Marketing Research Exam 1 Studyguide
Marketing Research Exam 1 Studyguide MKTG 3633
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This 23 page Study Guide was uploaded by Alicia Turman on Thursday February 18, 2016. The Study Guide belongs to MKTG 3633 at University of Arkansas taught by Steven Kopp in Spring 2016. Since its upload, it has received 43 views. For similar materials see Marketing Research in Marketing at University of Arkansas.
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Date Created: 02/18/16
Marketing Research Exam 1 StudyGuide: Chapter 1: Introduction to Marketing Research -The most important thing a manager does is make decisions under conditions of uncertainty. -To reduce that uncertainty by gathering information. -Usually the more uncertainty, the higher the manager gets paid. Identifying Marketing Generating, Refining, and Opportunities and Threats Evaluating Potential Actions. Monitoring Marketing Performance Improving Marketing as a Process Marketing—is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. o May be thought of, as “meeting needs profitably Marketing Strategy—selecting a segment of the market as the company’s target market and designing one proper “mix” of product/ service, price, promotion and distribution system to meet the wants and needs of theses within the target market. o To make the “right” strategy/decisions, managers must have objective, accurate, and timely information. Marketing Concept—a business philosophy: o Key to achieving organizational goals. o Be more effective than competitors in creating, delivering, and communicating customer value to target markets. o Often referred to by phrases such as being “market driven” or having a “customer orientation.” Market Research—is the broader of the two terms (market research and marketing research). o Refers t applying marketing research to a specific market. o MRA (Marketing Research Association) defines it as a process used to define the size, location, and/or makeup of the market for a product or service. Marketing Research—is a part of marketing. o It provides the necessary information to enable managers to market ideas, goods, and services properly. o Its defined as a process that reports information that can be used to solve a marketing problem, such as determine price or identifying the most effective advertising media. Functions of Marketing Research: o Function is to link the consumer to the marketer by providing information that can be used in making marketing decisions. o Market research may be used to generate, refine, and evaluate a potential marketing action. Chapter 2: The Marketing Research Industry Issues related to the MR industry: “Gold top 50”—its an annual compilation of the top 50 revenue- generating marketing research firms operating in the United States. o “Honomichl Top 50” o Published by the American Marketing Association Magazine “Marketing News” o How did they get the data? Invitations to marketing research firms with estimated annual revenue of more than $15 million are sent in January of each year requesting revenue information for the prior calendar year and for the year preceding that in order to assess the growth rate. Client-side—research conducted by internal suppliers is often referred to client-side research. DIY—“Do-it-yourself” research refers to firms conducting their own marketing research. o DIY research can provide information needed to make the decision to solve the users problem in a cost-effective way. External Suppliers—are outside firms hired to fulfill a company’s marketing research needs. o A supplier firm may be referred to as an agency. o These firms specialize in marketing research and offer their services to buyers needing information to make more informed decisions. Full-Service Supplier Firms—have the capability to conduct the entire marketing research project for the buyer firms. o Offer clients a broad range of services. o They often define the problem, specify the research design, collect and analyze the data, and prepare the final written report. o Typically these are larger firms with the expertise and necessary facilities to conduct a wide variety of research that may range from qualitative studies to large internal surveys to modeling effects of a proposed marketing mux. Limited-service supplier firms—specialize in one or, at most a few marketing research activities. o A firm that specializes in tracking eye movements of consumers would be considered a limited-service firm. o They can be further classified on the basis of their specialization including: Field services, market segment specialist, sample design and distribution services, data analysis, and specialized research technique service suppliers. Sugging—or “selling under the guise of research”, is illegal. Frugging—or “fund raising under the guise of research” is unethical but not yet illegal. Transparency Initiative—started by the American Association for Public Opinion in 2009 to encourage the routine disclosure of methods used in research information released to the public. CASRO—Council of American Survey Research Organization. Chapter 3: The Marketing Research Process and Defining the Problem and Research Objectives -11 step process 1. Establishing the need for marketing research o When is marketing research not needed? Information might already be available Decisions must be made now Costs outweigh the value of doing it 2. Define the problem- (most important step) o Hardest and most intellectually demanding part of the process o Difference between “problem” and “symptom” 3. Establish the research objectives o Research objective state what the researches must do/ what we want to measure Help reduce uncertainty of managerial decision making 4. Determine the research design o Research design- 3 types Exploratory research: unstructured and informal Descriptive research: describes marketing variables Causal Research: (experimental) isolation of causes and effects—to make “if then “ kind of statements. 