Summary: Market Research

Read the summary and the most important questions on market research

• 1 market research

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• Paradox of Choice (optimizers vs. satisficers)

  Barry Schwarts, most people don’t want more option; they just want what they want
  Optimizers= people paralyzes by the fear that if they waited a little longer or searches hard, they could find what they think they want at the best price
  Satisficers= given up on making consumer decisions and will put up with whatever works

• Progression of Value (commodities > … > experiences)

  Fundamental shift in how we experience the world from primarily functional to primarily emotional
  Experiences=people shift from passive consumption to active participation

• Stages in the Research Process

  1.Defining research objectives
  2.Planning a research design
  3.Planning a sample
  4.Collecting data
  5.Analyzing data
  6.Formulating conclusions and preparing a report

• 4 Characteristics (relevance, completeness, quality, timeliness)

  Relevance= reflects the pertinence of the particular facts
  Completeness=having the right amount of information Data quality= degree to which data represent the true situation
  Timeliness=data are current enough to still be relevant

• Proprietary marketing research

  research projects conducted to study specific company problems generate data. Emphasizes the gathering of the new data

• Push vs. Pull technology

  Pull= the consumer asking for the data
  Push= sends data to a user without a request being made

• Marketing vs. Predictive Analytics

  Marketing= general term that refers to efforts to measure relevant data and apply analytical tools in an effort to better understand how a firm can enhance marketing performance.
  Predictive=system linking computerized data mined from multiple sources to statistical tools that can search for predictive relationships and trends.

• Focus Groups pros/cons

  An unstructured free flowing interview with a small group 6-10 led by a moderator who encourages dialogue among respondents
  Advantages:
  ·Relatively fast
  ·Easy to execute
  ·Allow respondents to piggyback off each others ideas
  ·Provide multiple perspectives
  ·Flexibility to allow more detailed descriptions
  ·High degree of scrutiny
  Disadvantages:
  ·Require objective, sensitive, and effective moderators
  ·May have unique sampling problems
  ·May not be useful for discussing topics in face to face situations
  ·Cost a considerable amount of money

• Free Association and Sentence-Completion Methods

  Free association:
  Record a respondents first cognitive reaction to some stimulus. Allows researchers to map a respondents thought or memory’s
  Sentence completion:
  People who drink beer are____________
  A man who drinks a dark beer is _______

• Pros/Cons of Secondary Data

  Advantages: available, faster and less expensive than acquiring primary data, requires no access to subjects, inexpensive, may provide information otherwise not accessible
  Disadvantages: uncertain accuracy, data not consistent with needs, inappropriate units of measure, time period inappropriate(outdated)