What is the 7 step process to Market research?
1.
2.
3.
4.
5.
6.
7.
1.
2.
3.
4.
5.
6.
7.
1. Problem
2. Plan Design
3. Specify Sampling Procedure
4. Collect Data
5. Analyze Data
6. Prepare/Present Report
7. Follow up (did the research improve our sales?)
2. Plan Design
3. Specify Sampling Procedure
4. Collect Data
5. Analyze Data
6. Prepare/Present Report
7. Follow up (did the research improve our sales?)
1) Problem: Identify the key (2 words) . Usually TM or . Translate into a research . The Marketing Research is to provide insightful decision making information to solve the marketing research problem.
marketing decision
4 P's
problem
objective
4 P's
problem
objective
What are some advantages and disadvantages to secondary data?
Adv:
cheaper
saves time
can help formulate problem statement
can help target people and their locations
Disadvantages:
difference between researcher's unique problem and the way the data was originally gathered
cheaper
saves time
can help formulate problem statement
can help target people and their locations
Disadvantages:
difference between researcher's unique problem and the way the data was originally gathered
2) (2) : Specifies which research questions must be answered, how and when the data will be gathered, and how the data will be analyzed; project budget usually finalized after the research design has been approved.
Plan Design
Primary Data: Advantages and Disadvantages.
3:2
3:2
Advantages:
will answer specific question
current
secrecy can be maintained
Disadvantages:
expensive
time consuming
will answer specific question
current
secrecy can be maintained
Disadvantages:
expensive
time consuming
What is a Mail Panel?
A sample of households participate for a given period of time, panel members receive gifts for participation.
What are executive interviews? What are the disadvantages?
interview of business people at their offices concerning industry
cancellations and long waits and expense
cancellations and long waits and expense
What is a focus group?
7-10 people participate in a group setting led by a moderator. Incentives are usually offered. Often used to gauge customer response to a product or promotion or brainstorm new ideas or concepts.
What are the three methods of collecting primary data?
survey, experiment, observation
In experiments, what is routinely changed? Which is the most commonly changed of these?
One of the four P's
sales
sales
What are 3 issues with surveys?
Interview bias
"Sugging" - selling under the guise of research
consumer unwillingness to participate
"Sugging" - selling under the guise of research
consumer unwillingness to participate
What are three ways to get people to participate in surveys?
1. offer incentives
2. hit close to home
3. guilt trip (quarter on back of survey)
2. hit close to home
3. guilt trip (quarter on back of survey)
How does the Likert Scale work/What is it?
<<<strongly agree - - - agree - - - disagree - - - strongly disagree>>>
How does Semantic Differential work/What is it?
a series of word opposites
The food at Wendys was:
Good
Aweful
Tasty
bad
The food at Wendys was:
Good
Aweful
Tasty
bad
What is the Projective Technique?
If President Adams were a car, what type would he be?
What are the four types of questions to avoid?
1. Leading
2. Loaded
3. Double Barreled
4. Jargon/Inappropriate terminology
2. Loaded
3. Double Barreled
4. Jargon/Inappropriate terminology
3) Specify: Who do you target? If your sample must be representative of the population, you should use a sample. If not, you should use a sample. Under which are convenience and random samples?
Probability Sample
Non-probability Sample
Random sample is a probability sample. Convenience is a Non-probability sample.
Non-probability Sample
Random sample is a probability sample. Convenience is a Non-probability sample.
What are the two types of errors in samples? Which is larger?
Measurement error - difference b/w the info desired and the info provided by the measurement process, Larger
Sampling error - sample somehow does not represent target population
Sampling error - sample somehow does not represent target population
What are the three Sampling errors and definitions?
Nonresponse error - people don't respond
Frame error - sample drawn from population differs from target population
Random error - selected sample is imperfect representation of overall population
Frame error - sample drawn from population differs from target population
Random error - selected sample is imperfect representation of overall population
4) Collect Data: Often . This is done through a (2 words) firm.
Outsourced
field service firm
field service firm
5) Analyze Data: Interpret and draw conclusions from data. What are two techniques for analyzing data?
One-way frequency counts - record responses to a question
Cross-tabulation - compare responses of one question to another's
Cross-tabulation - compare responses of one question to another's
7) Follow Up: Researches should determine...
...why management did or did not carry out the recommendations in the report.
What is the impact of the internet on Marketing Research?
Today, about 1/x of the world's population is online. % of the US. More than 90% of America's marketing research companies conduct some form of online research.
Today, about 1/x of the world's population is online. % of the US. More than 90% of America's marketing research companies conduct some form of online research.
1/5th of world's population
70% of US
70% of US
Internet questions can be highly . They can be completed at the respondent's .
personalized
convenience
convenience
6) Prepare and Present: Prepare and present a for management with recommendations.
report
Examples of research are Mystery shoppers, People watching people, machines watching people, Ethnographic research, and Virtual shopping.
