Chapter 3 and 4 Market AS Midterm

Data Collection Methods

• Collecting secondary data first is cost-effective and time-saving, providing a foundational understanding before gathering primary data.
• Secondary data may lack specificity or relevance to the current research, which is a notable disadvantage.
• Limitations of secondary data include potential inaccuracies or outdated information that was collected for different purposes.

Research Purpose and Considerations

• Researchers should evaluate the original study's purpose to ensure the relevance and applicability of the secondary data to their own research objectives.
• Secondary data can guide research design decisions, influencing methodology and target demographic choices.

Marketing Techniques

• Database marketing creates extensive computerized profiles of customers, analyzing their purchase patterns.
• Neural networks replicate human brain processes, learning from data to discover patterns useful in marketing strategies.
• Data mining in marketing aims to extract useful patterns and insights from large data sets, enhancing decision-making and strategy.

Research Types and Tools

• Quantitative research employs mathematical analysis and numeric standards for systematic evaluation.
• Geographic Information Systems (GIS) generate visual maps using both secondary and primary data for spatial analysis.
• Marketing research aggregators collect and synthesize data from various sources, enhancing market insights.

Focus Group Insights

• Focus groups are utilized primarily for qualitative insights into consumer behaviors and preferences.
• The moderator's role is crucial for guiding discussions, fostering an environment where participants feel comfortable sharing insights.
• Online focus groups are more flexible and can reach a broader audience but may lack the personal dynamics of in-person sessions.

Interview Techniques

• Individual depth interviews are personalized and allow for deeper exploration of participant views compared to group settings.
• Good moderators need strong listening skills, empathy, and adaptability to manage diverse participant perspectives effectively.
• Separate observation rooms during focus groups enable researchers to gain insights without influencing participant behavior.

Comparative Advantages

• Individual depth interviews provide more in-depth insights but may lack the collaborative discussion benefits found in focus groups.
• A discussion guide helps structure focus group conversations to ensure all relevant topics are covered efficiently.
• Focus groups are valuable for capturing customer motives and attitudes due to the dynamic interactions between participants.

Behavioral Targeting and Systems

• Behavioral targeting relies on data analysis techniques to refine online advertising effectiveness based on user behavior.
• A Decision Support System (DSS) helps companies make informed decisions through data analysis and scenario simulation.
• Visual data display technologies highlight patterns geographically, facilitating better data comprehension.

Summary of Data Considerations

• Collecting secondary data first is advantageous for its cost-effectiveness and timely insights, yet limitations exist regarding its contextual relevance.
• Researchers must assess original research intentions and adaptation relevance when using secondary data, ensuring it aligns with current objectives.