Essay on MKTG 470 exam 2 review Lecture notes

Submitted By sinsolo
Words: 6574
Pages: 27

Ch. 3 Secondary Research

Several forms of Market Research
Survey Research (Quantitative)
Experimental (test market)

1. Secondary research –It’s a form of Inductive.
Using data that has already been collected by someone else for another purpose.
Sometimes the sources comes internal/external of the organization like Census.
The difference would be the primary is new data that is unique to solve a particular problem.
++++ Advantages would be it helps to clarify our hypothesis a problem. (Look at PP).
Always begin with secondary research and sometimes it may solve the problem.
Help to get insight to find people or create questions.
--- Disadvantages
Read into the data to make it fit
Lack of Availability
Lack of Relevance
You have a lot of people that don’t fit into the target, therefore costs will be high.

Inductive VS. Deductive

Deductive: Start with questions and make guesses and test the hypothesis and from that data we can deduce if hypothesis if its right or wrong.

Inductive: First collect the data, then scan, look for patterns in data set and come up with some conclusion about the market.

Database Marketing:
A new form of Secondary Research
Its all behavioral, new and effective.
Able to collect huge amount of data for database.
Look for patterns and relationships
Stimulate more recommendations where people shop like Amazon,

Database marketing can get a customized, individual message to everyone simultaneously through direct mail.

Creating a Database
How is it collected? Where its being collected? Why is it being collected? Were is information coming from? What does it look like data and codes? Has anyone used it? What software is being used?
Every click can be effectively measured.

Data Mining:
Use of advanced software to discover patterns hidden in a database.
Lifetime Value (L.V): Whats the customer L.V to the company.
L.V= $$ purchases X # Time X Life Cycle $month 4.0 Months
Think of Credit cards, airline flyers program.
NCDM: National Conference of Database Marketing
To find secondary data (Check PP slide 10).
Ch. 4- Qualitative Research

Qualitative Research A form of research to examine feeling and motivations through particular methods that produce feelings that are based on “intuitive understandings” and not subjected to quantification methods.
Its not projectable and can’t be used to make conclusions. However, its very valuable that gives insight to consumer behavior.
Get true motivation for the product.
--- Disadvantages
High Potential for “group think”
Also for “rationalization” (people make stuff up).
People that are part of focus groups get paid and are not representative of the population.

Focus Groups
8-10 is best
The more homogenous the groups the better focus group.
Its all about interaction among respondents
It can be executed more quickly than other types of research
Style of moderator may bias discussion
May not be typical customer because respondents get paid.

Other Forms of Qualitative Research
Projective Techniques- To delve below surface response to obtain true feelings, meanings and motivation.
Types of Projective Test- Photo Tests, Storytelling, consumer drawings, third-person techniques, word association tests.
Depth Interview setting

CH. 5 -Survey Research

Data Calculation

Look at notes

M.O.E (Sampling error)
It can be calculated based on size of the sample, size of population and variability of the responses in population.
M.O.E is +/-5% based on sample size of 400

Sampling Error (M.O.E): Is the difference between the results from the sample from what actually exists in the population.

Design: Error that results from mistakes in research design or flaws in the execution of sample…