Marketing Research Chapter 5 - Textbook

Chapter 5: Marketing Research  Topics 1. Explain marketing research process 1)Differentiate between exploratory, descriptive, and causal research approaches. 2)Explain how/when each research technique (e.g., focus group, interview, survey, observational research, and experiment) is used : watch...

Chapter 5: Marketing Research  Topics 1. Explain marketing research process 1)Differentiate between exploratory, descriptive, and causal research approaches. 2)Explain how/when each research technique (e.g., focus group, interview, survey, observational research, and experiment) is used : watch the videos to understand the research techniques 3) Contrast between qualitative and quantitative research methods 4) Comprehend research instruments and sampling plan 5) Explain marketing metrics 2. The articles to read and you need to provide the answers to the questions :“The Uncertain Future of Market Research” (Marketing News)--Canvas :“The Five Biggest Mistakes Companies Make With Customer Surveys”(WSJ)-Canvas 3. Recap the important points  What is Marketing Research?  AMA definition : “the function that links the consumer, customer, and public to the marketer through information—information used to identify and define opportunities and problems; generate, refine, and evaluate actions; monitor performance; and improve understanding of it as a process”  The Marketing Research Process /opportunity Establi sh  research plan=research design; a plan of attacking the research problem or opportunity  Information=data  Marketing Research Process-1 1. Step 1: Define the problem and/or opportunity, and establish the research objective(s)  Problem and/or opportunity—be specific and clear given many problems and/or opportunities marketing faces and then come up with a specific marketing research objective(s)  ‘Why is the market share of our product declining? (a problem)-too many reasons (e.g., inflation, product features, competitors, prices, services, change of customer preferences, seasonal issues…) 2. Step the  ‘Given 2: Develop the social media research trend, plan(or what social mediadesign): How platform(s) to collect should we usedata/info to increasetoour address brand the research objective(s)? awareness?’(an opportunity) 1) Data resources, 2) Research approaches (and techniques) 3) Research instruments : qualitative vs. quantitative research 4) Sampling plan 1) Data sources: secondary data vs. primary data or both Secondary data: the data collected by someone else for another purpose and already exist somewhere (e.g., J.D. Power survey data, any Internet data, government data, data collected by another company…) Primary data: the data freshly gathered by the firm for a specific purpose and is collected through exploratory, descriptive, and causal research. *Companies usually start with collecting secondary data, and then collect primary data. 2) Research approaches: ways to collect primary data: exploratory, descriptive, and causal research --do not forget to watch the videos I. Exploratory Research : to focus on the discovery of ideas and insights, usually the first step Clarifying the research problems/opportunities and identifying other research variables/issues/topics for later research Prioritizing the research questions for later research e.g.,) (focus group 1, focus group 2), and interview II.Descriptive Research: to describe or explain some phenomenon(who, what, where, when, and how) : e.g.,) identifying the characteristics of target market, determining how customers use our offerings, and discovering differences across demographic characteristics (age, education, income…) regarding the use of our offerings (compared to those of our competitors)… e.g.,) survey (asking questions about your age, income, education…) & Observational Research in Marketing (or observation-watch the first 70 seconds) (e.g., mystery shopping, ethnographic research (or ethnography), scanner data, and data on the Internet or social media platforms) e.g.,) Thirty-five UNF marketing students bought their marketing research textbook from online. All of them used their Visa card during the month of Jan. 2025—a descriptive research example. III.Causal Research: to discover the cause and effect between variables: e.g.,) experimental research (=experiments 1 & 2)-the main question: “why is this happening?”) e.g.,) advertising toward men lead to increased sales(20%) of H-D motorcycles 3) Qualitative vs. Quantitative Research Qualitative Research Quantitative Research Objective/ To gain an initial understanding of the To generalize the results from a sample to Outcome underlying reasons and motivations of the target market (or a population of consumers. * Do not recommend interest) actions(i.e., marketing strategies/tactics) *Recommend actions the company should the company should take take Sample (no A small number A large number specific criterion) Question/Answer Unstructured (or semi-structured) structured Type Data Analysis Non-statistical Statistical (expressed as a number) 1.*Unstructured data collection: respondents are given open-ended questions that allow them to freely Example Interviews, focus groups Surveys, experiments express their own thoughts or opinions in their own words (e.g., interviews) *Structured data collection: respondents are supposed to choose their answer based on a set list of answer choices (e.g., survey: yes/no, strongly disagree– strongly agree: 5-7 choices) 2. Data analysis: interpretation vs. statistics (analytics*): *Big Data: watch the video to understand big data: understand 5Vs in the video 3. Outcome: *Qualitative research: develop an initial understanding of customer feelings, thoughts and opinions  The Marketing Research Process-2 3) Research instruments: a research Instrument is a tool used to collect, measure, and analyze data related to your research interests:. e.g.,) closed-ended (quantitative research ) vs. open-ended (qualitative research) measures, & technological devices (e.g., 3D computer simulations, skin sensors, brain wave scanners--neuromarketing, GPS...). 4) Sampling plan: “Whom should we survey(sampling unit)? “How many should we survey(sample size)”?: “500, 1% of target population,..?” “How should we choose the respondents(sampling procedure)? : “500 customers in Jacksonville, 20 from Orlando, 50 from Miami…? Or 300 from NY?...” 3.Step 3: Collect and the information (or data): how to collect (own vs. hiring a marketing research firm) and how should we contact them (e.g., telephone, mail, the Internet, social media, observation without direct contact) 4.Step 4: Analyze the Information (or data): interpretation (qualitative) vs. statistics (and/or analytics) 5. Step 5: Present the Findings to the upper management   Marketing Metrics : the set of measures that helps marketers quantify, compare and interpret their performance 1)11 Key Business Performance Metrics You Should Track in 2025 : https://brand24.com/blog/business-performance-m 2) 6 Key Digital Marketing Metrics for 2025 : https://www.adverity.com/blog/6-key-digital-marketing-metrics-for-2025  Read the articles and provide the answers to the questions 1. “The Uncertain Future of Market Research” (Marketing News) : three research methods (i.e., surveys, observation, and experiments) Q1: What are the pros and cons of each research method? Q2: What is the conclusion according to the author based on the answers to Q1? 2. “The Five Biggest Mistakes Companies Make With Customer Surveys”(WSJ) Q: What are the five mistakes?  Recap: the important points: can you explain each of the following with an example? 1.Differentiate between exploratory, descriptive, and causal research approaches. Explain how/when each research technique (e.g., focus group, interview, survey, observational research, and experiment) is used. 2. Describe the differences between qualitative and quantitative research : the purpose and outcome of each research 4.Explain sampling plan: whom should we survey (sampling unit)? how many people should we survey (sample size)? how should we choose the respondents (sampling procedure)? 5. What is a market metric? 6. What is (are) the conclusion(s) of each article? (really important)