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Marketing 473, Test 1 Notes

by: Leslie Anne Mall

Marketing 473, Test 1 Notes MKT 473

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Leslie Anne Mall


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These notes cover what will be on Test #1.
Marketing Research
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This 20 page Bundle was uploaded by Leslie Anne Mall on Wednesday February 17, 2016. The Bundle belongs to MKT 473 at a university taught by Jernigan in Spring 2016. Since its upload, it has received 23 views.

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Date Created: 02/17/16
MKT 473 Chapter 2 Notes The Marketing Research Process 1. Identification of the problem and statement of research objectives  Problem identification and statement of objectives o Does it involve hypothesis or just a statement? 2. Creation of the research design  Creation of the research design o Exploratory, descriptive, casual, planning, implementing, controlling 3. Choice of method of research  Choice of research method o Primary/secondary – survey, focus groups, experiments, etc. 4. Selection of the sampling procedure  Sampling selection/plan o Probability vs. nonprobability 5. Collection of the data  Data collection o Personal, telephone, mail, Internet, etc. 6. Analysis of the data  Data analysis o Level and scope must be determined early 7. Writing and presentation of the report  Write and present the research report o Determine format, font, layout, PPTs, etc. 8. Follow-up  Were recommendations followed? Is more research needed? Problem Definition Process 1. Recognize the problem or opportunity  Can the problem become an opportunity? 2. Find out why the information is being sought  Any suspect motives? 3. Understand the decision making environment  Examine cultural and bureaucracy issues 4. Use the symptoms to help clarify the problem  Determine cause and effect relationships 5. Translate management problem to marketing research problem  Management support is key 6. Determine whether the information already exists  Have you researched other research? 7. Determine whether the question can be answered  Are the objectives clear and realistic 8. State the research objectives  Include timetable and responsible party Research Hypothesis vs. Research Question  A research hypothesis:  A conjectural statement about a relationship between two or more variables that can be tested with empirical data. A claim, or argument about your theory of what is causing “x” that you will research to prove or disprove:  “Sales are declining because of competition”  A research question:  Questioning what Marketing Research Design  “The plan to be followed to answer the marketing research objective Descriptive Research Studies Descriptive studies defined:  Answer the, who what, where, when and how questions. It is used when one wants to gain a better understanding of the specifics or details the research issue  Purpose  Confirm theories  Brand loyalty measure  Describe population  Build customer profile  Gain specific information  Key Methods:  Secondary data  Cross sectional surveys  Longitudinal surveys  Statistical data analysis Causal Research Studies Causal studies defined:  Research studies that examine whether the value of one variable causes or determines the value of another variable Purpose:  Confirm theories  Identify cause and effect  Relationships among variables Key methods:  Surveys  Experiments  Time sequence  Secondary data  Systematic elimination Causal Research Dependent Variable:  A symbol or concept expected to be explained or influenced by the independent variable. One affects the dependent variable by manipulating the independent variable deemed to be associated with the dependent variable Independent Variable:  A symbol or concept over which the research has some control and that is hypothesized to cause or influence the dependent variable Choosing A Research Method Observation research:  Typically descriptive research that monitors respondents’ actions without direct interaction Survey research:  Research in which one surveys (personal, telephone, mail, or Internet) are used to obtain facts, opinions, and attitudes from respondents Experiments:  Research to measure causality, in which the researcher changes one or more independent variable and observes the effect of the changes on the dependent Other qualitative research:  Research such as focus groups, secondary data analyses, and case studies Sampling Procedure Probability Sampling:  A subset of the population that can be assumed to be representative cross section of the population because every element in the population has a known non-zero chance of being selected  Nonprobability Sampling:  A subset of the population in which the chances of selection for the various elements in the population are not precisely known  Sample Size:  How many are needed to interview or observe? Collecting the Data  Survey  Interviewer o In person o Telephone  No interviewer o Mail o Internet  Observation  In person  Machine  Experiments Analysis of the Data  Data analysis  Use a variety of quantitative and qualitative analytical techniques  Interpret and draw conclusions from the mass of collected data Writing and Presenting the Report Prepare a written and oral presentation to include the research objectives, methodology, key findings, limitations, acknowledgements, conclusion, and recommendations  Who will read the report?  Do you want/need managerial recommendations?  Will presentations be required?  