Marketing Research Exam 1 Study Guide
Marketing Research Exam 1 Study Guide BUSN 330-02
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This 0 page Study Guide was uploaded by Morgan Turturici on Wednesday March 23, 2016. The Study Guide belongs to BUSN 330-02 at Gonzaga University taught by Vivek Patil in Spring 2016. Since its upload, it has received 56 views. For similar materials see Market Research in Business at Gonzaga University.
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Date Created: 03/23/16
Topicwise Review Checklist for Exam 1 o What is marketing research MR 0 The application of the scientific method in searching for the truth about marketing phenomena 0 These activities include defining marketing opportunities and problems generating and evaluating marketing ideas monitoring performance and understanding the marketing process 0 Marketing Planning Process types of information required at each step 1 Situational Analysis In this stage you should do a SWOT strengths weaknesses opportunities threats analysis as well as a PEST political economic sociological technological analysis to understand where you stand in the market place and what factors are going to be acting on you new marketing plan 2 Strategy Development In this stage you need to decide where you are going to stand in the market place For example are you going to segment target or position yourself to reach your customers How is your product going to stand out to customers Will you use lowest cost differentiation or a niche strategy to attract attention You also need to set verifiable and quantifiable performance objectives 3 Marketing Program Development This includes What is the product What will the price be Where are we going to sell this product How are we going to promote this product 4 Implementation This includes monitoring the performance of the product and the satisfaction of the customers You can ask yourself What can we improve How can we attract other customers Are our current customers rebuying the product 0 Basic versus Applied research 0 Applied marketing research is conducted to address a specific marketing decision for a specific firm or organization 0 Basic marketing research does not address the needs of a specific organization and does not typically address a specific business decision 0 Attempts to expand the limits of marketing knowledge in general is not aimed at solving a pragmatic problem 0 Role of MR and characteristics of information and methodology required 0 Marketing research links consumer customer public and marketer through information o This information is used to identify and define marketing opportunities and problems generate redefine and evaluate marketing actions monitor marketing performance and improve understanding of marketing 0 Characteristics of Valuable information 0 Relevance the characteristics of data reflecting how pertinent these particular facts are to the situation at hand 0 Data Quality the degree to which data represent the true situation 0 Timeliness means that the data are current enough to still be relevant 0 Information Completeness having the right amount of information 0 Methodology Required 0 Validity characteristic used to describe research that measures what it claims to measure 0 Reliability characteristic that allows methodology to be repeated again and again by any researcher always producing the same results 0 Ethics in MR 0 The researcher must get the participants informed consent when the participant understands what the researcher wants the participant to do and the participant consents to the research study 0 The research participant has the right to 0 Be informed 0 Privacy 0 Confidentiality the information involved in a research will not be shared with others 0 Participants right to privacy 0 Subject s rights related to whether to comply with the investigator s request 0 Researcher s cannot assume that all individuals are capable of or willfully can make an informed choice to consent to an interview 0 Do not call legislation telemarketing cannot call consumers who register with nocall lists or request not to be called 0 Unobtrusive observation in public places is not considered a serious invasion of privacy 0 Sharing information about individuals internet browsing activities requires their consent 0 Children s Online Privacy Protection Act COPPA obligates anyone contacting a child through the Internet to obtain parental consent and notification before any personal information can be provided by a child 0 Participants rights privacy safety knowledge of purpose obtain research results and decide what to answer Research Process and Problem Formulation 0 Marketing research process 1 defining research objectives 2 planning a research design 3 planning a sample 4 collecting data 5 analyzing data 6 formulating conclusions and preparing a report 0 Problem Formulation steps and importance 1 symptoms of detection 2 analysis of the situation 3 problem definition 4 decision statement 5 statement of research objectives a This is a statement in as precise terminology as possible of what information is needed b Should be framed to ensure information obtained will satisfy research purpose 0 Problem or opportunity sources 1 Unanticipated change a Ex Volkswagen Fuel flaw 2 Planned change