comm310_exam1_guide_REV.docx - Comm 310 Digital Media...

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Comm 310, Digital Media Metrics Exam 1 Study Guide Marketing Research Process of market research o To gain a better understanding of your customers and potential customer o Understanding the “why” to uncover consumer motivations (going beyond what the customer is saying) o Gather data about customer needs and preferences to uncover insights that help you understand customers in more intimate ways o ***start with the question, should we do the research? formulating the problem determining research approach determining research approach (research design is the blueprint of market research) Goals of marketing research o Deeper customer understanding o Centers corporate activities on customer o Keeps organization focuses on what matters o Ensures organization pursues the right opportunities (and identifies the right problems) o Keeps company relevant o Improves decision making/reduces risk o ***to provide good information and to reduce business risk by improving decision making Types of data – secondary, qualitative, quantitative, observational. Examples of each type of data . ***the problem should determine which method to use, the method should not determine the problem*** o Secondary: see what is already known from internal and external data Cons: Need to establish credible sources and it’s not always relevant info or a perfect fit, too ***large volume of information*** Pros: might answer question, addresses general questions, provides new information or direction, and saves money o Qualitative: in depth understanding of motivations (** “why” **)/ an exploration of feelings, perceptions and experiences relative to the focal concept Directional, not conclusive Small sample and open to multiple interpretations o Quantitative: reduces data to strictly numbers for analysis to describe current situation and estimate impacts of situational changes Structure questions to be answered numerically (i.e. Likert scale) Questions must also be well designed and unambiguous for measurement validity o Observational: study by observing people (i.e. ethnography)
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People often leave out key details in non–observational studies and respondent might act differently than they said they would Simulation is similar but conducted in an artificial environment Can be very expensive Review New Coke fiasco – types of data used by Coke in making their decision. Why did the launch fail? Four marketing stages and role of market research in each o Situation analysis (SWOT): market research will ask questions about strengths, weaknesses, opportunities, and threats o Strategy development (where you want to be and how you’re going to get there): market research will answer questions about data sources, strategy development, implementation tactics and how to evaluate them o Market program development: market research will answer questions about the 4 P’s o Implementation: market research will answer if marketing is successful and how it can be refined Research designs – exploratory, descriptive and causal.
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