What format will the written report take? The Research Request An internal document used by large organizations that describes a potential research project, its benefits to the organization, and estimated costs; it must be formally approached before a research project can begin It includes:  Action: decision makers determine what action will result from the research  Origin: clarify/state the origin of the problem that necessitated the research  Information: decision maker should detail questions to be answered  Use: how each piece of the research will be used should be detailed  Targeting:  Logistics:  Comments: MKT 473 Chapter 14 Notes Using In-Depth Interviews and Focus Groups The Nature of Qualitative Research Qualitative:  Research whose findings are not subject to quantification or quantitative analysis. Its research conclusions are not based on precisely, measurable statistics but on more subjective observations and analysis  Quantitative  Research that uses mathematical analysis. Typically research analysis is done using measurable and numeric standards Popularity of Qualitative Research Over $5 billion spent annually on qualitative research 1. Much less expensive to conduct 2. Best way to understand in-depth motivations and feelings of consumers 3. Improves the efficiency of quantitative research  Screens alternatives  Discovers new ideas General Limitations of Qualitative Research 1. Attitudinal, perceptual, and belief differences revealed during qualitative research may not be easily measured. Quantitative research will more precisely measure these differences 2. Qualitative research is often not statistically representative of the general population. Although qualitative results might give you a good idea about the population, they do not allow you to precisely gauge the populations’ responses based on the limited sample typical of qualitative research 3. Anyone can purport to be an expert In-depth Interviews One-on-one interviews that probe and elicit detailed answers to questions, often using non-directive techniques to uncover hidden motivations Non-directed:  Conversation begins with a topic and is free form discussion from there (talk shows, etc.) Semi-structured:  Interview relies on more detailed and organized set of open- ended questions Advantages of IDIs Group pressure is eliminated Respondent feels important and truly wanted Respondent attains a heightened state of awareness Encourages the revelation of new information Respondents can be questioned at length to reveal feelings and motivations Individual interviews allow greater flexibility to the direction of questioning The interviewer becomes more sensitive to nonverbal feedback A singular viewpoint can be obtained without influence from others Interviews can be conducted anywhere Disadvantages of IDIs Costs in terms of time and money Less client involvement Do not cover much material in one day Do not allow for a group discussion and resolution Some respondent reactions cannot be generated from a one-on- one session Focus Groups Focus group defined:  A group of 8 to 12 participants who are led by a moderator in an in-depth discussion on one particular topic or concept Some key characteristics:  Good for idea generation, brainstorming, and understanding customer vocabulary  Can be helpful in gaining insight to motives, attitudes, perceptions  Can reveal needs/likes & dislikes/prejudices driven by emotions  Group Dynamics: the moderator must manage this factor deftly Focus Group Steps Step 1: prepare for the group – select a focus group facility and recruit the participants Step 2: select a moderator and create a discussion guide Step 3: conduct the group Step 4: prepare the focus group report Conducting a Focus Group The Participants:  Selection process: o Potential opinion leaders are best o Participants must be screened for relevance to topic The Facility:  A focus group facility – a research facility consisting of a conference room or living room setting and a separate observation room with a one-way mirror or live audiovisual feed Key Objectives:  Decide on the key focus group objectives  Use secondary research to hone questions  The Moderator:  A person hired by the client to lead the focus group; this person should have a background is psychology or sociology or, at least, marketing,  Key guidelines for conducting a focus group: o Clearly demonstrate invisible leadership o Show creativity and adaptability o Take opportunities to probe for additional information  Discussion Guide:  Create moderator’s guide to include: o Timetable for each topic, clear goals/questions to be answered o Strategy for keeping ground on task/focused o Managing the group dynamics is critical  Guide should lead through three stages: 1. Establish rapport & explain rules 2. Provoke intensive discussion 3. Summarize conclusion  Length:  Number of questions to cover  Somewhere between 60-120 minutes  Avoid being a group survey  Client role:  Choose supplier and moderator  Select markets for focus groups  Specify characteristics of desired respondents  Assist with the discussion guide  Demonstrate product with the moderator  Instant analysis:  Moderator debriefing, offering a forum for brainstorming by the moderator and client observers o PRO – combines expertise of marketing specialists with that of the moderator, capitalizes on the excitement of the moment o CON – selective recall could possibly bias future analysis  Formal report:  PowerPoint presentation summarizing the research process and findings/implications New Trends in Focus Group Methods Online and Mobile Groups Focus Group Panels “Prosumers” – marketing professions used as respondents Advantages of Focus Groups Interactions among respondents can stimulate new ideas and thoughts Opportunities to observe customers or prospects through one- way mirrors They can be executed more quickly than many other research techniques Disadvantages of Focus Groups Managers can be misled instead of informed Recruiting for focus group participants can be a problem Tools, Tips, and Techniques Smile Offer empathy Be real Mind the details Listen - allow respondents to express opinions and thoughts in their own words (NEVER express your own opinion) Come to complete closure – make