Podcast
Questions and Answers
What is the main advantage of survey research?
What is the main advantage of survey research?
Which of the following is a disadvantage of surveys?
Which of the following is a disadvantage of surveys?
What type of research does experimental research primarily gather?
What type of research does experimental research primarily gather?
What is competitive marketing intelligence primarily used for?
What is competitive marketing intelligence primarily used for?
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What is a key advantage of mail questionnaires?
What is a key advantage of mail questionnaires?
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Which method is highlighted as providing the quickest information gathering?
Which method is highlighted as providing the quickest information gathering?
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Which type of research is designed to describe the market potential for a product?
Which type of research is designed to describe the market potential for a product?
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What is the primary purpose of a research plan in marketing research?
What is the primary purpose of a research plan in marketing research?
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What is one significant drawback of mail surveys?
What is one significant drawback of mail surveys?
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What approach is best suited for exploratory research?
What approach is best suited for exploratory research?
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What do secondary data consist of?
What do secondary data consist of?
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Which statement about telephone interviewing is correct?
Which statement about telephone interviewing is correct?
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Which of the following is NOT a type of research defined in the content?
Which of the following is NOT a type of research defined in the content?
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Who usually collaborates to define the problem and research objectives?
Who usually collaborates to define the problem and research objectives?
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What is the first step in the marketing research process?
What is the first step in the marketing research process?
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Which of the following is a common method used to gather secondary data?
Which of the following is a common method used to gather secondary data?
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What is the primary purpose of a marketing information system (MIS)?
What is the primary purpose of a marketing information system (MIS)?
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Which of the following is NOT a benefit of using internal databases?
Which of the following is NOT a benefit of using internal databases?
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Big data presents several challenges. Which of the following is one of those challenges?
Big data presents several challenges. Which of the following is one of those challenges?
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What is a potential problem researchers face when using secondary data?
What is a potential problem researchers face when using secondary data?
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How do internal databases generally compare to external information sources?
How do internal databases generally compare to external information sources?
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What is one advantage of using secondary data?
What is one advantage of using secondary data?
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What key aspect must a good marketing information system balance?
What key aspect must a good marketing information system balance?
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What type of data does a marketing information system primarily gather?
What type of data does a marketing information system primarily gather?
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Which of the following is NOT a requirement for evaluating secondary data?
Which of the following is NOT a requirement for evaluating secondary data?
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Ethnographic research primarily involves which of the following approaches?
Ethnographic research primarily involves which of the following approaches?
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What is a primary role of marketers in relation to big data?
What is a primary role of marketers in relation to big data?
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Which primary data collection method is best suited for gathering descriptive information?
Which primary data collection method is best suited for gathering descriptive information?
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What do customer insights provide marketers with?
What do customer insights provide marketers with?
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Which primary data collection method involves directly asking individuals questions?
Which primary data collection method involves directly asking individuals questions?
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Why might companies choose to use secondary data despite its limitations?
Why might companies choose to use secondary data despite its limitations?
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Which method is often used for observing consumer behavior in real-world settings?
Which method is often used for observing consumer behavior in real-world settings?
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What is a disadvantage of personal interviewing compared to other methods?
What is a disadvantage of personal interviewing compared to other methods?
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What is a key advantage of online marketing research?
What is a key advantage of online marketing research?
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How does behavioral targeting differ from social targeting?
How does behavioral targeting differ from social targeting?
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Why might focus group discussions be challenging?
Why might focus group discussions be challenging?
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What is one method used in online marketing research?
What is one method used in online marketing research?
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Which of the following is NOT a cost-related issue with personal interviews?
Which of the following is NOT a cost-related issue with personal interviews?
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What type of personal interviewing aims to facilitate group discussions?
What type of personal interviewing aims to facilitate group discussions?
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What is a common reason participants might hang up during telephone surveys?
What is a common reason participants might hang up during telephone surveys?
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What is a primary concern regarding the rise of online behavioral targeting by marketers?
What is a primary concern regarding the rise of online behavioral targeting by marketers?
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What is the primary purpose of a sample in marketing research?
What is the primary purpose of a sample in marketing research?
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Which of the following best describes mechanical instruments in research?
Which of the following best describes mechanical instruments in research?
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What benefit do proponents claim arises from behavioral and social targeting?
What benefit do proponents claim arises from behavioral and social targeting?
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What is neuromarketing used for in research?
What is neuromarketing used for in research?
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Which of the following is NOT a key aspect when designing a sample?
