BUS 360- test 3 study guide - CH 10 marketing research Marketing Research set of techniques principles for systematically collecting recording analyzing

BUS 360- test 3 study guide - CH 10 marketing research...

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CH. 10 marketing research: Marketing Research: set oftechniques & principles for systematically collecting, recording,analyzing, & interpreting data that can aid decision makers involvedin marketing goods, services & ideas1. Will the research be useful? 2. Will it provide info beyond whatmanagement already knows / reduce uncertainty? 3. Is topmanagement committed to the project / willing to abide withresearch results? 4. Should the project be small or large?Step 3: Secondary Data(data that has been collected prior tothe start of the focal research project) Primary Data(datacollected to address specific research needs) Sample: group ofcustomers, who represent the customers of interest in a researchstudy Step 4:Data (raw numbers and factual information, on its owndata has limited value) Information(result of organizing,analyzing, and interpreting data and putting them into a usefulform) Secondary data: externalEXTERNAL: Syndicated data: data available for a fee fromcommercial research firms (ex. ACNielsen, JD power, IRI) obtainedin 2 ways: -Scanner Data(used in quantitative researchobtained from scanner readings of UPC labels @ check-outcounters) and Panel Data(info collected from a group ofconsumers) often includes records of what they purchased(secondary data) as well as their responses to surveys (primarydata)INTERNAL: Data warehouse(large computer files that storemillions of pieces of individual data) Data Mining(variety ofstatistical analysis tools to uncover previously unknown patternsin data or relationships among variables) By mining customerdata companies can reduce their level of churn(number ofpeople who discontinue use of a service, divided by avg # of total participants)Advantages &disadvantages: A: saves time bc info is readily available, cheap & inexpensive. D: data may not be: precisely relevant to needs, timely, from original source, collected in an “appropriate” way,source may be biased-Primary Data: Qualitative vs. QuantitativeQualitative: broad, open-ended questions, provides initial information that helps researchers more clearly formulate research objectives -Qualitative Data Collection: -Observation(examining personal & consumption behaviors through personal or video camera) Social Media(blogs, sentiment mining: data gathered by evaluating customer comments posted on SM sites) In-depth Interviews (trained researchers ask questions, listen to & recordanswers of participants and then pose additional questions to expand on a particular issue) Focus Groups(small group of people that comes together to discuss a particular topic, lead by a trained moderator)Quantitative: happens after qualitative research; structured responses that can be statistically tested& help the managers pursue an appropriate course of action-Quantitative Data Collection: Survey Research(survey: systematic means of collecting info from people using a questionnaire. Questionnaire: form of questions designed to gather info that accomplishes research objectives.
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