Marketing Research Studyguide
Marketing Research Studyguide MKTG 3633
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This 10 page Study Guide was uploaded by Alicia Turman on Sunday October 2, 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 3 views. For similar materials see Marketing Research in Marketing at University of Arkansas.
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Date Created: 10/02/16
Marketing Research—March 8 Notes Primary Data—refers to information that is developed or gathered by the researcher specifically for the research project at hand. Secondary Data—have previously been gathered by someone other than the researcher and/or for some other purpose than the research project at hand. You need some data and you go and collect that information; it is called primary data. When your friend needs that same data, she get it from you to be reused, it is called secondary data. In FACT-- secondary data are often collected for one purpose and then repurposed. Types of secondary data: Examples: o Qualitative: diaries, memories, newspapers, EBSCO, Lexis/Nexis o Quantitative: government-gathered, for-profit companies gather, annual reports of companies Primary Data Secondary Data Collected for…. Question/ problem at Broader questions/ hand other problems Process Very involved Rapid and easy Cost (per response) High Relatively low Time (to produce) Long Short Advantages to using secondary data: May achieve research objective Obtained quickly (if you know where to look) Inexpensive Usually available Enhances existing primary data May be much larger database Disadvantages: Data are outdated (stale) o Census is collected every ten years Incompatible reporting o i.e.- need zip code data and only have county data o “Hispanic” vs. Puerto Rican vs. Mexican Measurement units do not match o Need per capita income and only have household income Class definitions are not usable o Ex: Need % of population with income above $100k and only have “$50k and over” Credibility of the reported data o The source or collection procedures… Sample used to generate the secondary data maybe too small (or may not represent your desired target market) Two Types of secondary data: 1.) Internal—data that have been collected within the firm Three primary sources: o 1. Sales and marketing, reports Type of product purchased Type of end-user/ industry segment Method of payment Product or product line Sales territory Salesperson o 2. Accounting and Financial Records Sales per employee Sales per square feet Expenses per employee (salesperson etc.) o Miscellaneous Reports Inventory reports Service calls R&D reports Complaints --Database Marketing o Process of building and maintain customer (internal) database o Data used to: Learn more about customers Customer segmentation Compare customers value to the company Provide more specialized offerings of customers 2.)External Secondary Data o Obtained from outside sources.. Three sources: 1. Published o Prepared for public distribution o Libraries, trade organizations, online 2. Syndicated Services o Firms collect data in a standard format and sell through subscription o Highly specialized ($$$$$) Ex: ims; Arbitron 3. External bases o Supplied by organizations outside the firm such as online information databases ex: Lexis/Nexis; Factiva Types of databases Bibliographic: ProQuest Numeric or statistical: 2010 Census Directory or list (trade association members) Comprehensive (contain all of the above) ; Lexis/Nexis Takeaways: o Secondary data are often large scale surveys undertaken by: Research companies Trade associations Government o Can be used to provide background information or industry status o Some of its “free” (U.S. government) much of its not free o Each source finds out something specific o So it’s a good idea to use multiple sources Marketing Research- March 10 What is standardized Information? Standardized information: type of secondary data in which the data collected and / or the process of collecting data are standardized for all users. Syndicated data: data that are collected in a standard format and made available to all subscribers. i.e. Nielsen Television Index. Standardized (packaged) services—a standardized marketing research proves that is used to generate information for a particular user. i.e. PRIZM, segmentation system. VALS Coincided with advertising industry transformation to integrated marketing focus. Pioneering method of applying psychographics to business management and marketing research. Enabled marketers to use VALS as a way-beyond demographics- to think of consumers Two dimensions are used: resources and motivation o Motivation: Knowledge and principles—thinkers/believers Demonstrating success—achiever/strivers Social or physical activity—experiencers/makers o Resources: The ability of individuals to pursue those activities and interests. PRIZM Demographic drivers o Age o Income o Presence of children o Marital status o Home ownership o Urbanicity 14 social groups o urndn o 2 city o suburban o town and country 11 life stage groups o younger years o family life o future years Qualitative