Which of the following is NOT a key aspect when designing a sample?
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What type of questions do closed-ended questionnaires include?
What type of questions do closed-ended questionnaires include?
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What sampling aspect addresses 'who is to be studied'?
What sampling aspect addresses 'who is to be studied'?
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Study Notes
Marketing Information and Big Data
- Marketers need fresh insights into customer needs and wants to create value and build relationships
- Marketing information is crucial
- Big data is a huge, complex dataset generated by technology
- Big data presents opportunities and challenges for companies
Managing Marketing Information
- The main value of marketing information is how it's used to provide insights
- Customer insights lead to a deeper understanding of customers and the marketplace
- A marketing information system (MIS) includes people and procedures and helps decision-makers use the data
Managing Marketing Information (System)
- Marketing managers and other information users obtain customer and market insights from marketing information
- Information needs are assessed and information is developed. This may be done via marketing research and marketing intelligence
- Marketing environment entities are considered, e.g., competitors, publics, macro-environmental forces, target markets, and marketing channels
- Information is analyzed and used
Assessing Information Needs
- The marketing information system serves marketing managers, other managers, and external partners
- A good MIS balances the information users need with what's feasible to offer
- Obtaining, analyzing, storing, and delivering information can carry costs quickly
Developing Marketing Information- Internal Databases
- Internal databases are collections of consumer and market data within a company
- Information comes from many sources
- Internal databases are usually quick and inexpensive to access
- Internal information might be incomplete or in the wrong form for marketing decisions
Developing Marketing Information- Marketing Intelligence
- Competitive marketing intelligence is the systematic checking of publicly available information about consumers, competitors and developments in the marketplace
Developing Marketing Information- Marketing Research
- Marketing research is the systematic collection, analysis, and reporting of data related to a specific marketing situation
- Companies use marketing research in various situations
- Large companies have internal research departments, while smaller companies sometimes hire external specialists
Marketing Research Process
- Define the problem and research objectives
- Develop the research plan for collecting information
- Implement the research plan – collect and analyze data
- Interpret and report the findings
Defining Problem and Objectives
- Marketing managers and researchers work together to define the problem and agree on objectives
- Exploratory research gathers preliminary information to define problems further and suggest hypotheses
- Descriptive research details and provides details about consumer attitudes and demographics
- Causal research tests hypotheses about cause-and-effect relationships
Primary Data Collection- Research Approaches
- Research approaches for gathering primary data include observation, surveys, and experiments
Primary Data Collection- Observation
- Observational research involves gathering data by observing people, their actions and situations
- Observing consumers and their retail environment, e.g., traffic patterns, food retailer locations and competitors' locations
Primary Data Collection- Ethnographic Research
- Ethnographic research is a form of observational research involving trained observers watching and interacting with consumers in natural environments
Primary Data Collection- Survey Research
- Survey research gathers primary data by asking people questions about their knowledge, attitudes, preferences and buying behavior
- It's a common method for gathering descriptive information
- Often used to gather consumer data about knowledge, attitudes, preferences, and buying trends
Primary Data Collection- Advantages and Disadvantages of Survey Research
- Flexibility - used for various situations (e.g. phone, mail, online, or in person)
- Disadvantages: Respondents may be unable to answer properly, unwilling to respond to unknown interviewers or about things they consider private, or may respond to appear smarter
Primary Data Collection- Experimental Research
- Experimental research involves gathering primary data by selecting matched groups of subjects, administering different treatments and checking the differences in responses
- Experimental research is best suited for gathering causal information.
Primary Data Collection- Contact Methods
- Mail, telephone, and personal interviewing are contact methods
- Mail questionnaires are inexpensive and can be used to gather large amounts of information
- Interviewers during telephone interviews can clarify and skip/probe questions, leading to higher response rates. However, they are more costly and people may not want to discuss personal matters over the phone.
- Personal interviews can be individual or group
- Focus groups provide interactions that potentially unearth deeper feelings and thoughts, however the results are not always generalizable
- Online research collects primary data via internet/mobile surveys, online focus groups, consumer tracking, experiments, and online panels/communities
Primary Data Collection- Online Behavioral and Social Targeting
- Behavioral targeting tracks consumer movement across online sites and social media to identify ads and products
- Social targeting mines social connection data to understand customers
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Description
Test your knowledge on the various methods and principles of marketing research. This quiz covers survey research advantages, types of data, and the marketing research process. Challenge yourself and see how well you understand these essential concepts!
