Podcast
Questions and Answers
What is marketing research?
What is marketing research?
What is the first step in the marketing research process?
What is the first step in the marketing research process?
Defining the problem
What type of research is undertaken to help identify problems not necessarily apparent?
What type of research is undertaken to help identify problems not necessarily apparent?
What does Problem Solving Research help to address?
What does Problem Solving Research help to address?
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What is Segmentation Research used for?
What is Segmentation Research used for?
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What are the components of the Marketing Research Process?
What are the components of the Marketing Research Process?
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Research questions are redefined statements of specific components of the problem.
Research questions are redefined statements of specific components of the problem.
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What is a hypothesis in marketing research?
What is a hypothesis in marketing research?
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The __________ is a framework for conducting the marketing research project.
The __________ is a framework for conducting the marketing research project.
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Qualitative research typically involves a large sample size.
Qualitative research typically involves a large sample size.
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What is the main purpose of exploratory research?
What is the main purpose of exploratory research?
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What is the advantage of projective techniques?
What is the advantage of projective techniques?
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What is single-source data used for?
What is single-source data used for?
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Quantitative research is less structured than qualitative research.
Quantitative research is less structured than qualitative research.
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What is the difference between primary data and secondary data?
What is the difference between primary data and secondary data?
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What is one disadvantage of online focus groups?
What is one disadvantage of online focus groups?
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Which type of research design involves the one-time collection of information?
Which type of research design involves the one-time collection of information?
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Study Notes
Marketing Research Overview
- Marketing Research involves systematic processes for identifying, collecting, disseminating, and utilizing information relevant to marketing decisions.
- Steps in the Marketing Research Process include: defining the problem, developing an approach, formulating research design, collecting data, analyzing data, and preparing the report.
Types of Research
- Problem Identification Research aims to uncover hidden issues affecting market potential, share, and characteristics.
- Problem Solving Research focuses on resolving specific marketing problems related to segmentation, product decisions, and pricing.
- Segmentation Research determines market segmentation bases, potential, responsiveness, and target markets.
- Product Research includes concept testing, optimal design determination, and brand positioning.
- Pricing Research analyzes pricing policies, brand selection's price importance, and price elasticity.
- Promotional Research identifies the ideal promotional budget, mix, and evaluates advertising effectiveness.
- Distribution Research examines distribution types, channel member attitudes, and retail location dynamics.
Research Design and Methodologies
- Research design acts as a blueprint for collecting necessary information to address marketing issues.
- Exploratory Research seeks insights and understanding through loosely defined mechanisms and qualitative data.
- Conclusive Research tests specific hypotheses, structured with large, representative samples and quantitative data.
Data Types
- Primary Data is original data collected specifically for a current issue; it is costly and involves extensive steps.
- Secondary Data refers to previously collected data for other purposes; it is readily available and less expensive.
- Demographic Data includes personal identifiers such as age, sex, and marital status.
- Psychographic Data focuses on interests and lifestyles, impacting consumer behavior.
Research Techniques
- Focus Groups provide qualitative insights through group interactions moderated in an unstructured setting, though they have limitations like difficulties in moderation and data analysis.
- Advantages of online focus groups include lower costs and increased geographic reach, but come with challenges like internet access requirements and environmental control.
Projective Techniques
- Projective techniques encourage respondents to reveal underlying motivations indirectly, utilizing methods like word association and role-playing.
- Word Association involves responding to a list of words by stating the first that comes to mind.
Research Process Steps
- Identifying key decision-makers is crucial for defining the problem accurately.
- Common errors in defining marketing research problems include being overly broad or too narrow in focus.
Research Findings
- Outcomes of exploratory research are typically tentative, while conclusive research yields definitive findings that inform decision-making.
- Failing to understand the research design implications can lead to incorrect assumptions about findings and methods.
Summary Points
- Internal vs. External marketing research suppliers play distinct roles in data collection.
- Single-source data integrates various consumer variables, beneficial for creating cohesive marketing strategies.
- Qualitative research provides exploratory insights with smaller samples, whereas quantitative research requires larger, statistically significant samples for definitive conclusions.
Causal Research
- Used to identify cause-and-effect relationships, primarily through experimental designs where independent and dependent variables are manipulated and observed.
Common Research Themes
- Types of classification and research methodologies vary in formality, structure, and sample representation, impacting the research's effectiveness and reliability.
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Description
This quiz covers the essential components of Marketing Research, including the processes and types of research involved. Learn about problem identification, segmentation, product, and pricing research, as well as the steps in the marketing research process.
