L1 Marketing Research Process Flashcards Preview

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Flashcards in L1 Marketing Research Process Deck (16)
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1
Q

What is Marketing Research

A

Planning, collection, and analysis of data relevant to marketing decision making and the communication of these results to management

  • applied research
2
Q

Does information equal knowledge?

A

NO. Data must be interpreted to provide useful insights

3
Q

What is applied research?

A

Solving a specific problem and not about finding a general solution - that would be basic research (What academics do)

4
Q

Types of applied research

A
  • Programmatic Research
  • Selective Research
  • Evaluative Research
5
Q

Programmatic Research

A
  • use it when developing strategies and products (find out how similar products performed in the past; general market potential; consumer needs)
6
Q

Selective Research

A

Test decision alternatives

-> AB testing or an experiment

7
Q

Evaluative Research

A

Track performance of an actual product or campaign and see how if it reaches its goal

8
Q

Steps of Marketing Research

A
  1. Identification of the problem and statement of the research objectives
  2. Creation of the research design
  3. Choice of method or research
  4. Selection of the sampling procedure
  5. Collection of data
  6. Analysis of data
  7. Writing and presentation of the report
  8. Follow-up
9
Q

Decision vs. Research Problem?

A

Decision Problem: What shall we do?
Research Problem:
What information do we need?

10
Q

Example Decision Problem:

Should Philips invest in designing better 3D TVs?

What would the Research Problem be?

A

Are consumers likely to purchase better 3D TVs?

11
Q

Primary data

A

new data gathered to help solve the problem

12
Q

Secondary data

A

Data that have been previously gathered

13
Q

Exploratory Research

main goal?

A

= qualitative

main goal: obtaining insights to clarify problems

14
Q

Typical methods of exploratory research

A
  • Focus groups
  • In-depth interviews
  • Observations (ethnography)
15
Q

Conclusive Research main goal?

A

= quantitative

main goal: obtaining definitive answers

16
Q

Categories of Conclusive research

A
Descriptive Research (who, when, where, what, how much...)
and Causal Research (why)