Data: Less structured research methodology In depth understanding of a subject How it’s used – -often early or late in a project EARLY -to help define the problem -ID factors otherwise overlooked -examine things that can’t be easily captured by quantitative methods LATE -depth of understanding to quantitative Pluralistic research- combination of both quantitative and qualitative research methods -can gain advantages of both Downside to qualitative – can’t draw conclusion Observation -researcher relies on observation rather than communication with a person Decisions when you are doing observational research – 1. Direct- observing behavior as it occurs OR Indirect- observing the effects or results 2. Disguised- subject is unaware that he or she is being observed OR Undisguised- subject is aware of observation 3. Structured- behaviors to be observed and recorded are identified beforehand OR Unstructured- no restriction is placed on what the observer would note: all behavior in the episode under study is monitored 4. Lab- observer controls extraneous variables (may influence the behaviors of people OR Field- natural setting and therefore realistic conditions 5. Human- observer is the researcher OR Mechanical- some form of static (recording) observing device Advantages – -insight into actual, not reported behaviors -no chance for recall error -better accuracy -lower cost Limitations – -smaller number of subjects -subjective interpretations -inability to pry beneath the behavior observed -Internal conditions are unobserved – motivations, attitudes, etc. -we don’t know the why Heat map- a visual representation of data where the individual values are represented as colors Focus groups- small group discussions led by a trained moderator -objectives: o Generate ideas o Understand customer vocabulary o Reveal consumer needs, motives, perceptions, and attitudes on products and services o Understand findings from quantitative studies 2 types of focus groups: 1. Traditional – 6 to 12 people; meet in a dedicated room with one-way mirror for client viewing; about 2 hours 2. Non-traditional – online with client viewing from distant locations; 25 to 50 respondents; allows client interaction; nontraditional locations ADVANTAGES -no physical set up -transcripts captured on file in real time -participants can be widely separated geographical areas -participants in their home or office environments -moderator can exchange private messages with individual participants Marketing Research- April 5, 2016 -Other Qualitative Research Methods Depth Interview o Interviewer asks probing questions o One-on-one, dyad, triad, or friendship groups o Uncover underlying motivations, beliefs, attitudes, and feelings on a topic o Takes 30-60 minutes o Unstructured and direct (like focus groups) o One-on-one (unlike focus groups) o Open-ended, discovery-oriented Protocol Analysis o Placing a person in a decision making situation and asking him/her to think out loud as he/she is actually performing the task of interest. o Advantage: much of data on internal events are made available for inspection Projective techniques o Participants are placed in (projected into) simulated activities. o Hope that they will divulge things about themselves that they might not reveal under direct questioning o Cartoon or Balloon test o Sentence completion, word association o TAT (Thematic Appreception Test) Big Data: Exponential growth and availability of data, both structured and unstructured Data sets that are too large and complex to manipulate or interrogate with standard methods or tools It is just data that is too big to fit onto one computer Because of the size of the data set, it is processed by multiple machines across a network Pieces of data = individual pieces of information Big data analysis attempt to apply a structured to unstructured data Datafication = unstructured data – converted What makes big data “big”? Volume- the amount of data is big -data is growing at a 40% compound annual rate Velocity- speed of data processing -from “batch” to “periodic” to “real time” -RFID tags, sensors and smart metering all come into the business “right now” -rate at which data is coming into organizations is increasing Variety- just about anything online now counts somehow as “data” -unstructured numeric data in traditional databases -unstructured- text documents, emails, video, audio, stock ticker data, and financial transactions -information created from “just doing business” (RFID or other sensors) Practical Issues: Storage- where do you keep all of these big files? Analysis- so many files, so many individual data points – how to turn into “useful” information? It would take 5 years to watch all of the video that streamed in 2015 Data Mining: Trying to find patterns in the data Predictive analysis- finding patterns that are useful in predicting behavior/sales Locally relevant data + easily accessible = actionable insights Big data will provide us with some broad information about customers but we still need information at the “individual customer” level
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