a A new model of the product 3 Serendipity a Accidental discoveries that open up new markets 0 Translation of Decision statements to Research Objectives and Hypotheses Decision statement gt research objective gt theory management experience exploratory gt hypothesis gt research deggn 0 Hypotheses and their sources 0 This is a formal statement explaining some outcome 0 Hypotheses must be testable o It is a guess Research Designs 0 Research Designs 3 kinds Their purpose and characteristics Which data collection techniques are appropriate for each of them o Exploratory research 0 0 Best used for Ambiguous problem Ex Our sales are declining and we don t know why Establishing a problem for more precise investigation Developing hypotheses Establishing priorities for further research Increasing analyst s familiarity with the problem Clarifying concepts Presenting structured questionnaires Data collection techniques Secondary sources Primary sources qualitative research and unstructured observation 0 Descriptive research 0 0 Best for Partially defined problem Ex What features do buyers prefer in our product To describe characteristics of groups of customers To estimate proportion of people in a specified population who behave in a certain way Who what when where why and how of the research are known in descriptive research Data collection techniques Surveys and structures observation 0 Causal research 0 Best for Clearly defined problems 0 Three steps to determine causality O Concomitant variations relationship Temporal Antecedent time order of occurrence of variables Elimination of other possible causal factors evidence that allows the elimination of factors other than X as the cause of Y Data collection techniques Expirements 0 Conditions for causality concepts of internal and external validity Field and lab experiments and how do they differ in terms of the internal and external validity Conditions for causality 0 Relationship 0 Causal variable occurs before the effect variable 0 Internal validity Internal validity exists to the extent that an experimental variable is truly responsible for any variance in the dependent variable In other words does the experiment manipulation truly cause changes in the specific outcome of interest External validity the accuracy with which experimental results are generalizable beyond experimental subjects Field experiments are research projects involving experimental manipulations implemented in a natural environment They can be useful in finetuning marketing strategies and determining sales forecasts for different marketing mix designs 0 Field experiments have high external validity because the participants more accurately represent the population and therefore the results of the experiment are more easily generalized to the general population Lab experiments allow a researchers to maximize control over the research setting and extraneous variables 0 This enhances internal validity because it maximizes control of outside forces Secondary Data 0 Distinction between secondary and primary data Primary data Secondary data Research purpose Problem at hand Other Entity who collects Internalexternal InternaI external When After problem opportunities Exists even in the absence of identified problems opportunities identification 0 Uses of secondary data 0 Can solve the problem on hand all by its own 0 Can lead to new ideas and other sources o Helps to define the problem more clearly 0 Can help in designing the primary data collection process 0 Helps in defining the population sample 0 Can serve as a reference base 0 Benefits and limitations of secondary data Advantages Disadvantages Historical no waiting Information outdates Already assembled and can be obtained Variation in definition of terms data not rapidly consistent with needs Requires no access to subject Different units of measurement lnexpensive government data is often free Accuracy of data cannot be verified May provide information that is not otherwise accessible 0 Evaluating secondary data Ask yourself 0 Who collected the data 0 Why was the data collected 0 How was the data collected 0 What data categories 0 When was the data collected 0 Consistency Primary Data Collection 0 Types of Primary Data Basic choices for primary data collection methods 0 Demographic and economic variables 0 Awarenessknowledge o Intention 0 Motivation 0 Behavior 0 Psychological lifestyle variables 0 Attitudes opinions Attitude difficult to change predisposed behavior to a stimulus Opinion easy to change more personal 0 Basic examples of primary research experiments observation surveys Distinction between Qualitative and Quantitative research techniques benefits and limitations Qualitative research Research aspect Quantitative research Discover new ideas used in Common purpose Test hypothesis or specific exploratory research with research questions general research objects Observe and interpret Approach Measure and test Unstructured freeform Data collection approach Structures response categories provided Researcher is intimately Researcher Researched uninvolved involved Results are Results are objective subjective Small samples often in Samples Large samples to produce natural settings generalizable results Exploratory research Most often used Descriptive and causal designs