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Chapter 1 - 6 MKT 400 (Marketing research for Managerial decison Making…

- - - - The fuction that links an organization to its market through gathering informations
      - Fuctions
        
        Identification and definiton of market-driven opportunites and problems(New product opportunites)
        
        Monitoring of marketing Performance(Ex Sales trends)
    - - Product: New Product development and introduction, branding, product postioning
      - Place/distribution: Choosing and evaluating locations, channels, and distributin partners, retailing dynamics(Store image/perception, in store traffic patterns)
      - Promotion: Advertising effectiveness, attitudes, sales tracking
      - Price: Demand/sales forecasts at particular prices, demand sensitivity based on customer segments, opportunity for price differentiation
      - People(Existing and Potential Customers and Consumers) segmentation, benefit and lifestyle analyses, satisfaction, consumer culture/subculture
      - Theoretical/Academic: Adoption, Choice Paradox
        
        Choice Paradox: Consumers are more likely to buy when they are offered less choices.
    - - Internal: reside within a company(IBM, Procter and Gamble, Kraft Foods)
      - External: Proposal and fee based, more objective and flexible
      - Customized: Offers specific functions(Brand name testing, new product development)
      - Standardized: Follows and establised, common approach for comparison(Ac Nielson reports, Arbitron ratings for radio)
      - Brokers/Facilitators: Create databases and provide industry/product data(Sales data for snack foods or cars)
      - Unethical Practices
        
        Research providers below professional standars, respondent abuse, violations of privacy on the internet
        
        Clients: Requesting research proposals with no intent to follow through, promising more business never materializing to secure low cost research services, exagerating research findings
        
        Respondents: Providing dishonest answers(Social Desirability) faking behaviors
        
        Esomar Code of Ethics
        
        Market researches will conform to all relevant national and international laws
        
        Market researches will behave ethically and will not do anything that might damage the repuation of market research
        
        Market Resarches will tae special care when carrying out research amoung children and other vulnerable groups of the populations
        
        Respondents cooperation is voluntarty and must be based on adequate and not mislead information about the general purpose and nature of the project when their agreement to participate is being obtained and all such statements must be honored
        
        The rights of the respondents as private individuals will be respected by market researches and they will not be harmed or disadvanted as the result of cooperating in a market research project
        
        Markt reserach will never allow personal data they collect in a market research to be used for any purpose other than market research
        
        Market researchers will ensure that projects and activiites are designed carried out reported and documented accurately transparently objectively and to appropirate quaility
        
        Market researches will conform to the accepted principles of fair competition
    - - How to determined the need for marketing research? Determine the interal resources.
        
        Can the problem and or opporunity be addressed based on past experience and managerial judgement?
        
        Can the problem and/or opportunity be solved using existing information? (Secondary data vs primary data)
        
        Secondary Data: Data gathered for some other purpose than the immediate study
        
        Internal secondary Data: Data existing in the organization previous marketing research results, sales reports, account reports, consumer comments, employee interviews
        
        External Secondary Data: Data collected by other organizations, eg goverments, trade associations, non profit organizations
        
        Popular Sources: Bloomber businessweek, Harvard business review, Forbes, BBC, Economist, Wall Street Journal
        
        Scholarly Sources - Google Scholar, JSTOR
        
        Government Sources: Census.gove, Catalogue of government, publications
        
        Commerical Sources(Syndicated Data): Consumer panels(Media panels), Store audits / opitcal - scanner reports
        
        Key Descriptive Variables Secondary Data Provides
        
        Demographics: Population growth actual and projected, population density, in migration and out migration patterns, population trends by age, race, and ethnic background
        
        Economic Data: Personal Income levels per capita and median, Types of manufacturing and service firms, Total housing stats, Building Permits issued, Sales tax rates
        
        Employment Characteristics: Labor force growth, unemployement levels, percentage of employement by occupation categories, employement by industry
        
        Competitive Characteristics: levels of retail and wholesale sales, number and types of competing retailers, availability of financial insitutions
        
        Supply Characteristics: Number of distribution facillities, cost and deliveries, Level of rail water and road transportation
        
        Internation market characteristics
        
        Regulations: Taxes, Licensing, Wages, Zoning
        
        How to Evaluate Secondary Data Sources
        
        Purpose
        
        Accuracy
        
        Consistency
        
        Credibility
        
        Methodology
        
        Bias
        
        Primary Data: Data gathered by the organization to answer a current research question
        
        Is adequate informationa vailable within the company's internal record systems to address the problem?
      - How to determine the need for marketing research? Look outside
        
        Is there enough time to conduct the necessary research before the final managerial decision must be made?
        
