MSOM 303 Chapter 10

Benefit-cost analysis in market research weighs:
the benefits of answering questions against the cost of the 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.
Marketing research
Marketing Research Process Step 1:
Defining Objectives and Research Needs
Marketing Research Process Step 2:
Designing the Research
Marketing Research Process Step 3:
Data Collection Process
Marketing Research Process Step 4:
Analyzing Data and Developing Insights
Marketing Research Process Step 5:
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.
What is the difference between data and information?
Data are raw numbers and facts and information is organized, analyzed, interpreted data that offer value to marketers.
Data available for a fee from commercial research firms such as Information Resources Inc. (IRI), National Purchase Diary Panel, and ACNielsen.
Syndicated 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.
Scanner data
Information collected from a group of consumers.
panel data
Large computer files that store millions and even billions of pieces of individual data.
data warehouses
The use of a variety of statistical analysis tools to uncover previously unknown patterns in the data stored in databases or relationships among variables.
data mining
The number of consumers who stop using a product or service, divided by the average number of consumers of that product or service.
churn
Informal research methods, including observation, following social media sites, in-depth interviews, focus groups, and projective techniques.
qualitative research
Structured responses that can be statistically tested to confirm insights and hypotheses generated via qualitative research or secondary data.
quantitative research
An exploratory research method that entails examining purchase and consumption behaviors through personal or video camera scrutiny.
observation
Data gathered by evaluating customer comments posted through social media sites such as Facebook and Twitte
sentiment mining
An exploratory research technique in which trained researchers ask questions, listen to and record the answers, and then pose additional questions to clarify or expand on a particular issue.
in-depth interviews
A research technique in which a small group of persons (usually 8 to 12) comes together for an intensive discussion about a particular topic, with the conversation guided by a trained moderator using an unstructured method of inquiry.
focus groups
a systematic means of collecting information from people using a questionnaire.
survey
is a form that features a set of questions designed to gather information from respondents and thereby accomplish the researchers’ objectives. Individual questions on a questionnaire can be either unstructured or structured.
questionnaire
are open ended and allow respondents to answer in their own words.
unstructured questions
closed-ended questions for which a discrete set of response alternatives, or specific answers, is provided for respondents to evaluate
structured questions
is a type of quantitative research that systematically manipulates one or more variables to determine which variables have a causal effect on other variables
experimental research