MKT 301 – Chapter 10: Marketing Research

marketing research
a set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers involved in marketing goods, services or ideas
MKT Research Process Steps:
defining the objectives and research needs, designing the research, data collection process, analyzing data and developing insights, action plan and implementation
secondary data
pieces of information that have already been collected from other sources and usually are readily available
primary data
data collected to address specific research needs
sample
a group of customers who represent the customers of interest in a research study
data
raw numbers of facts
information
organized, analyzed, interpreted data that offer value to marketers
syndicated data
data available for a fee from commercial research firms such as Information Resources Inc. (IRI)..
scanner data
a type of syndicated external secondary data used in quantitative research that is obtained from scanner readings of UPC codes at check-out counters
panel data
information collection from a group of consumers
data warehouses
large computer files that store millions and even billions of pieces of individual data
data mining
the use of a variety of statistical analysis tools to uncover previously unknown patterns in the data stored in databases or relationships among variables
qualitative research
information research methods, including observation, following social media sites, in-depth interviews, focus groups, and projective techniques
quantitative research
structured responses that can be statistically tested to confirm insights and hypotheses generated via qualitative research or secondary data
observation
an exploratory research method that entails examining purchase and consumption behaviors through personal or video camera scrutiny
sentiment mining
data gathered by evaluating customer comments posted through social media sites
in-depth interview
an exploratory research technique in which trained researchers ask questions, listen to and record answers, and then pose additional questions to clarify or expand on a particular issue
focus group interviews
a research technique in which a small group of persons (usually 8 to 10) comes together for an intensive discussion about a particular topic, with the conversation guided by a trained moderator using an unstructured method of inquiry
survey
a systematic means of collecting information from people that generally uses a questionnaire
experimental research (experiment)
a type of conclusive and quantitative research that systematically manipulates one or more variables to determine which variables have a causal effect on another variable
biometric data
digital scanning of the physiological or behavioral characteristics of individuals as a means of identification