develop the research plan – specify constraints, identify data needed for marketing actions, determine how to collect data
3. Collect relevant information – obtain secondary data, obtain primary data
4. Develop findings – analyze the data, present the findings
5. Take marketing actions – make action recommendations, implement action recommendations, evaluate results
Decision
A conscious choice among two or more alternatives
Decision making
Act of consciously choosing among alternatives
Research outcomes based on the __________ lead to different marketing _________.
measures of success, actions
Research objectives are _______, ___________ goals the _________, seeks to achieve in conducting the marketing research.
specific, measurable, decision maker
Limitations on the time and money available to solve the problem are examples of _________.
Constraints
Two key elements in deciding how to collect marketing data:
1. Concepts – ideas about products or services
a. New-product concept – picture/verbal description of a product
or service the firm might offer for sale
2. Methods – approaches to collect data
Special methods vital to marketing are (1) _________ and (2) _________.
(1) sampling – selecting a group, asking them questions, and treating their answers as typical answers
(2) statistical inference – generalizing sample results to much larger groups
Data are divided into two main parts:
Secondary data
Primary data
Secondary data are divided into two parts:
Internal
External
Internal sources of secondary data are divided into two main parts:
(1) marketing inputs – sales, ad budgets, call reports, financial statements
(2) marketing outcomes – results of marketing efforts (actual sales and customer communications)
External secondary data
Published data from outside the organization
U.S. census reports, trade association studies, business periodicals, and internet based reports are examples of what type of data?
External secondary data
Two important advantages of secondary data:
(1) time saving (data already collected or published internally)
(2) low cost
Disadvantages of secondary data:
(1) Dated information
(2) Definitions/categories that do not meet needs of researcher
(3) Info not specific enough
What are the two principal ways to collect new or primary data for a marketing study?
1. Observing people
2. Asking people questions
Observational data can be collected by __________, ___________, or ____________ methods.
Mechanical, personal, neuromarketing
The principle data collection task of asking people questions can be divided into (1) idea _______ methods and (2) idea _______ methods.
generation, evaluation
Idea generation methods involve…
Coming up with ideas
Interview
Single researcher asking questions of one respondent
Depth interview
Researchers ask long, free-flowing kinds of questions to probe for underlying ideas and feelings.
Focus group
Informal sessions of 6-10 past, present, or prospective customers in which a discussion leader asks questions.
Idea evaluation methods involve…
Testing an idea
Dichotomous question
Yes or no response
Scale
Three or more choices
Semantic differential scale
5-point scale
Likert scale
respondent indicates extent to which he/she agrees/disagrees
Advantages of primary data
1. More flexible
2. More specific to the problem being studies
Disadvantages of primary data
1. Costly
2. Time-consuming
Step 5 in the marketing research approach is “Take Marketing Actions.” What three things does this step consist of?
1. Making action recommendations
2. Implementing the action recommendations
3. Evaluating the results
Evaluating the results in step 5 of the marketing research approach involves what two aspects?
1. Evaluating the decision itself
2. Evaluating the decision process used
What are the three main sales forecasting techniques?
1. Judgments of the decision maker
2. Surveys of knowledgeable groups
3. Statistical methods
What is a direct forecast?
Estimating the value to be forecast without other steps (i.e. “how much money should I get out of the ATM?”).
Lost-horse forecast
Involves starting with last known value of the item being forecast, listing the factors that could positively/negatively affect the forecast, and making the final forecast.
Survey of buyers’ intentions forecast
Ask prospective customers if they are going to buy a product.
Salesforce survey forecast
Ask salespeople to estimate sales