MKTG202 Cheat Sheet

3 Found helpful • 3 Pages • Topic Notes • Year: Pre-2021

Marketing research is the systematic and objective process of generating information for aid in making marketing decisions. • Specifying the information required to address market issues • Designing the method for collecting infor • Managing and implementing the data collection process • Analysing the results • Communicating the findings and their implications. Basic Research: Expand the limits of knowledge and to learn more about a certain concept,Not aimed at solving a particular problem,Verify the acceptability of a given theory Applied Research: Conducted when a decision must be made about a specific real-life problem,Aimed to understand and answer questions about specific problems,Undertaken to make decisions about particular courses of action or policies Measurement − Continuous: Infinite number of values − Categorical/classificatory: Limited number of distinct values Data + Analysis + Context = Information Research design:1.exploratory RDsmall sample-second data and qualitative data 2.conclusive RDlarge sample-descriptiveR-causalR Exploratory research is a great first step: When there is limited knowledge about a research issue When we want to achieve greater understanding of a concept or a problem Goal:EXPLORE the research territory!Most is not quantitative. Qualitative Research: Focus is on in‐depth understanding and insight, rather than on more generalisable findings associated with quantitative research. • Relies more on the skill of the researcher to extract meaning that is actionable from unstructured responses (text, interview, stories, video recording, transcripts) Use When a researcher has limited amount of experience or knowledge about a research issue purposes: • diagnosing a situation • screening alternatives • discovering new ideas. Concept testing: Evaluate ideas by providing evidence of market potential prior to investment in R&D, manufacturing, marketing, etc. Aim: to test stimuli as a proxy for a new, revised or repositioned product Qualitative research-focus group, depth interview, projective techniques focus group: used for exploratory research,An unstructured, free‐flowing interview with a small group, Format: 8‐10 individuals (or 4‐5 for mini‐groups) from target market • Duration: About 1‐2 hrs long, incentives for participants • Tools: products, product concepts, ad copy, questionnaires • Client report: • Moderator’s subjective assessment • Video and Transcript of the discussion Advantages of focus groups: Synergy, Snowballing, Serendipity, Stimulation Speed, Security, Spontaneity, Specialisation, Structure, Scientific scrutiny Shortcomings of focus groups: Focus groups require sensitive and effective moderators, Sampling and screening Depth interviews:one to one, inderstanf detail behavior. A relatively unstructured extensive interview in which the interviewer asks many questions and probes for in‐depth answers +Considerable insight-Do not generalize, expensive, depends on interviewer skills, subjects Projective Techniques: An indirect means of questioning that enables a respondent to project beliefs and feelings onto a third party, an inanimate object or task situation

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