What are the 3 roles of Market Research? Explain each.
- Descriptive: Gathering & presenting factual statements (ex. what is the industry's historical sales trends?)
- Diagnostic: Explaining Data (ex. determine the impact on sales of a change in the package design)
- Predictive: Address "What if?" questions (ex. predict the results of a planned marketing campaign)
What are the steps of a basic Marketing Research Process?
- Identify & Formulate the problem/opportunity
- Plan the research design and gather primary data
- Specify the sampling procedures
- Collect the data
- Analyze the data
- Prepare & present the report
- Follow up
What is Secondary Data and what are some examples of such?
- Secondary Data is data previously collected for any purpose other than the one at hand.
- Annual Reports
- Reports to stockholders
- Product testing results
- House periodicals
- Data from outside the firm: Gov., trade assoc., business periodicals...
What is Primary Data and some examples of such?
- Primary Data is info collected for the first time and is used for solving the particular problem under investigation.
- **Survey Research: In-Home Personal interviews, Mall Intercept interviews, Central-Location Telephone interviews, Self-Administered & One-Time Mail Surveys, Mail Panel Surveys, Executive Interviews & Focus Groups
- Observation Research
- Ethnographic Research
What are the main differences between Probability and Non-Probability Samples?
- A Probability sample is a sample in which every element in the population has a known statistical likelihood of being selected. (Ex. Simple Random Sample, Stratified Sample, Cluster Sample & Systematic Sample)
- A Nonprobability Sample is any sample in which little or no attempts are made to get a representative cross section of the population. (Ex. Convenience Sample, Judgement Sample, Quota Sample & Snowball Sample)