Marketing Research and Information systems

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  1. What is marketing research?
    • The systematic design, collection and interpretation of data, as well as the reporting of information gained to help marketers solve specific marketing problems or take advantage of marketing opportunities
    • A process for gathering information that is NOT currently available to decision makers
    • Marketing research aims to inform firms about:
    • -Customers'  needs and desires
    • -Marketing opportunities for particular goods and services
    • -Changing attitudes and purchase patterns of customers
    • It aids decision making- it does not make the decision
    • Does not guarantee success
    • Expensive, takes time, cannot provide 100% reliable information
    • Good research can still result in bad decisions
  2. What are the 5 steps of the marketing research process?
    • 1) determine the scope for marketing research
    • 2) selecting the research method
    • 3) collecting and preparing the data
    • 4) analysing the data
    • 5) transforming the analysis results into insights
  3. Step 1 of the marketing research process
    • Determining the Scope
    • Uncovering the nature and boundaries related to marketing strategy or implementation
    • -departures from normal or expected marketing results
    • -typical problems requiring research
    • discover reasons for exceeding/not meeting goals
    • Evidence of possible or potential market opportunities
    • In identifying the problem, marketers need to:
    • -define the nature/scope of situation
    • -yield clear definition of research need
    • determine precisely what research is to uncover
    • Decide how research will be used
  4. Step 2 of the marketing research process
    • 2) Select the research method
    • Research design: an overall plan for obtaining the data needed to address it. Requires determining what type of research is most appropriate for answering the research question(s)
    • Types of research:
    • Exploratory: conducted to gather more data about a problem or to make a tentative hypothesis more specific. eg. How are consumers car buying habits changing?
    • Descriptive: conducted to clarify the characteristics of certain phenomena and thus solve a particular problem. Assumes that the issue or problem is clearly defined eg. how are consumers gathering info to assist in car buying?
    • Experimental: research that allows marketers to make causal inferences about relationships. Must have independent variable that affects a dependent variable. Provides stronger evidence of cause and effect.
    • Ensure that research techniques are both reliable and valid
    • Reliability: when a research technique produces almost identical results in repeated trials. (repeatability if results can be replicated)
    • Validity: when a research method measures what is supposed to measure
    • eg. although a group of customers may express the same level of satisfaction based on a rating scale, the individuals may not exhibit the same repurchase behaviour because of different personal characteristics. This result might cause the researcher to question the validity of the satisfaction scale if the purpose of rating satisfaction was to estimate potential repurchase behaviour.
  5. Step 3 of the marketing research process
    Types of data
    • 3) Collect and Prepare the Data
    • Types of data:
    • Primary Data:Observed, recorded or collected directly from respondents
    • Collected to address a specific problem that cannot be answered by secondary data alone
    • Gathered by observing phenomena or surveying people of interest
    • Secondary data: Is complied both inside and outside the organisation for some purpose other than the current investigation
    • Internal sources- sales data, accounting data, competitive info gathered by the sales force
    • External sources- periodicals, government publications, unpublished sources, online databases
  6. Step 3 of the marketing research process
     Methods of collecting primary data
    • Sampling procedures: 
    • -Population: all the elements, units or individuals of interest to researchers for a specific study
    • -Sample: a limited number of units chosen to represent the characteristics of the population
    • Sampling: the process of selecting representative units from a total population
    • Types of sampling:
    • Probability sampling: Every element in the population being studied has a known chance of being selected for study
    • ->Random sampling: all units in a population have an equal chance of appearing in a sample
    • ->Stratified Sampling: the population is divided into groups according to a common attribute; a random sample is then chosen within each group
    • Non probability sampling: there is no way to calculate the likelihood that a specific element of the population being studied will be chosen
    • ->Quota sampling: researchers divide the population into groups and then arbitrarily choose participants from each group. There is a quota to be reached for each group created
    • Exploratory method: often done to identify potential research issues prior to conducting surveys
    • -> Focus group: observation of group interaction when members are exposed to an idea or concept
    • Customer advisory boards: small groups of actual customers providing feedback on ideas, products, marketing strategies
    • Telephone depth interview: a phone interview that combines the traditional focus group
    • s ability to probe with confidentiality.
    • Survey Methods:mail, phone, online (email, website), face to face
    • Questions must be clear, easy to understand, directly answer the research objectives, maintain impartiality, sensitive questions worded to make them less offensive
    • Open ended, dichotomous (one of 2 reponses), multiple choice
    • Observation methods:
    • Direct contact with subject is avoided to reduce possible awareness of observation process
    • Physical conditions, subject actions and demographics are noted
    • Observations may be combined with same subject interviews
    • Data gathered may be influenced by observer bias
  7. Step 4 of marketing research process
    • 4) Analyse the data
    • Aim is to be able to interpret the data content
    • Statistical interpretation: analysis of what is or what deviates from the average
  8. Step 5 of the marketing research process
    • 5) Transform the analysis results into insights
    • Market must take a clear objective look at the findings to see how well the gathered facts answer the research question or support or negate the initial hypothesis
    • Researcher must point out the deficiencies, along with the reasons for them.
    • Report: determine beforehand how much detail and supporting data to include. Researchers often give their summary and recommendations first, if decision makes do not have time to study how results were obtained.
  9. Marketing Information Systems (MIS)
    • A framework for management and structuring of data gathered regularly from sources inside and outside an organisation
    • The focus is on processing the data to create meaningful insights and expediting the flow of these insights
    • MIS may include: databases, Marketing decision support systems (MDSS)- customised computer software that aids marketing managers in decision making by helping them anticipate the effects of certain decisions.
    • Customer relationship management (CRM): employs database marketing techniques to identify different types of customers and to develop specific strategies for interacting with each customer
    • Important to distinguish between active customers (likely to continue buying) and inactive (likely to defect or already have defected),
    • 1) identify profitable inactive customers who can be reactivated or 2) remove inactive, unprofitable customers, 3) identify active customers who should be targeted with regular marketing activities
  10. Ethical issues in Marketing research
    • Data must be collected in an ethical manner while maintaining the info quality
    • Must have professional standards by which research can be judged
    • Ethical and legal issues can arise as research is carried out (intrusion on privacy, misuse of research findings)
    • Some organisations have developed codes of conduct and guidelines for ethical research for organisations

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Author:
Anonymous
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324292
Filename:
Marketing Research and Information systems
Updated:
2016-10-09 05:13:11
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marketing research information systems MKC1200 week
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Marketing research and info systems
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