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V I SUA L chapter 1 4 & AU D I O STU DY CA R D Market Research Explain the use and benefits of a marketing information system and market research. marketing information system (MIS) A set of procedures and processes for collecting, sorting, analyzing, and summarizing information on an ongoing basis 5 List and describe the research tools available to marketers. 6 Describe the advantages and disadvantages of primary research tools. l 2 l Understand the importance and challenges of market research to companies. Market research is the process of defining a marketing problem or opportunity, systematically collecting and analyzing information, and recommending actions to improve an organization’s marketing activities. market research The process of collecting and analyzing information in order to recommend actions to improve marketing activities 3 Differentiate between exploratory, descriptive, and causal research. Primary research data consists of qualitative or quantitative studies. Qualitative studies include focus groups, in-depth interviews, online communities/ bulletin boards, and social listening. Quantitative studies include surveys, experiments, and observations. l Secondary research data consists of internal company reports and external online and offline published studies. Figure 4–4 Quantitative research: Comparing techniques TECHNIQUE EXAMPLES ADVANTAGES DISADVANTAGES Observations •Portable People Meters •Google Analytics •Personal observations of consumer interactions •Social listening •Store scanner information •Reflect actual behaviour •Highly accurate when collected by machines •Mechanical observations reduce interviewer bias •Appropriate when respondents cannot clearly articulate opinions •Do not indicate why consumers behave as they do •Do not provide data on attitudes and opinions •Different researchers may interpret behaviour differently •May require further explanation •Ethical questions exist around privacy issues Surveys •Personal interviews •Central location interviews such as mallintercepts •Mail questionnaires •Telephone interviews •Internet surveys •Can ask numerous questions •Questions are standardized •Interviewers can often probe for in-depth answers •Questions can be administered via e-mail, mail, telephone, the Internet, or in person •Results can be biased by the methodology •Results can be influenced by the interviewer •Can be expensive and timeconsuming Experiments •Test markets •Simulated test markets •Lab experiments •Researchers can change key variables and measure results in a controlled setting •Can avoid costly failures by allowing marketers to modify marketing programs prior to full launch •Can provide a more accurate reflection and predictor of consumer behaviour than other forms of research •Can be expensive and timeconsuming •Results can be difficult to interpret •Actual test markets may be visible to the competition •Difficult to find a representative sample causal research Research designed to identify cause-and-effect relationships among variables descriptive research Research designed to describe basic characteristics of a given population or to clarify their usage and attitudes exploratory research Preliminary research conducted to clarify the scope and nature of the marketing problem 4 l l l l l l Identify the step-by-step market research approach. The first step in the research process is describing the problem, issue, or opportunity and establishing the research objectives. The second step involves designing the research plan. This involves identifying the required information and designing methods to gather it. During the third step, exploratory research is conducted. The fourth step involves collecting quantitative research information. The fifth step is when the data is analyzed and interpreted. The final step is when the information is translated into reports that include research highlights, necessary details, and recommendations for future actions. Figure 4–1 non-probability sampling Selecting a sample so that the chance of selecting a particular element of a population is either unknown or zero objectives Specific measurable goals probability sampling Selecting a sample so that each element of a population has a specific known chance of being selected sampling The process of gathering data from a subset of the total population rather than from all members of that particular population The basic market research process 1 Define problem/issue/opportunity 2 Design the research plan 3 Conduct exploratory and qualitative research (secondary data and primary data) Collect exploratory secondary data (sources such as internal company reports and external online and offline published reports) Collect exploratory primary data (sources such as focus groups, in-depth interviews, online communities, bulletin boards, and social listening) 4 Collect quantitative primary research (online and offline approaches such as surveys, experiments, and observations) 5 Compile, analyze, and interpret data 6 Generate reports and recommendations experiment In marketing, changing a variable involved in a customer purchase to find out what happens focus group A research technique where a small group of people (usually six to ten) meet for a few hours with a trained moderator to discuss predetermined areas in-depth interview A detailed interview where a researcher questions an individual at length in a free-flowing conversational style in order to discover information that may help solve a marketing problem observational research Obtained by watching how people behave either in person, or by using a machine to record the event omnibus survey The voluntary participation of respondents in routine research surveys that allow marketers to add a small number of questions to an existing survey to receive cost-effective data online research communities The use of consumer groups, brought together privately in an online environment, to answer questions, respond to ideas, and collaborate with researchers in real time online research bulletin boards Private online static forums, without realtime dialogue and engaging conversations, where respondents can post their responses to questions posed by researchers panel A sample of consumers or stores from which researchers take a series of measurements primary data Information that is newly collected for a project qualitative research A form of research that uses focus groups and in-depth interviews to provide insightful and directional information that is not statistically accurate quantitative research Statistically reliable information that uses observational and/or questioning techniques questionnaire A means of obtaining information by posing questions in person, through the mail, the telephone, e-mail, fax, or the Internet Figure 4–5 Advantages and disadvantages of survey techniques SURVEY TECHNIQUE ADVANTAGES DISADVANTAGES Personal interview •Can probe for detailed responses •Can demonstrate marketing programs •Can result in high levels of accuracy •Time-consuming •Expensive •Interviewers can bias responses Telephone survey •Can be conducted quickly and cheaply •Computerized techniques allow for randomized calling •Appropriate when data is needed quickly •People are reluctant to participate •Low response rates •Call-display features screen-out calls •Increasing number of people with no home phone •Interviews are limited to 5–10 minutes •Interviewers can bias responses •Questionable representativeness of samples Mail survey •No interviewer bias •Useful for national surveys •If using a panel, can track changes over time •Can be affordable if part of a syndicated or omnibus survey •Lengthy time-lag for data collection •Low response rates •Questionable data accuracy •Inability to probe respondents Internet survey •No interviewer bias •Can be conducted quickly and cheaply •Efficient for electronic data collection •High Internet penetration can lead to good sampling •Can easily target customer databases •Useful for national surveys •If using a panel, can track changes over time •Can be affordable if part of a syndicated or omnibus survey •Difficult to verify respondents’ identity •Questionable data accuracy due to anonymity •Inability to probe respondents •Difficult to provide incentives for completion •Some debate over sample representativeness social listening Research that monitors public online consumer conversations on social media sites such as social networks, blogs, and forums secondary data Facts and figures that have already been recorded by a third party syndicated studies A hybrid of primary and secondary research whereby the cost of a research study is shared among clients and made available at a price to interested parties test market A small localized region used to help determine whether consumers will buy a new product or brand, or shop at a new store concept