Session 2 PPT

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Questions and Answers

What is the primary goal of marketing as described?

To understand consumer behaviors in a non-profit context

To enhance public policies related to competition

To help firms increase their revenues and profits (correct)

To analyze economic stability in market economies

Which research design focuses explicitly on understanding cause-and-effect relationships?

Causal (correct)

Explorative

Descriptive

Quantitative

What aspect does the American Marketing Association definition address concerning marketing research?

The process of qualitative analysis in marketing

Its role as a statistical method in research

The importance of secondary data

The function linking consumers to marketers through information (correct)

Which of the following types of research design is least likely to involve direct data collection from subjects?

Secondary data research Signup and view all the answers

What is a focus of marketing as an academic discipline?

Enhancing firms' market power Signup and view all the answers

Which method is characterized by the systematic gathering and interpretation of information using social sciences techniques?

Market research process Signup and view all the answers

In the context of market research, what differentiates qualitative research from quantitative research?

Qualitative research aims for depth of understanding, while quantitative seeks breadth Signup and view all the answers

What is one of the key steps in the market research process?

Designing the method for data collection Signup and view all the answers

What type of data is syndicate data?

Data collected in a standard format sold to multiple clients Signup and view all the answers

Which type of market research provider typically offers only a few specific services?

Limited service providers Signup and view all the answers

Which category of market problems involves minimal knowledge about the issues and is often characterized by ambiguity?

Ambiguous problems Signup and view all the answers

What is one characteristic of a full service market research provider?

They conduct research using a variety of methods. Signup and view all the answers

What is a primary focus of field service firms in market research?

Conducting surveys Signup and view all the answers

What best describes customized services in market research?

Ad hoc studies tailored to specific client needs. Signup and view all the answers

In which scenario would a business encounter somewhat defined problems?

Understanding of issues exists, but the relationships are unclear. Signup and view all the answers

Which of the following is not a type of specialized service firm in market research?

Generalized research firms Signup and view all the answers

What is the primary goal of exploratory research?

To explore a problem or situation to reduce ambiguity Signup and view all the answers

In which way does descriptive research build upon exploratory research?

By describing the market and its characteristics Signup and view all the answers

Which of the following is NOT typically associated with exploratory research?

Sales forecasting Signup and view all the answers

What type of data is usually excluded from descriptive research?

Qualitative data from interviews Signup and view all the answers

Which of the following best describes 'share of wallet'?

The total amount spent by a consumer in a category Signup and view all the answers

What is a key performance indicator specific to marketing?

Net promoter score Signup and view all the answers

Which research method is least likely to be included in exploratory research?

Statistical regression analysis Signup and view all the answers

Which aspect of market research focuses on measuring brand awareness?

Brand perception studies Signup and view all the answers

What is one primary reason causal research is less frequently undertaken by market researchers?

It often requires more complex statistical methods. Signup and view all the answers

Which of the following is a necessary requirement to claim causality?

Time order, where the cause must precede the effect. Signup and view all the answers

What can sometimes falsely imply causation despite only showing correlation?

A third factor causing both variables. Signup and view all the answers

Descriptive research is primarily employed when:

The research problem is somewhat defined. Signup and view all the answers

Which statement best describes the goal of causal research?

To uncover the relationship of cause and effect between variables. Signup and view all the answers

Which factor is NOT required when assessing causality in research?

Exclusivity of the researched variables. Signup and view all the answers

What does the statement 'correlation does not imply causation' suggest?

The relationship observed could also be a coincidence. Signup and view all the answers

What step follows the determination of the research design, whether exploratory, descriptive, or causal?

Designing the sample and choosing a method of data collection. Signup and view all the answers

What is primarily focused on in the data collection phase of market research?

Ensuring the quality of data collection tools Signup and view all the answers

Which skill is particularly significant for analyzing data in market research?

Technical skills Signup and view all the answers

What is the role of interpretation in the data analysis process?

Assigning meaning to the data Signup and view all the answers

What is one potential recommendation market researchers might make after analyzing consumer needs?

Develop new product offerings Signup and view all the answers

What is a continuous activity mentioned in market research?

Customer satisfaction tracking Signup and view all the answers

What does effectively visualizing data help achieve?

It clarifies and enhances understanding of the findings. Signup and view all the answers

What is essential for a good market researcher to offer when findings are counter-intuitive?

Possible explanations Signup and view all the answers

What is a potential use of secondary sources in market research?

To provide supplemental insights for integration Signup and view all the answers

Which of the following best describes the function of secondary data in market research?

It assists in exploratory research but may not be sufficient alone for major decisions. Signup and view all the answers

What is a key consideration when designing a market study?

Choosing a sample that represents the general population. Signup and view all the answers

Which statement about primary data is false?

Primary data is always numerical and quantifiable. Signup and view all the answers

Which of the following would not typically be categorized as secondary data?