comments final and say firm goodbyes Other Qualitative Methods Projective tests: techniques that tap into respondent’s deepest feelings by having them project those feelings into an unstructured situation Examples:  Word Association Test  Analogy  Personification  Sentence and Story Completion Test  Cartoon Tests and Photo Sorts  Customer Drawings  Storytelling  Third Person Technique The Future of Qualitative Research Because consumer behavior has emotional and subconscious content, qualitative research will continue to be used  Respondents verbalize their emotions and feelings best by indirect communication techniques, so focus groups will grow in importance MKT 473 Chapter 1 Notes Marketing Research Overview The Nature of Marketing Marketing is about getting the right goods to the right people at the right time at the right price Marketing research helps businesses do this by identifying the best options available and by evaluating performance success or failures The Critical Roles of Marketing Research Problem identification:  Help marketers understand their marketing problems and identify marketing opportunities Problem solving:  After the problem is identified, it needs to be solved Problem Identification Research Market potential  Forecasting sales  Customer reactions to changes in the 4 Ps Market Share  How much of the market you “own”  Shows competitive viability and strategic feasibility Brand Image  Customer perception of your brand, customer service, etc. Market Characteristics  Demographics or behaviors of the market being targeted Sales  How to make customers go from being interested to making the purchase Business Trends  Monitor the external environment  Blockbuster was wiped out by Netflix because they didn’t change to convert to online and instead stayed a brick and mortar store Discovering Opportunities in the Market Holiday Inn Revamp  Their guests were mostly business or sales people and government employees  They did not want to sit around in their rooms  They wanted to socialize while staying at the hotel, so the management decided the bar should play a bigger and more significant role  As a social hub, the bar could offer more food that could be shared  The added food could be served by bar staff, instead of restaurant workers, and labor costs could be lowered Problem Solving Research Segmentation  Determine the best way to group customers or target customers Product Research  New product launches, product modification, etc.  Example: Swiffer Wet Jet Pricing Research  Finding the right price point to encourage purchases while still maintaining a profit Promotional Research  Ad placement and effectiveness  Promotional alignment with the rest of the brand Distribution Research  Supply chain management  Retailers to carry product Types of Research Studies Applied:  Research aimed at solving a specific pragmatic problem  Taking surveys Basic:  Research aimed at expanding the frontiers of knowledge rather than solving a specific, pragmatic problem Applied Research Types Programmatic  Research conducted to develop marketing options through market segmentation, market opportunity analyses, or consumer attitude and product usage studies Selective  Research used to test decision alternatives Evaluative  Research done to assess program performance Research Throughout the Product Life Cycle Product life cycle stages  Precommercialization o Typical research studies: concept tests, copy test, focus groups, market definition studies, name/package tests, product tests, simulated test market, target segment identification, traditional test market  Introduction o Typical research studies: awareness/attitude studies, new advertising strategy tests, product refinement studies, tracking studies, usage studies  Growth o Awareness/attitude studies o Market structure analysis o Positioning studies o Promotion tests o Tracking studies  Maturity o Lifestyle studies (current and potential customers) o Repositioning studies o Segmentation studies  Decline o Cost reduction studies o Price elasticity studies Research cycle stages  Prelaunch  Rollout  Established markets Decision to Conduct Marketing Research  Marketing research can be any of the following three things: 1. It can be fast, in the sense that it can be completed quickly 2. It can be good, in the sense that the results can reflect reality accurately 3. It can be cheap, in the sense that the researcher can choose a less costly design among comparable research designs  Market size: Small  Small profit margin: do not conduct research  Large profit margin: learn all you can from existing information before making a decision to conduct research  Market size: Large  Small profit margin: learn all you can from existing information before making a decision to conduct research  Large profit margin: conduct research  Reconsider conducting marketing research under the following circumstances:  The resources are lacking to do proper research  The research results might not be useful to management  The opportunity has passed The decision has already been made, or will not be made Managers cannot agree on what they need to know to make a decision Decision-making information already exists  The research costs outweigh the benefits of the research MKT 473 Chapter 4 Notes Marketing Research Ethics Marketing Research Ethics Ethics are moral principles or values generally governing the conduct of an individual or group Ethics is not a one-way relationship as all parties are responsible for maintaining and fostering ethical standards and conduct The two most important factors for research clients with regard to their suppliers is confidentiality and ……. Unethical Behavior by Suppliers Low-ball pricing Allowing subjectivity into the research Abusing respondents Selling unnecessary research Violating client confidentiality Black box branding Unethical Behavior by Clients Requesting bids when a supplier