Perceptual Mapping with Product Differentiation & Repositioning Chapter 9- Market Research (limited) When is marketing research most likely to be used? Defined as: “the planning, collecting, and analyzing data relevant to marketing decisions by using the scientific method.” Diagnostic (explaining data), predictive (address “what if?” questions) , and descriptive (gathering and presenting factual info) roles Keep isolated marketing managers in touch with markets. What’s hot? What’s not? IoT (Internet of Things- everyday devices connecting wirelessly to a network to improve their functionality); ownership! DSS: Interactive, flexible, discovery-oriented & accessible Create customer profiles via database marketing/analytics/ Cognitive analytics; AI
Types of data collected (primary/secondary) and their pros/cons. Types of marketing research (experiment, net/ethnography, in depth interview, focus group): pro and cons Primary Data If primary data, have to collect data yourself Questioning: survey (Scales) Set of questions to collect information directly from subjects (open or closed ended, scaled=1-10) Self administer or in person (at events, malls) Problem: low response rates :10% is good Problem (from low response): representative Online surveys Advantages: Relatively easy to administer Can be developed in less time (compared to other data-collection methods) Cost-effective, but cost depends on survey mode Can be administered remotely via online, mobile devices, mail, email, kiosk, or telephone. (zoomerang.com.surveymonkey.com) How to gather data: novel methods Depth interviews Observing “you can observe a lot, just be looking” Advantage: natural inquiry (kids), and gather information without influencing customers. Disadvantages: In-depth interviews are quite time consuming, as interviews must be transcribed, organized, analyzed and reported. If the interviewer is not highly skilled and experienced, the entire process can be undermined. The process can be relatively costly compared to other methods (however, telephone in-depth interviews vs. in-person can significantly reduce the costs). Participants must carefully chosen to avoid bias, and this can result in a longer vetting process. Participants typically expect an incentive to participate, and this must be carefully selected to avoid bias. “Mystery shoppers” (what are examples??) Scanner data: collect buying information (unlimited use) Netnography/ethnography: human behavior in its natural context; involves observing behavior and physical setting Disadvantages: time-consuming – requires sustained effort and engagement – personal safety of the researcher in peril Advantages: first hand data – unavoidable subjectivity – covert research – issues related to social identities, which leads to prejudice – data which cannot be generalised
Online/focus groups/ Advantages: they are useful to obtain detailed information about personal and group feelings, perceptions and opinions o they can save time and money compared to individual interviews o they can provide a broader range of information o
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