Qualitative interviews conducted by market researchers. Signup and view all the answers

What is the primary benefit of using a well-designed methodology in market research?

It ensures that the research findings yield actionable insights into marketing issues. Signup and view all the answers

Which scenario illustrates an appropriate use of primary data research?

Conducting focus groups to understand product perceptions before launch. Signup and view all the answers

What differentiates qualitative data from quantitative data?

Qualitative data seeks to understand experiences, whereas quantitative data emphasizes statistical measurement. Signup and view all the answers

Which factor is least relevant when deciding on research design for a market study?

The existing knowledge of the researchers. Signup and view all the answers

Study Notes

Analyzing and Understanding Markets: Designing a Market Study

All businesses need to understand their markets
Market logics are increasingly adopted in social life
Economics studies markets focusing on providing public powers with ways of increasing competition and limiting larger firms' market power
Marketing is an academic discipline and department within firms, aimed at increasing firm revenues, profits, and market power
Key marketing notions include market-orientation, segmentation, and the 4Ps
Marketing research's history is a significant aspect

Agenda

Introduction to market research
Market research process: key steps
Types of research designs (exploratory, descriptive, causal)
Primary vs. secondary data
Qualitative vs. quantitative research
Secondary data (desk research)
Data source types and usage
Group assignment 1: guidelines
Time for group work

Market or Marketing Research?

Market research links consumers, customers, and the public to the marketer through information
Information is used for identifying and defining opportunities, problems, and refining/evaluating actions, to improve understanding of processes and procedures
It defines issues and problems, designs collection methods, manages data, analyzes results, and communicates findings (American Marketing Association, 2017)
Market research is a systematic method of gathering and interpreting information about individuals and organizations using statistical and analytical tools of social sciences to gain insights
The definitions overlap but the AMA approach views market research as a function (department within an organization), whereas ESOMAR views it as a process

Who Provides Market Research?

Providers can be internal (firm's marketing departments) or external (specialized providers)
External providers include full-service companies, limited-service specialists (segment specialists for specific segments, field service firms focused on surveys, and specialized firms using highly specific techniques such as ethnography, neuromarketing, and big data analysis)
Syndicated data are collected in standard formats and sold to multiple customers, while customized services are conducted ad hoc for specific clients

The Market Research Process

Market research requires good planning, and involves:
- Identifying and formulating the marketing problem
- Determining the research design
- Designing the sample and data collection method
- Collecting the data
- Analyzing the data
- Interpreting, discussing, and presenting the findings
- Following up

1. Identify and Formulate the Marketing Problem

Market problems can be ambiguous (little known about the issues), somewhat defined (issues and variables known but not their relationships), or clearly defined (issues and variables known and relationships clear). Examples of problems are introducing new technologies, exporting products, and increasing prices

2. Determining the Research Design

Research problems and designs are linked
Ambiguous problems: Exploratory research (understand structure, generate hypotheses, develop measurement)
Somewhat defined problems: Descriptive research (describe customers, understand market size, segment markets, measure performance)
Clearly defined problems: Causal research (uncover causality, understand the effect of marketing mix elements)

3. Design the Sample and Method of Data Collection

Data collection methods can be either exploratory, descriptive, or causal
This step involves choosing a methodology based on the research problem and using existing data (secondary) or gathering new data (primary)

4. Collect the Data

Data collection is important and uses tools like questionnaires and interview guidelines
Recruiting participants and ensuring a large enough sample are essential

5. Analyze the Data

Analyzing data requires technical skills, both in qualitative and quantitative research methods

6. Interpret, Discuss, and Present Findings

Data analysis discovers trends, while interpretation assigns meaning (e.g., visualizing data, summarizing information)
Marketers often provide recommendations based on findings (e.g., new product developments, effective messaging, changing advertising strategies).

7. Follow-up

Follow-up involves using market research for decisions (e.g., new product development, promotional campaigns)
It can require further testing of ideas or methods. Some market research never ends and tracks factors like customer satisfaction, brand awareness.

Secondary Data

Secondary data (desk research, business intelligence) is used in exploratory research
Based on syndicated data and publicly available data (news articles, internet sources)
Important to verify the quality of such online information

Primary Data

Primary data is generated by market researchers, internally or externally, for better understanding of problems and can be qualitative or quantitative
Qualitative data: non-numerical data (text, video, audio) used in exploratory or descriptive research for insights into experiences and consumer needs
Quantitative data: numerical data used in descriptive or causal research for statistical analysis

Taking Advantage of Secondary Data Sources

Different types of secondary data sources exist (academic research, media sources, syndicated data, business/government/NGO sources, consumer generated data)
Understanding how to use and integrate those sources is crucial for marketing research

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Description

This quiz covers the essential concepts of market research, including its purpose, key steps, and various research designs. Explore the distinctions between primary and secondary data, qualitative and quantitative research, and learn about marketing's role in understanding markets. Ideal for students seeking to enhance their knowledge of market dynamics.