What are the three (3) roles of marketing research?
Descriptive, Diagnostic, and Predictive.
Gathering factual statements.
To answer the question, “why it happened.”
To analyze the potential outcome of marketing decisions.
What is the basic marketing research project structure?
Identify. Plan. Specify. Collect. Analyze. Prepare & Present. Follow-Up.
What is primary data?
Data collected specifically for a current project.
What is secondary data?
Data already available, collected for another purpose.
(i.e. Census.gov, Commercial Online Data Bases, For-Profit, and Non-For-Profit Research Institutions)
What are (ad/dis)vantages to using primary data?
Strengths: designed to provide answers to specific research questions. As a research designer, you can influence quality. Done either in-house or by a research firm that offers tailored studies.
Weaknesses: May take time before receiving final results and is normatively expensive.
What are (ad/dis)vantages to using secondary data?
Strengths: information is readily available. Can help with formulating a research problem, while offering both from inside and outside sources. Generally inexpensive.
Weaknesses: Quality may be difficult to judge and doesn’t often answer specific questions.
What are the main types of data collection?
Methods consist of Survey, Observation, Ethnographic, and Experiments.
What are the characteristics of a questionnaire/survey?
Within a survey, the questions designed will determine what answers you receive. In constructing a questionnaire, research designers have two question alternatives: open or close ended Responses can also be delivered in a scaled method.
However, questions must be clear, concise, unambiguous, and specific in order to be effective.
What are (ad/dis)vantages in using observation research?
Pro: Good for brainstorming, provides detailed information in learning about how consumers see new products.
Con: Results may not be very representative (possibly) due to dominating participants that may skew the results.
What is ethnographic research?
The study of human behavior in its natural context. With a continual increase in e-commerce, online behavioral tracking has become one of the normative methods for conducting this type of research.
What type of experiments are involved in marketing research?
A controlled study in which variable(s) of interest are changed while all others are held constant to estimate the effect of the target variable.
(i.e. what is the effect of a new package on brand attitude when the product is the same?)
What is a probability sample?
Each person has a known probability of being included in a sample. This allows for use of advanced statistical methods.
What is a non-probability sample?
Similar to a probability sample except, easier to obtain. Results, however, will not be entirely representative.
How should a company run its product lines?
A company should contract its product line in order to meet its goal of focusing on more profitable product and/or minimize product cannibalization.
A company should extend its product line, to either meet competition, adapt to different preferences, and/or take advantage of market growth.
How should a company run its product mix?
A company should decrease its product mix width in order to adjust to an overall decline in a particular market and/or because a product category may no longer fit company strategy
A company should increase its product mix width when adding product categories to take advantage of growth markets.
What is a brand?
A name term, symbol, design or combination thereof that identifies a company’s product.
What is brand equity?
Consists of High awareness (from a consumer standpoint), perceived quality, and brand loyalty.
What is brand extension?
One of the main branding strategies in which an established brand uses its recognition within a certain market to leverage the success of its new product in a new category/market.
The strategy then gives the new product instant recognition and acceptance at a lower cost. However, the new product’s introduction may change the meaning of brand and doesn’t always work.
How can a company go about (legally) protecting its own brand?
Companies can establish a Trademark (or Servicemark); the exclusive right to use a brand or part of a brand.
Trademarks can be registered with the US Patent and Trademark Office, helping unprotected brands become protected from becoming generic product names.
What are product attributes?
Define its quality, features, style, and design.
What are the functions of packaging?
The functions of packaging protect and contain product Facilitate storage, use and convenience
– Facilitate recycling and reduce environmental damage
– Promote product
What are the functions of labeling?