Exploring Marketing Research: From Data Collection to Analysis

9/17/2022 nOTES You conduct primary data (new data) when the data isn't available. Data that has already been acquired, frequently for another reason or by another institution, is referred to as secondary data. It is accessible and reasonably priced. However, the data may be obsolete or incomplete for your project, and the context may be different. - Sources: Primary: Information particularly gathered for the study in question - Advantages: specific/high-quality data, you know who will be interviewed for the data (target market) - Disadvantages: quite expensive (in terms of time and money) - Sources: quantitative (data mining: utilizing analytical methods to comb through vast data; surveys: "for scale 1-7 how satisfied"); qualitative (observation, interviews, focus) and quantitative (surveys: "for scale 1-7 how satisfied"). Internal Transactional information and customer communications - Other: call reports and spending receipts (Hovers, Mintel, MRI, etc.) External - Business research d atabases - News reports - Census data BRICK EXAMPLE What are the distinctions between genders when it comes to Lego play? Research Issues - Examine how long males and females play for. - Examine the games and Lego creations made by the different genders. Determine which colors each gender prefers, and look at the block shapes each gender uses the most. Exploratory research is done to gather concepts and insights that will help managers better understand an issue or an opportunity. Investigate descriptive research, which places a strong emphasis on describing a group's characteristics or the degree to which variables are related. Give a general description. Casual research is the kind of study where figuring out cause-and-effect connections is the main focus. Exploratory Study - Possibile theories - Improving decision-making problems - Making scholars more familiar with issues - Defining terms (such as target market, satisfaction, and loyalty). - Scale-down Types of Exploratory Research - Literature Search: A look for information on the issue at hand in statistics, articles from trade journals, other articles, magazines, newspapers, books, and/or internet sources. . - Depth interviews: speaking with experts on the overall topic under investigation Focus groups are interviews with a small group of persons who have a particular issue (group members are homogeneous within them; heterogeneity is added between them). - Data mining: The process of swiftly and thoroughly examining mounds of data in order to extract usable information. - Case Analysis: an in-depth examination of a few representative instances of the phenomena of interest - Ethnography: an in-depth study of customers' typical everyday activities through direct observation, interviews, and recordings of both the audio and video. - Projected Methods: techniques that allow participants to express their own emotions, ideas, and actions by deflecting attention from the participants and placing it on indirect activities. Storytelling, roleplaying, word association testing, sentence completion exams, and the Zaltman Metaphor Elicitation Technique (ZMET: ask subjects to take photos and explain what the images symbolize, for instance, the DU logo.) descriptive analysis - Frequently used to understand specific variations across market sectors - Demographics/Socioeconomics - Personality/lifestyle Characteristics - Attitudes - Awareness/knowledge - Intentions - Motivation - Behavior - Used to investigate correlations or links between specific variables (such as gender and behaviour). Descriptive research might be of two types: Cross-sectional research involves gathering data from a single point in time on a sample of variables chosen from the target population. Pick your target market to research, which has the advantages of receiving data quickly and being pricey. Types of longitudinal panels include: - Continuous Panel: a set sample of respondents who are assessed on a regular basis; Considering the same factors across time A fixed sample of respondents who are measured frequently over time on variables that fluctuate from measurement to measurement makes up a discontinuous panel. Testing links between causes and effects is the goal of causal research. Event Y is caused by condition X; X is the cause, while Y is the effect. 26th September 2018 Communication V Observation Observation: Structure (structured vs. unstructured), Disguisement (undisguised vs. disguised), Setting (natural vs. artificial), and Administration (human vs. mechanical) Types of Observation Non-participant - An outsider observing the actions and interactions of others - Participants (e.g., in an ethnographic study) - Taking part in the culture or activity under study while taking into account one's own actions, interactions, perspectives, and attitudes in relation to the study's goal.