research designs Characteristics benefits and limitations of different qualitative methods of research 0 Focus groups indepth interviews pilottesting case studies and projective techniques 0 Focus groups a moderated discussion Make them comfortable Record answers audio video Organized and prepared facilitator generated questions not a lot of talking between participants Pros 0 Fast 0 Easy to execute 0 Allow respondents to piggyback off each other s ideas 0 Provide multiple perspectives 0 You have to be very selective about who you choose to interview 0 Results do not generalize to larger population 0 Difficult to use for sensitive topics 0 Expensive 610 people 0 In depth interviews A one on one interview between a professional researcher and a research respondent conducted about some relevant business or social topic Researcher asks many different questions and ask probing questions Pros they provide more insight into a particular individual than do focus groups Con the costs are higher due to increased interviewing and analysis time 0 Pilot Testing a collective term for any smallscale exploratory research project that uses sampling but does not apply rigorous standards Generates primary data for qualitative analysis Can be used for testing questions because giving it to a large group 0 Case studies the documented history of a particular person group organization or event Used in an investigation of one or a few situations similar to the problem 0 Projective techniques sentence story completion Ex TAT thematic apperception tests Word association record the first thoughts that come to a consumer in response to some stimulus 0 Types of data collected using observation design of observation studies and issues benefits and limitations involved in use of observation for collecting data 0 Types of data collected through observation Characteristics of participants 0 Age gender skill level Interactions Nonverbal behavior Physical surroundings 0 Designs of observational studies I Structured v unstructured Disguised v undisguised Direct v indirect Natural v contrived Humans v mechanical devices 0 Benefits They can be expensive or inexpensive It is great for gaining insight into things that respondents cannot or will not verbalize 0 Limitations Observation can describe the event that occurred but cannot explain why the event occurred Observation over long periods is expensive or even impossible Cognitive phenomena cannot be observed Interpretation of data may be a problem Not all activity can be recorded Only short periods can be observed Observer bias is possible Observation may become an invasion of privacy 0 Surveys 0 types of errors and how to control them Random sampling error 0 Respondent error 0 Nonresponse error 0 Response error Deliberate falsification Unconscious misrepresentation acquiescence bias eternity bias 0 interviewer bias auspices bias 0 social desirability bias Systematic error bias 0 Administrative error 0 Data processing error 0 Sample selection error 0 Interviewed error 0 Interviewer cheating 0 different methods of administration their characteristics and limitations and benefits personal interview 0 Sampling control 0 response rates high good for getting resoonse from soecific pe0ple o very focused sampling frame difficult to identify 0 Information control 0 any type of questions can be used sequencing easily changeable probing of open ended questions clarification of ambiguous questions possible visuals and other sensory stimuli can easily be used mall interviews are usually shorter than homes 0 interview bias supervision of interviews difficult 0 Administrative control 0 Generally most expensive homegtmall slow mall is quicker telephone interview 0 Sampling control o relativelv qood resoonse rates wide coverage possible 0 representation of population difficult due to unlisted numbers 0 Information control 0 less interviewer bias than in personal interviews interviewer supervision is better flexibility in sequencing questions 0 visual aids cannot be used difficult to establish rapport over the phone than in face to face communication 0 Administrative control 0 relatively low cost quick turnaround less difficulty and cost in handling call backs easier use of computer support 0 interview must be brief Written formats mail survey fax survey email survey webbased survey 0 Sampling control 0 mailing lists permit east development of the sampling frame wide coverage possible 0 resoonse rates low little control in securing response from specific individual cannot control speed of survev 0 Information control 0 no interviewer bias respondents can work at own pace can ensure anonymity best for personal sensitive questions inflexibility in sequencing and ordering of ques ons 0 Administrative controls 0 usually least expensive 0 long response time for mail short for email 0 factors affecting the choice of a method sampling type of population question form question content response rate 39 COStS available facilities length of data collection 0 factors affecting response rate perceived amount of work required and the length of the questionnaire intrinsic interest in the topic characteristics of the sample credibility of the sponsoring organization level of induced motivation
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