Professional Documents
Culture Documents
Week 4 Chapter 7 (Part 2)
Week 4 Chapter 7 (Part 2)
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- Research needs to be ongoing
Marketing Research
- Advanced market research & technology
- Virtual solution tools as a means of testing
- Large companies such as Proctor & Gamble (P&G) rely on this technology
- Improved insights into consumer responses
- Better service = better profits!
Marketing Research
- Consists of a set of techniques and principles for systematically collecting, recording,
analyzing and interpreting data that can aid decision makers involved in marketing
goods, services or ideas
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- Converting data into information to explain, predict and/or evaluate a particular situation.
Secondary Data
- Can be free or very inexpensive to obtain
- External sources:
- census data, trade journals, books, articles, reports
- can also be purchased from specialized research firms
- Downside: may not be specific or timely enough to solve the research needs
- Internal sources:
- From the company/firm itself
- Invoices, customer lists, other reports created by the firm
- Firms use data mining techniques to decipher large amounts of data
- Downside: may not be the data you need or the right data
- Secondary data has already been collected, its good, its fast, cheaper. Might not be
specific enough
Qualitative Research
Quantitative Research
- Information confirms early insights
- Uses surveys, formal studies, scanner & panel data
- Test the prediction or hypothesis
Web Surveys
- An important component of all quantitative surveys
- Ability to quickly design, launch, download & analyze data
- SurveyMonkey & Qualtrics are two popular online surveys
- Response rates are relatively high vs. other methods
Eyetracking
- How long each person looks at certain parts of a website
- If eye movement is scattered the website could be too messy
- Turn into heatwaves- areas where the eyes look vs not
- Used for advertising
Experimental Research
- systematically manipulates one or more variables to determine which variable(s) have a
causal effect