Marketing Research Exam 2
Marketing Research Exam 2 MKT 4533
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This 4 page Class Notes was uploaded by Addison Harris on Monday February 15, 2016. The Class Notes belongs to MKT 4533 at Mississippi State University taught by Nicole Lueg in Winter 2016. Since its upload, it has received 30 views. For similar materials see Marketing Research in Marketing at Mississippi State University.
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Date Created: 02/15/16
MARKETING RESEARCH EXAM II: Chapters 3-4 CHAPTER 3: SECONDARY DATA, LITERATURE REVIEWS, AND HYPOTHESES Learning Objectives: Understand the nature and role of secondary data Describe how to conduct a literature review Identify sources of internal and external secondary data Discuss conceptualization and its role in model development Understand hypotheses and independent/ dependent variables Published Secondary Data: Secondary data: information that has already been gathered o MIGHT be helpful in solving the problem at hand o The researcher must decide its relevance Primary data: information you go out and collect (through surveys, experiments, or observation) IN ORDER TO solve the problem at hand Advantages of Secondary Data: Secondary data can help to specifically define the research problem. Sometimes secondary data will actually solve the problem at hand. o The hard part is knowing how to locate the information! May provide insight on how to structure the primary research o May help with the wording of surveys and reports o Goo to use other existing surveys as a basis for your own It is cost efficient (especially in college), and it may eliminate the need for primary data. Disadvantages and limitations of Secondary Data: Lack of relevance: remember, secondary data were not collected for your particular problem! (data are plural) o May be hard to fit the information into your specific situation o Ex: Census data, rapidly changing industries Lack of availability: possible that there is no existing information about your problem Inaccurate data: always check your source! o If you rely on someone else to help solve your problem, always check the source as well as why it was collected (it might be published for a source that is biased which is why it seems/ is inaccurate) Internal vs. External Secondary Data: Internal secondary data: information collected by a company for accounting or marketing purposes. o Ex: Internal database management systems o Ex: Customer knowledge information database of existing customers within the company (management system): Disney Band tracking for crowd control/ management External secondary data: collected by outside agencies like the government, trade associations, marketing research companies, and academic researchers o Ex: MRI (Mediamark Research & Intelligence), Simmons (SMRB) o Ex: Census.gov, Business Source Complete, NAICS o Ex: Syndicated sources(see below) Godwin Group doe subscribe to these o Ex: Literature reviews Examples of Secondary Data: Popular Press Sources Scholarly Sources Government Sources NAICS Guidebooks Commercial Sources Syndicated Sources: Another Example of External Secondary Data: Commercial vendors collect information and sell the reports 80%+ of firms said they purchase and use reports and spend 10 hours per week analyzing this information. Consumer panels, media panels o Ex: MRI (Mediamark Research & Intelligence), Simmons (SMRB), Arbitron, Nielsen Media Research Store audits: formal examination of how much of a particular product or brand has sold at the retail level o Product sales in relation to competition; sales at various price points o Effectiveness of shelf space/POP displays; effectiveness of POS coupons o Direct Sales by store type, location, etc. Internal Data: Database Management Systems: Database marketing: creation of large computerized file of customers’ and potential customers’ profiles and purchase patterns; done through the use of a database management system. Data are captured on the computer, organized, updated, and maintained for decision making Where does this information come from? o Existing customers: addresses, preferences, email click-throughs o Sales activities: what customers buy, when they buy o Spreadsheets: ability to answer “what-if” scenarios Database Management Systems: Possible Info Sales invoices Accounts receivable reports Quarterly sales reports Sales activity reports Online registration Customer letters/comments Mail-order forms Credit applications Warranty cards Past studies Sales person expense forms What Database Marketing Can Do: Evaluate sales territories ID most profitable and least profitable customers ID most profitable market segments and target those most effectively ID the best-selling products and services Evaluate opportunities for offering new products or services Data Mining Your Database: Data mining: the use of statistical software to uncover patterns in your database Potential uses of data mining: o Gaining new customers o Retaining existing customers o Figuring out why customers defected Literature Reviews: A literature review is a comprehensive examination of available information that is related to your research topic. Reasons to conduct a literature review: o Clarify the research problem and questions o Undercover existing studies o Suggests research hypotheses o Identify scales to measure variables and methods Literature Reviews: Possible Info to Include: Demographic dimensions Employment characteristics Economic data Competitive characteristics Supply characteristics Regulations Internal market characteristics Developing a Conceptual Model: Conceptualization refers to the development of a model that shows variables and hypothesized or proposed relationships between variables The categories that make up the model are constructs, so they are not directly observable Some categories are dependent and others are independents (it all depends on the arrows) o If no arrows are pointing to a specific category, then that category is independent, so it is not manipulated by any other category in the model. o If arrows are pointing to a specific category, then that category is depend, so it is manipulated by other categories in the model Components of a Conceptual Model: A variable is an observable item that is used as a measure on a questionnaire (a question on a survey) A construct is an unobservable concept that is measured by a group of related variables Relationships are associations between two or more variables Independent variables are variables or constructs that predict or explain the outcome of interest Dependent variables are variables or constructs that researchers seek to explain Relationships among Constructs: Hypotheses can suggest negative or positive relationships o An association between two variables in which they increase or decrease together suggests a positive relationship o An association between two variables in which on increased while the other decreases describes a negative relationship A hypothesis is an empirically testable though yet unproven statement developed in order to explain phenomena Types of hypotheses include: o Null or Alternative Nondirectional Inverse (negative) directional Direct (positive) directional (Ex: Conceptual Model) Parameters and Sample Statistics: A parameter is the true value of a variable, while a sample statistic is the value of a variable based on estimates from a sample o We can never really know the Truth (with a capital T), but we can estimate it by collecting data from a representative sample of our population. Truth “T” cannot take census of everyone’s opinion. You cannot know 100% what triggers excitement.
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