Exam 2 Study Guide - Chapter 6 A Marketing research...

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Chapter 6 A. Marketing research – activities providing information for marketing decision-making a. Demand forecasting – knowing how much of a product we might be able to sell b. Segmentation – subgroups in the marketplace that represent different segments c. Market tracking – done on real-time basis telling how product is selling d. New product testing – want to know they will be successful before selling e. Ad pretesting – i.e. Legally Blonde ending B. Decision – a conscious choice from among 2 or more alternatives C. Measures of success – criteria or standards used in evaluating proposed solutions to a problem D. 5 Steps to Marketing Research a. Define the problem b. Develop research plan i. Constraints – restrictions placed on potential solutions to a problem ii. ID data needed for marketing actions iii. Determine how to collect data 1. Concepts – ideas about products or services 2. Methods – approaches that can be used to collect data to solve a problem c. Collect relevant information d. Develop findings/recommendation e. Take action/evaluate results E. Syndicated research – taken solely for purpose of selling it to someone else F. Marketing Information System – an integrated, ongoing decision support system a. 2 important advantages of secondary data i. Tremendous time saver ii. Low cost b. Disadvantages i. Out of date ii. Not relevant/specific c. Observational data – facts and figures obtained by watching how people behave d. Questionnaire data – facts and figures obtained by asking people about themselves e. Internal External Secondary Data already collected and in organization Published data from outside organization Primary Talking to employees Classic marketing research G. External, Primary Marketing Research a. Exploratory – provides ideas about a relatively vague problem i. Use this to get a better handle on what the problem is ii. Observation – watching how people behave iii. Depth interviews – a single researcher asking questions of one respondent iv. Focus group – informal sessions of 6 to 10 customers where a leader asks their opinions b. Descriptive – trying to find frequency that something occurs or extent of a relationship between 2 factors i. More accurate snapshot of what market looks like ii. Personal – have observers in a setting with specific instructions iii. Electronic – using UPC scanners with giant databases iv. Surveys 1. Mail – biased because those who respond have strong feelings 2. Phone – respondents may hang up or refuse 3. Personal – interviewer can probe more, but very costly 4. Web – upending other types, but who is filling them out? 5. Survey error includes sampling, interviewer bias, questionnaire design v. Key factors include population, sample, response rate, representativeness, and error c. Casual – (most sophisticated) tries to determine extent to which change in one factor changes another
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i. Finding out the causes of marketing actions ii.
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