5. Identify information types and sources o Secondary information: information already collected o Primary information: collected specifically for the problem at hand. 6. Determine methods of accessing Data o Secondary data: relatively easy to access o Primary data: get it ourselves 7. Design data collection forms o Questionnaire o Script 8. Determine sample size and plan o Sample plan: selecting units from the population (representative) o Sample size: number of elements in the sample (statistical analysis) o Getting the data to tell a story 9. Collect data o Data analysis cannot fix bad data o Non-sampling errors 10. Analyze data o Tabulations, statistical tests 11. Prepare and present the final research report o Report or presentation o Communicate the results to the client ( manager, boss, your client) Action Standard—an action standard is the predesignation of some quantity of a measured attribute or characteristic that must be achieved for a research objective for a predetermined action to take place. o The purpose of the action standard is to define what action will be taken given the results of the research findings. Opportunity Identification—system for monitoring opportunities. o There is much variability in firms in terms of opportunity identification. Perspective Research—provides information that allows the manager to best remedy the dissatisfaction. o Ex: perspective research would allow the retailer to choose which variety or assortment of merchandise to add to gain the greatest increases in customer satisfaction. Information Gaps—are discrepancies between the current information level and the desired level of information at which the manger feels comfortable resolving the problem at hand. o Ultimately, information gaps are the basis for establishing research objectives. Assumptions—are assertions that certain conditions exist or that certain reactions will take place if the considered alternatives are implemented. o They are the glue that holds the decision process together. o Decision makers make assumptions when they assign consequences to decision alternatives. Consequences—are the results of marketing actions. o If we know the consequence, there is no need for marketing research. Hypothesis—are statements that are taken for true for the purposes of argument or investigation. o In making assumptions about the consequences of decision alternatives, managers are making hypothesis. o They can be helpful in determine the research objective. Marketing Opportunity—has been defined as an area of buyer need or potential interest in which a company can perform profitably. Marketing Opportunity Analysis (MOA) Diagnostic Research—is designed to determine sources of satisfaction and dissatisfaction, such as a retailer finding out that customers perceive that it carries too little inventory. Field Service Firms—companies that specialize in data collection Data Analysis—objective is to use statistical tools to present data in a form that satisfies the research objectives. ROI…. Is it worth it? What advertisers care about: Reach: a brand can “reach” one-third of the U.S population (more than any other television broadcast) Attention: for one night, people are excited and eager to see advertisements during the game, but also before and after (63 million views of VW “Darth Vader” ad, 90 million views of Clash of the Clans ad from 2015) Platform: used to springboard a larger campaign What is your problem? *most important step” DEFINE THE PROBLEM If the wrong problem is defined, all the remaining steps in the marketing research process will be no use Marketing Research Proposal o ITB: Invitation to Bid or o RFP: Request for Proposal (if the research is to be done externally) Defines the marketing management problem (problem statement) Specifies the research objectives o Identifying characteristics of the target market o Develop IMC strategy Details the research method o How to find out about people o Focus groups o Conduct a telephone survey. The problem statement identifies: o Symptoms o Possible causes o Anticipated uses of research information Ensures that the researcher and the manager see the problem in the same way Constructs and operational definitions are specified. o Constructs: term or concept that is involved in the marketing management problem o For example, what are the constructs to be measured? o “Information needs, language and cultural competencies (of consumers) o Other constructs that we can measure: “Age” “Satisfaction” “Sales” o Operational definition: how we will measure a construct. Age- measured using self-reported chronological age Satisfaction- measured with a Likert scale Sales- measured in units, not dollars. Relationships are identified o Meaningful link believed to exist between two constructs. So our proposal might say: “we will examine the relationships between customer age and satisfaction, and whether these have an impact on sales. A model is decided. o Connects constructs with understandable logic. So our proposal might say: We expect that older customers