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Market Research - Coggle Diagram

- - - - 10 Sentiment Analysis Tools to Measure Brand Health - Social Media Today
- - - - non-mutually exclusive answer
        
        there is an overlap in the options provided
      - non-exhaustive question
        
        does not permit other answers even if the options do not apply to them
      - two-questions in one
        
        questions that ask two questions in one which does not make it possible for the person who answers to answer accurately if the answer does not apply to both
      - unanswerable question
        
        questions that the person might not be able to answer as they might not remember or if the question is unnecessary
      - ambiguous question
        
        there is ambiguity in the phrasing of the question
      - leading question
        
        consumer is led to make statement that is biased or in the favor of the questionnaire
    - - 7 Common Questionnaire Mistakes Market Researchers Should Avoid - Data Spring
- - - - developing the research for collecting data
        
        implementing the research plan
        
        interpreting and reporting the findings
        
        Interpret the findings, draw conclusions and
        reports to management
        
        Results should be tabulated and statistical data
        can be represented graphically
        
        presentation
        
        Information can be presented in the form of - pie charts, line graphs, bar graphs, histograms or frequency polygon
        
        link
        
        Interpreting Marketing Research Data for Maximum Impact - Infosurv
        
        Master Report: The state of data literacy - Marketing Interactive
        
        involves
        
        collecting, processing, analysing the information
        
        collecting data sometimes involves feedback which may increase the cost of research
        
        after collecting the data, it is important for researchers to process and analyse the collected data to isolate important info and insight
        
        analysing the data
        
        common questions to ask
        
        What factors contribute to the sales trends
        
        Which age group of people are the biggest spender for the product and how frequently do they buy?
        
        How did the company do as compared to the competitors this year?
        
        types of research design
        
        exploratory
        
        Exploratory research provides ideas about a relatively vague problem. This preliminary information also helps suggest hypotheses.
        
        Data collection methods: In-depth interviews and focus group discussions
        
        descriptive
        
        Descriptive research: describes things, markets, market potential for a product, demographics, consumers’ attitudes, environment, competition.
        
        Data collection methods: Observations, Personal-administered surveys, telephone surveys and online surveys
        
        causal
        
        Causal research : tries to determine the extent to which the change in one factor changes another one. Test hypotheses about cause-and-effect relationships.
        
        Data collection method: Experiments are used
        
        causal research is seldom used as it is diff / impossible to control external factors in the marketing enivironment
        
        link
        
        Research Design: Definition, Characteristics And Types - Question Pro
        
        secondary and primary data
        
        definitions
        
        Secondary data are facts and figures that have already been recorded before the project at hand.
        
        Primary data are facts and figures that are newly collected for the project.
        
        to meet the manager's info needs, the research plan calls for gathering secondary data, primary data or both
        
        a general rule of thumb among marketing researchers is to use secondary data first before collecting primary data as secondary data will be less expensive and less time-consuming to collect. also, a greater level of detail is often available through secondary data, especially government statistical department data
        
        secondary data
        
        advantages and disvantages
        
        Advantages:
        
        Time Savings
        
        Inexpensive
        
        Disadvantages:
        
        Out-of-date
        
        Definitions/Categories Not Right
        
        Not Specific Enough
        (researchers must evaluate secondary info carefully to make certain it is relevant where it fits the project's needs, is accurate with info that is up-to-date and if the data is objectively and reported)
        
        gathering secondary data
        
        Internal Secondary Data
        
        Inputs (e.g. budgets and expenses, sales call reports, customer data)
        
        Outcomes (e.g. actual sales/ customer orders, customer communications)
        External Secondary Data
        
        Census Reports
        
        Trade Associations
        
        Business Periodicals
        
        Internet-based Reports
        
        primary data
        
        process
        
        data collection methods
        
        contact methods
        
        5 more items...
        
        Observational research
        
        observing relevant people, actions, situations (may include mechanical / personal observations)
        (people are hired to check on the products and services of a company and write a detailed report of what they see and find)
        
        engaging in social listening (the process of tracking conversations around specific phrases, words, brands) companies leverage on the conversations to discover opportunities or create content for target audiences.
        social listening requires analysis and reflections, companies can watch for patterns, track sentiments and draw conclusions based on where and when conversations happen
        
        Questionnaire/ Survey research
        
        asking people questions about their knowledge, attitudes, preferences, buying behaviour (includes interviews and focus group interviewing)
        
        it is the workhouse of marketing and it produces quantitative data which requires a large sample and careful survey design.
        the company needs to understand that this type of data gathering is flexible where people may be unwilling to answer / give misleading answers, privacy is also a concern
        
        Experimental research
        
        involves selecting matched groups of subjects, giving them diff treatments, controlling unrelated factors, checking for differences in group responses
        
        this type of research is best suited for gathering causal information where it explains cause-and-effect relationships
        
        causal research is seldom used due to the difficulty to control external factors in the marketing environment
      - people involved
        
        marketing managers and researchers must work together closely to define the problem and agree on the research objectives
        
        the marketing manager best understands the decision for which info is needed while the researcher best understands marketing research, what info is needed and how to obtain the info
        
        this step can be tough as the manager may know that something is wrong without knowing the specific causes
      - meaning
        
        research objectives: information needed to support decision making, a statement of research objectives can serve to guide the activities of research
      - research plan
        
        process
        
        marketing problem
        
        what info do we need?
        
        how will it be obtained
        
        what is the budget?
        
        the plan outlines sources of existing data and spells out the specific research approaches, contact methods, sampling plans and instruments that researchers will use to gather new data
      - constraints
        
        definition
        
        the restrictions places on potential solutions to a problem
        
        common constraints in marketing problems
        
        time
        
        money
        
        affects:
        
        cost of obtaining, processing, storing and delivering info can mount quickly
        
        availability of information: sometimes the company cannot provide the needed info because it is not available / because of limitations (e.g time)
        
        good marketing research balances users' information desires against what they need and what is feasible to offer, often marketing research studies ends up collecting lots of data that are interesting but irrelevant