        Do the benefit of having the additional information outweigh the cost of gathering the information?
        
        Will the research provide useful feedback for the decison Making?
        
        Will this research give our competitors too much information about our strategy?
      - Steps
        
        Phase 1
        
        The Research process Phase 1 - Determine the Research Problem
        
        Step 1
        
        Purpose for the reserch
        
        Understand the complete problem situation
        
        Identify and seperate out symptoms
        
        Determine the unit of analysis(Individuals, households, organizations)
        
        Iceberg Top part of hit showing: Unhappy Customers, Decreased market Share, Loss of Sales, Low Traffic, Obvious Measurable symptoms
        
        Identify and Clarify Information Needs (Clients vs Researchers)
        
        Step 2
        
        Define the Research Question
        
        A review of the literature uncovers relevant theory and variables Business Problems - > Research Question How, What, Where, When, Why
        
        How do customers evaluate Lowes retail outlets on stores/operation apsects
        
        Step 3
        
        Specify Research Objectives and Confirm the Information Value
        
        Data - > Knowledge - > Decision Making
        
        Can the information be collected at all?
        
        Can the information tell the decison maker something not already known?
        
        Will the information provide significant insights?
        
        What benefits will be delivered by this information?
        
        Step 4
        
        Determine the Research Design and Data Sources
        
        Data types
        
        Secondary
        
        Primary
        
        Data collection Method
        
        Survey: Collecting quantitative data from a large group of people through the question/answer process
        
        Person-administrated surveys: in home in office maill intercept
        
        Telephone Administrated Surveys: by person; computer assisted telephone interviews mobile phone surveys
        
        Self administered surveys: Mail drop off online
        
        observation
        
        in-depth interview
        
        Categories of Research:
        
        Exploratory
        
        Descriptive
        
        Casual
        
        Qualatative vs Quantitative
        
        Qualitative: Utilizes data in the form of text and/or images using open ended questions, observation or found data
        
        Goals/ Objective: Discovery/identification of new ideas, thoughts, feelings; preliminary understanding of relationships; understanding of hidden psychological and social processes
        
        Type of Research: Exploratory
        
        Types of Questions: Open-ended, unstructured, porbing
        
        Time of exectuion: Relatively short time frame
        
        Representativeness: Small samples, only the sampled individuals
        
        Type of analysis: Interpretative
        
        Researcher skills: Interpersonal communication, observation, interpretation of text or visual data
        
        Generalizability: May be limited
        
        Data collection methods: indepth interviews 1. understand intial questions/problems 2. create a set of research questions 3. decide on the best environment for conducting the interview 4. select the screen the respondents 5. respondent greeted, given interviewing guidelines, and put at ease 6. conduct the in-depth interview 7. analyze respondent's narrative responses 8. write summary of results.
        
        1 more item...
        
        Quantitative: Uses formal questions and predetermined response options in a questionaires to large number or respondents
        
        Goals/Objectives: Validation of facts, estimates, relationships
        
        Types of research: Descriptive and casual
        
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        types of questions: mostly structured
        
        time of exectuion: typically significantly longer time frame
        
        Representativeness: Larger samples, with proper sampling can represent population
        
        Type of analysis: Statistical, descriptive, casual predictions
        
        Researcher skills: Statistical, descriptive, casual predictions
        
        Generalizability: Generally very good, can infer facts and relationships
        
        Phase 2
        
        Select the Research Design
        
        Step 5
        
        Develop the Sampling Design and Sample Size
        
        The sample must be represenative
        
        Target Population
        
        Census: All the members
        
        Sample: Representative Portion
        
        Sample Size: Impacts generalizability & accuracy of findings
        
        Step 6
        
        Examine the Measurement issues and Scales
        
        Abstract concepts: Customer satisfaction, service quality Single vs Multiple items
        
        Step 7 Design and pretest the Questionnaire
        
        Clarity of instructions and items, sequrence of topics and questions, format of questions, anything that might cause confusion
        
        Phase 3
        
        Step 8: Collect and Prepare Data
        
        Utilizing interviewers(Face to face, Telephone) vs Self-completion questionnairs
        
        Observing individuals, groups, market phenomena
        
        Step 9: Analyze Data
        
        Descriptive statistics(Mean, mode) Distribution/trend graphics, multivariate
        
        Step 10: Interpret data to create knowledge
        
        Generating conclusions to help decision making
        
        Phase 4: Communicate the results
        
        Summary for the management
        
        Non-technical language
        
        Data -> Knowledge -> Decision-making
- - - - Positive Relationships: When to variables increase or decrease together
      - Negative relationshiop: As one variable increases, the other one decreases