MKT 327 Session 4 Notes PDF

Preview

Summary

Marketing reading guide for Harrel's class. All blanks filled in with correct answers from the lectures.. Used for studying for exam one....

Description

Marketing Learning Guide by Gilbert D. Harrell

FIRST NAME: ______________________ LAST NAME: _______________________ MSU EMAIL ADDRESS: _______________________________ COURSE NUMBER (i.e. MKT327, MKT300, etc.): __________________

NEED HELP? [email protected]

Marketing Information and Research

START OF SESSION 4 – (Part 1 of 2) TOPICS: •

The distinction between marketing information systems and research.

•

How data leads to information and the steps in a research project.

•

The difference secondary and primary data and how each is useful in marketing research.

•

Exploratory (qualitative) and conclusive (quantitative) research techniques.

•

Who does marketing research!

•

Three types of big data in marketing research.

© Chicago Education Press

Marketing Information and Research I.

MARKETING INFORMATION SYSTEMS AND RESEARCH

A.

MARKETING INFORMATION SYSTEMS & MARKETING RESEARCH 1. Marketing Information systems (MIS) Ongoing - Monitor and Keep on Track (i.e., Customer Satisfaction) 2. Marketing Research is situation specific studies.

Marketing information systems provide data that is collected and used on a (1)Regular _____________ basis.

Marketing Research (2)________________ __________________ is used when there is a particular circumstance or situation that requires new information (data).

Decision Marketing information systems and marketing research are used for (3)_______________ Making ________________ !

B.

DATA BECOMES INFORMATION 1. Types of Data •

Internal & External

•

Primary & Secondary

Internal (4)______________ data is generated from sources within the company, such as sales data. External Outside data is provided by sources (5)________________ the company, such as industry market share data. Primary Secondary Regarding a research study (6)________________ data is used first and (7)__________________ data is used second.

Secondary (8)_______________ data is already available. 2. Data Analysis 3. Information for decision making

Information Data sorting, statistics and models are used so the data becomes (9)_________________.

© Chicago Education Press

Marketing Information and Research II.

MARKETING RESEARCH A. EXAMPLES OF MARKETING RESEARCH AND DECISIONS Robot Touch Screen & Magic Leap

Product Development Marketing research could be used in (suggest several) (10)______________ _____ _______________; Personal Selling Pricing (11)________________ ___________________; (12)_____________________; Promotion Competition (13)______________________: (14)_____________________. New __ ____ Innovations Marketing research on (15)______ _______________ often is used to identify and evaluate the Functions best potential applications. It also identifies the appropriate features, (16)______________ and benefits.

III.

THE MARKETING RESEARCH PROCESS

A.

PROBLEM DEFINITION AND RESEARCH DESIGN EXAMPLE OF A TYPICAL PROCESS 1. Decisions – 2. Information – 3. Sources of information – 4. What the research will look like --

Decision Makers Researchers work with (17)______________ ______________ and ask what types of decisions are Definition likely to be made. This is called (18)Problem _______________ _______________ and is followed by the research design.

Information Researchers determine what (19)________________ will be most useful in making those decisions. Researchers (20)___________________ determine the sources of the information.

© Chicago Education Press

Marketing Information and Research B.

EXPLORATORY RESEARCH 1.

Purpose a.

Identify Opportunity / Problem

b.

Give Possible Explanations and Solutions

c.

Formulate Hypothesis

Qualitative Is exploratory research qualitative or quantitative? It’s (21)____________________________. Exploratory research is designed to identify underlying (22)Problems ________________ and

Opportunities (23)_______________. Educated A hypothesis is an (24)________________ guess … about what is going on.

2.

Methods include focused groups, depth interviews and observation a.

Focus Groups 1.

Structure and General Approach • • • •

6-10 people # of Groups Sampling Unit Homogenous vs. Heterogeneous

two groups for each market segment being investigated. There should be at least (25)_____ group When using focus groups, the sampling unit is the (26)__________________. So, the focus group small technique involves very (27)___________ samples. In order to obtain more depth, researchers use (28)homogenous ____________________ people to comprise a group. 2.