has been predetermined Requesting bids to obtain free advice and methodology Making false promises Requesting proposals without authorization “Sugging” and “frugging” Unethical Behavior by Field Service Providers Using professional respondents Failing to properly validate the data Using others’ research as original work Overstating qualifications or inflating references Respondents’ Rights Right to choose to participate Right to safety Right to be informed Right to privacy (confidentiality vs. anonymity) MKT 473 Chapter 3 Notes Surveying the Types of Research You May Do Types of Research Studies Applied  Inspired by a real problem  Helps with the choice among several courses of action  Conducted by marketing research firms Basic  Broader research  Helps expand the limits of marketing knowledge  Conducted by research professors Applied and Basic Research Surveys Observation Secondary data  Qualitative Choosing Your Approach Exploratory  Qualitative research  In-depth interviews  Observation Descriptive  Survey-based research Causal  Experiments Descriptive and causal research is conclusive research Getting Started: Exploratory Research Focus Groups:  Qualitative research in which a group of people discuss their attitudes toward a product, idea, etc. Secondary Data:  Historical data Experience Survey:  In-depth interview in which knowledgeable people are asked about a particular research problem Case Study:  Intensive investigation of one or more situations similar to the problem currently being faced Describing the Environment: Descriptive Research Descriptive research results are more definitive than exploratory results, mainly because the problem is better understood Example: Profiling Customers:  Typical Weight Watchers customer is: o 40 years old o Female o Some college education o Household income of $50,000 o Has children Descriptive Research Studies Cross Sectional Surveys:  Designer to study differences among groups at one point in time  Buying behaviors may vary based on gender, age, income, etc. Longitudinal Surveys:  Designed to study shifts over time  Measure ad awareness before, during, and after the campaign  Determine what relationship, if any, exists between awareness and sales  If sales increased, did profits surpass the cost of the campaign Causal Research Key requirements to demonstrate causation  Concomitant Variation: o The degree to which a presumed cause and a presumed effect occur or vary together  Temporal Sequence: o An appropriate causal order of events  Spurious Association: o A relationship between a presumed cause and a presumed effect that occurs as a result of an unexamined variable or set of variables MKT 473 Chapter 13 Notes Secondary Data: What Is It and How Do You Use It? Secondary Data vs. Primary Data Secondary data:  Data that have been previously gathered  Can be used to build better background knowledge  Primary Data:  New data gathered to help solve the problem under investigation How To Use Secondary Data  Fact Finding  Consumption Patterns  Tracking Trends  Environmental Scan  Modeling  Market Potential  Forecasting  Site Location Internal Secondary Data Internal database:  A collection of related information developed from data within the organization o Accounting information o Sales information o Back orders o Customer complaints  Potential uses in marketing: o Customer acquisition o Customer retention o Customer abandonment o Market basket analysis Database marketing:  Marketing that relies on the creation of a large computerized file of customers’ and potential customers’ profiles and purchase patterns to create a targeted marketing mix Internal Marketing Databases Some key features:  Creation of large – up to date – computerized file  Can include current, past, or potential customers  Might be focused on demographic/purchase behaviors  Development of customer profile results  Should enable one to generate direct marketing mailers/e- mails targeted at specific customers based on their buying behavior  Can be used to collect customer information from your web site  Should be organized to enable you to search the database using queries  Should be compatible with database software that will enhance analysis Behavioral Targeting Using online and offline data to understand a consumer’s habits, demographics, and social networks in order to increase the effectiveness of online advertising Only 4% of internet users account for 67% of all display clicks Only .1% of people actually click through the average display ad External Secondary Data Data collected by some entity other than the company itself. Some sources of external secondary data are:  Government agencies (U.S. Census, Federal Reserve Bulletin)  Syndicated research services (Nielsen, J.D. Power & Associates)  Trade journals  Custom research firms  Publications/periodicals  Internet Secondary Data Advantages:  Align with business practices  Recent data  Easy retrieval  Less expensive  Provide hard to find data  Helps design primary research  Disadvantages:  Can be too much data to process  Inputs tied to individual employee goals  Not consistent with your needs  Possibly dated  Trustworthiness Assessing Secondary Data Who gathered the data? What was the purpose of the study? What information was collected? When was the information collected? How was the information collected? Be cautious of percentages of indices Is the information consistent with other information? Big Data Analytics The accumulation and analysis of massive quantities of information Big Data offers a firm:  Deeper insights  Broader insights Big Data – Defining Relationships Hypothesis-driven research is somewhat limited in scope. You are having to test to prove or disprove something Big Data is more about “what” than “why” Data Visualization  Data visualization is the use of pictures to show a relationship within data


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