will express higher satisfaction with the product. The proposed research method identifies o Data collection mode o Questionnaire design o Sample plan o Other aspects of research So look at what we’ve done: Identified the problem the manager faces Redefined this problem such that causes can be identified and studied Decided how to measure all of the variables factors involved in the problem The “RFP” is a formal way of doing this- it assures that the manager and researcher understand what is too to be done and species all the expectations. Marketing research proposal- serves as the basis of a contract as it documents what the marketing researcher proposes to deliver to the client for some consideration, typically a fee Generally, the proposal will cover the following elements: 1) Statement of the problem- this can range from specifying decision alternatives to identifying the general area in which research is to be conducted 2) The research objectives- if these have not been determined, typically the types of issues to be explored are delineated 3) The research method proposed by the researcher to accomplish the research objectives- this section details topics such as sample size, incidence rates, data collection methods, and any subcontractors to be used and their services. Measures undertaken to reduce non-sampling errors should be enumerated 4) Statement of deliverables- this is typically a research report but may include a presentation and follow-up meetings with clients to discuss implementation issues 5) Cost- if there are expenses to be paid in advance, the exact amounts and dates should be noted. If subcontractors are to be paid directly by the client, this should be noted as well. Clients differ in terms of the detail they prefer in proposals. Some clients will just want to know the major costs, and others will want a detailed proposed budget 6) Timetable- a schedule should be prepared showing dates or date ranges scheduled for the project Chapter 4: Research Design Research Design: Decisions made in advance to decide what type of research, what we will do (method), how to gather and analyze what we get Research Objective Appropriate Design To gain background information, to Exploratory Research define terms to clarify problems and hypotheses, to establish research priorities To describe and measure marketing Descriptive Research phenomenon (usually) at a point in time To determine causality, to make “if – Causal Research then” statements Choices depend on: -how much we know -what we hope to find 1) Exploratory Research (background information) Less structured, less formal -No quantitative objectives, questionnaire, or sample plan -We don’t know much about the problem Methods include – -secondary date analysis -experience surveys -case analysis o Specific exploration of “a” marketing practice or “a” company -focus groups -projective techniques 2) Descriptive Research Intended to provide us an accurate description for something that is occurring; (usually) market characteristics and/or marketing mix characteristics Ex. Buyer behavior, customer satisfaction, advertising effectiveness Most popular form of market research Principle difference between exploratory and descriptive is specific research questions have been formulated before we do the research Methods include – -cross sectional studies -longitudinal studies 3) Causal Research Causality- understanding a phenomenon in terms of conditional statements (“if” this happens, “then” this happens Causal studies are conducted through the use of experiments o Experiments -the purpose of any experiment is to be able to make a comparison -manipulation of an independent variable -to see how it effects the dependent variable -while controlling for the effects of additional variables o Variables -independent variable- the one that is changed by the scientist -dependent variable- responds to the change made to the independent variable -control variables- variables that may affect a dependent variable but are not independent variables (we still want to measure) -extraneous variable- a variable that influences the dependent variable, but we didn’t measure it Experiments o The purpose of any experiments is to be able to make a comparison. o Experiments: o Manipulation of an independent variable. o To see how it affects a dependent variable. (Dependent variable depends on independent variable) o While controlling for the affects of additional variables. o Independent variable—the one that is changed by the scientist. o Dependent variable—responds to the change made to the independent variable. o Control variable—variables that may affect a dependent variable but are not independent variables. o (We still want to measure) --Example: o Question: Who listens to music the most: teenagers or their parents? o Independent variable: (what I change) The groups receiving the survey; teens or parents o Dependent variables (what I observe) The amount of time that each person listens to music per day measured in hours. o Control Variables (what I keep the same) Ask the question in exactly the same way to each individual. The comparison being made is between groups: parents and teenagers. o Extraneous Variable—a variable that influences/affect/impact the Dependent Variable, BUT we didn’t measure. Experimental Design A procedure for devising an experimental setting such that a change in a dependent variable may be attributed solely to the change in an independent variable. In order to make a comparison about the “effect” something has