Moderator’s Role • Open Ended Questions

© Chicago Education Press

Marketing Information and Research • Problem Solving • The Snowball

explore The moderator should facilitate so participants (29)______________ a topic in-depth. When the output of one focus group becomes the input for a second group we have

snowballing (30)__________________. C.

CONCLUSIVE MARKETING RESEARCH 1.

Purpose a. Choice of Best Option b. Hypothesis Testing

quantitative Is conclusive research qualitative of quantitative? Conclusive research is (31)____________________ . conclusive (32)_____________________ research helps quantify what was learned in exploratory research. 2.

Census and Surveys i. Census

. ii. Sampling • •

Probability Non-Probability

entire sample A census covers the (33)___________ population being studied. No (34)_____________ is used. census Responses from all people in the population are included in a (35)_____________. samples . part Surveys cover (36)___________ of the population being studied. Surveys use (37)___________ inferences Probability sampling allows us to make (38)_____________________ about the population being studied.

confident Probability sampling also provides estimates of how (39)__________________ we can be about the results.

survey monkey (40)___________ ______________ (online) provides a relatively inexpensive tool for survey research.

© Chicago Education Press

Marketing Information and Research

START OF SESSION 4 – (Part 2 of 2) IV.

COMPLETING MARKETING RESEARCH & BIG DATA

A.

EXAMPLE OF AN EXPLORATORY AND CONCLUSIVE RESEARCH PROJECT Exploratory Research 1. Focused Groups – 2 per segment 2. Individual Depth Interviews – 20 Personal interviews Conclusive Research 3. Phone or Web Survey -- 400 interviews

Exploratory conclusive (41)______________________ research is more expensive than (42)_____________________ research.

exploratory The greatest understanding generally comes from (43)__________________ research. Conclusive exploratory research is often used to make quantitative estimates of what is learned in (44)__________________ research.

B.

WHO DOES RESEARCH? 1. In-company researchers. 2.

External research agencies and companies.

In-company (45)_____________________ research is headed by experienced personnel who report to top executives.

External (46)_____________________ research is done by consulting companies, full-service research firms and syndicated data companies.

© Chicago Education Press

Marketing Information and Research C.

BIG DATA & MARKETING RESEARCH • •

Vast amount of data Can be analyzed to reveal trends

1. Descriptive Analytics 2. Predictive Analytics

3. Prescriptive Analytics

Big Data (47)_________ ________________ is vast amount of data continually generated by society. Marketing Researchers Using big data, (48)_____________ _____________ employ artificial intelligence and additional advanced techniques to recommend decisions in a broad range of areas.

Descriptive analytics describe marketing phenomenon and give statistics on percentages. (49)______________ Predictive analytics forecast what is likely to happen. (51)_______________ Prescriptive analytics make (50)___________ recommendations about what decisions should be made.

© Chicago Education Press

Marketing Information and Research Session 4 Answer Key: 1. REGULAR 2. MARKETING RESEARCH 3. DECISION MAKING 4. INTERNAL 5. OUTSIDE 6. SECONDARY 7. PRIMARY 8. SECONDARY 9. INFORMATION 10. PRODUCT DEVELOPMENT 11. PERSONAL SELLING 12. PRICING 13. PROMOTION 14. COMPETITION 15. NEW INNOVATIONS 16. FUNCTIONS 17. DECISION MAKERS 18. PROBLEM DEFINITION 19. INFORMATION 20. RESEARCHERS 21. QUALITATIVE 22. PROBLEMS 23. OPPORTUNITIES 24. EDUCATED 25. TWO 26. GROUP 27. SMALL 28. HOMOGENEOUS 29. EXPLORE 30. SNOWBALLING 31. QUANTITATIVE 32. CONCLUSIVE 33. ENTIRE 34. SAMPLE 35. CENSUS 36. PART 37. SAMPLES 38. INFERENCES 39. CONFIDENT 40. SURVEY MONKEY 41. EXPLORATORY 42. CONCLUSIVE 43. EXPLORATORY © Chicago Education Press

44. 45. 46. 47. 48.

EXPLORATORY IN-COMPANY EXTERNAL BIG DATA MARKETING RESEARCHERS 49. DESCRIPTIVE 50. PREDICTIVE 51. PRESCRIPTIVE...