Observational
What is Scanner based research?
system for gathering info from a single group of respondents by continuously monitoring the advertising, promotion, and pricing they are exposed to and the things they buy
Define a product.
Everything, both favorable and unfavorable, that a person receives in an exchange. These include services.
What are the two types of products? How are they differentiated?
Business products - use to manufacture other goods or services, to facilitate an organization's operations, or to resell to customers
Consumer products - used to satisfy an individual's want
differentiated by intended use.
Consumer products - used to satisfy an individual's want
differentiated by intended use.
What are the four types of consumer products? define each, give examples
Convenience - duh (candy, soda)
Shopping - usually more expensive than convenience; further broken down into Homogenous and Heterogeneous products. (tv, washer dryer, furniture)
Specialty - reluctant to accept substitutes for; brands important
Unsought - unknown product or product buyer does not actively seek (funeral stuff, insurance, preparation H)
Shopping - usually more expensive than convenience; further broken down into Homogenous and Heterogeneous products. (tv, washer dryer, furniture)
Specialty - reluctant to accept substitutes for; brands important
Unsought - unknown product or product buyer does not actively seek (funeral stuff, insurance, preparation H)
Give of an example of a Product item, line, mix, mix width (breadth), and line depth.
Cambel's cream of chicken
Cambel's soups
All the products Cambels sells
the number of product lines Cambels sells: soups, sauces, entrees, etc.
number of items in a product line
Cambel's soups
All the products Cambels sells
the number of product lines Cambels sells: soups, sauces, entrees, etc.
number of items in a product line
What are some benefits of product lines?
Advertising economies of scale
package uniformity
standardized components
efficient sales and distribution
equivalent quality
package uniformity
standardized components
efficient sales and distribution
equivalent quality
What are four benefits of branding?
1. Product identification (most important)
2. Repeat sales >>> brand loyalty
3. New-product sales
4. brand equity
2. Repeat sales >>> brand loyalty
3. New-product sales
4. brand equity
What is a Private Brand? What is a Captive Brand?
Private - private label or store brand; brand name owned by wholesaler or retailer
Captive - brand manufactured by a third party exclusively for a retailer (ex: only at Walgreen's brand)
Captive - brand manufactured by a third party exclusively for a retailer (ex: only at Walgreen's brand)
What is a trademark?
an exclusive right to use a brand or part of a brand; other cannot use brand without permission
What does the Magnuson-Moss Warranty do?
It helps consumers understand warranties and get action from manufacturers and dealers; must meet minimum standards
What are the 5 categories of new products?
New to the world
New product lines
additions to existing product lines
improvements or revisions of existing products
lower priced products
New product lines
additions to existing product lines
improvements or revisions of existing products
lower priced products
What are the seven steps to the New Product Development Process? What is the most important factor in the launch of a new product?
New Product Development Process
1) New Product Strategy - strategy for how new products will fit into overall corporate success
2) Idea Generation - come up with ideas, DON'T SCREEN THEM
ideas come from employees, customers, vendors, competitors, R&D, and consultants
3) Idea Screening - eliminate ideas inconsistent or inappropriate, legality
Concept tests are used to gauge consumer's acceptance
4) Business Analysis - Will the numbers work? Demand, cost, sales, profitability
5) Development - prototype created, testing, gov. approval, detailed marketing strategy; represents a significant cost commitment
6) Test Marketing - limited introduction to determine consumer reactions
disadvantages: element of surprise lost and competitor sabotage
7) Commercialization - decision to market a product
production begins, inventories build, train sales force, advertising
The Most important factor in successful new product introduction is a GOOD MATCH BETWEEN THE PRODUCT AND THE MARKET NEEDS.
1) New Product Strategy - strategy for how new products will fit into overall corporate success
2) Idea Generation - come up with ideas, DON'T SCREEN THEM
ideas come from employees, customers, vendors, competitors, R&D, and consultants
3) Idea Screening - eliminate ideas inconsistent or inappropriate, legality
Concept tests are used to gauge consumer's acceptance
4) Business Analysis - Will the numbers work? Demand, cost, sales, profitability
5) Development - prototype created, testing, gov. approval, detailed marketing strategy; represents a significant cost commitment
6) Test Marketing - limited introduction to determine consumer reactions
disadvantages: element of surprise lost and competitor sabotage
7) Commercialization - decision to market a product
production begins, inventories build, train sales force, advertising
The Most important factor in successful new product introduction is a GOOD MATCH BETWEEN THE PRODUCT AND THE MARKET NEEDS.
What are the five categories of adopters?
1. Innovators - first 2.5%
2. Early adopters - new product's best friends
3. Early Majority
4. Late majority
5. Laggards - final 16%
2. Early adopters - new product's best friends
3. Early Majority
4. Late majority
5. Laggards - final 16%
Kartensatzinfo:
Autor: savhighsmith
Oberthema: Economics
Thema: Marketing
Schule / Uni: UGA
Ort: Athens
Veröffentlicht: 14.12.2010
Tags: Emmelhainz, Fall 2010
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