on something else, the dependent variable has to be measures: o Measure dependent variable first (O ),1then the independent variable(X), then measure the dependent variable again (O2) o O 1 X O 2 For example, we measure sales of a product. In this case, we might start an advertising campaign. Sales went up! We infer that the ad campaign caused sales to increase. BUT HOW DO WE KNOW FOR SURE? Add another group that was not exposed to the ads: O 1 X O 2 O 3 O 4 This is called the control group If sales do Not go up in the same time period for the no-ad group, then we can be certain that the ad campaign caused sales to increase/ A control group increases the validity of our experiment. Basically means that we are more certain that the thing we are observing is true. Validity: o An experiment is valid if: Observed changed in the dependent variable is, in fact, due to the independent variable. (Internal validity) We have eliminated other sources of “change” in the DV. Results can apply outside the experimental setting.-“real world” (external validity) Definitions: Research Design—is a set of advance decisions that makes up the master plan specifying the methods and procedures for collecting and analyzing the needed information. Exploratory Research—is most commonly unstructured, informal research that is undertaken to gain background information about the general nature of the research problem. o Helps to define terms and concepts. Secondary Data Analysis—the process of searching for and interpreting existing information relevant to the research topic. o Are those that have been collected for some other purpose and are almost always a part of a marketing research project. Experience Surveys—refer to gathering information from those thought to be knowledgeable on the issues relevant to the research problem. o May also be called key-informant or lead-user surveys. Case Analysis—a review of available information about a former situation that has some similarities to the current research problem. Focus Groups—are small groups brought together and guided by a moderator through an unstructured, spontaneous discussion for the purpose of gaining information relevant to the research problem. Panels—represent sample units who have agreed to answer questions at periodic intervals. Continuous Panels—ask panel members the same questions on each panel measurement Discontinuous Panels—vary questions from one panel measurement t the next. Brand-switching studies—studies examining how many consumers switched brands. o Theses studies can be invaluable to brand managers because two cross-sectional studies may show changes in market shares between several brands but they can be misleading. Market Tracking studies—those that measure some variable(s) of interest—that is, market share or unit sales over time. Pretest—when a measurement of the dependent variable is taken prior to changing the independent variable. Posttest—when a measurement of the dependent variable is taken after changing the independent variable. “True experimental Design”—isolates the effects off the independent variable on the dependent variable while controlling for effects of any extraneous variables. Quasi-experimental Designs—designs that do not properly control for the effects of extraneous variables on our dependent variable. Before-and After with control group—design may be achieved by randomly dividing subjects of the experiment into two groups: the control group and the experimental group. Laboratory Experiments—are those in which the independent variable is manipulated and measures of the depends variable are taken in a contrived, artificial setting for the purpose of controlling the many possible extraneous variables that may affect the dependent variable. Field Experiments—are those in which the independent variables are manipulated and the measurements of the depend variable are made on test units in their natural setting. Test Marketing—is the phrase commonly used to indicate an experiment, study, or test that is conducted in a field setting. Standard test market—is one in which the firm tests the product or marketing mix variables through the company’s normal distribution channels. Controlled Test Markets—are conducted by outside research firms that guarantee distribution of the product through prespecified types and numbers of distributors. Representativeness— Degree of isolation— Ability to control distribution and promotion—depends on a number of factors. Electronic Test Markets—are those in which a panel of consumers has agreed to carry identification cards that each consumer presents when buying goods and services. Simulated Test Markets—(STMS) are those in which a limited amount of data on consumer response to a new product is fed into a model containing certain assumptions regarding planned marketing programs, which generates likely product sales volume. Key-Informant Technique— refer to gathering information from those thought to be knowledgeable on the issues relevant to the research problem.- also may be called experience surveys. o Lead-User Survey—is used to acquire information from lead users of a new technology. - Also may be called experience surveys Omnibus Panels—Omnibus means, “including or covering many things or classes.” o Discontinuous panels are sometimes referred to as omnibus panels. o They may be used for a variety of purposes, and the information collected by a discontinuous panel varies from one panel measurement to the next.
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