Marketing research

Marketing research concepts

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Marketing research by Mind Map: Marketing research

1. Generic vocabulary & useful concepts to know

1.1. Marketing as a discipline

1.1.1. Strategic marketing

1.1.1.1. Segmenting

1.1.1.2. Positioning

1.1.1.3. Targeting

1.1.2. Research Marketing

1.1.2.1. Qualitative

1.1.2.2. Quantitative

1.1.3. Operational marketing

1.1.3.1. Product

1.1.3.2. Place

1.1.3.3. Price

1.1.3.4. Promotion

1.2. Churn analysis: to churn, is when a customer leaves a company. We conduct chrun analysis to identify the possible predictors to identify in advance the consumers who are most likely to churn.

1.3. Direct vs indirect competitor

1.3.1. An indirect competitor satisfies the same need with a different product or solution

1.3.1.1. Coca Cola and water both satisfy thirst

1.4. SBU: means a strategic business unit (a product division, or activity)

1.5. Harvard Blue ocean versus Red ocean strategy

1.5.1. Blue oceans denote all the industries not in existence today – the unknown market space, unexplored and untainted by competition

1.5.1.1. These are innovative and new markets

1.5.2. Red oceans are all the industries in existence today – the known market space, where industry boundaries are defined and companies try to outperform their rivals to grab a greater share of the existing market.

1.5.2.1. Crowded markets

1.6. Indicators and metrics related to

1.6.1. opinions

1.6.1.1. SOFT METRICS

1.6.2. Behavior and transactions

1.6.2.1. HARD METRICS

1.7. A concept is an intellectual abstraction. We use concepts to understand the world around us and build theories and relationships that explain our environment.

2. 3- Quantitative methods

2.1. Questionnaire design

2.1.1. Generic rules

2.1.1.1. Funnel rule

2.1.1.1.1. going from general to specific questions

2.1.1.2. Don t design complex, long questionnaires

2.1.1.3. The filter questions should be in the beginning

2.1.1.4. The identification questions at the end of the questionnaire

2.1.1.5. A modality: means a possible answer

2.1.1.5.1. For example if the possible answers are YES or NO for a question, then we say that the question (or variable) has 2 modalities (meaning two possible answers)

2.1.2. Content

2.1.2.1. List the objectives and sub objectives or your research then transform them into questions

2.1.2.1.1. Vocabulary

2.1.2.1.2. Style of redaction

2.1.3. Type of questions

2.1.3.1. VERY IMPORTANT BECAUSE IT DETERMINES THE TYPE OF POSSIBLE STATISTICAL ANALYSIS TO CONDUCT

2.1.3.2. Type of questions

2.1.3.2.1. Open questions

2.1.3.2.2. Closed questions

2.1.3.2.3. Specific categories questions

2.1.3.3. Measurement level (what modalities express)

2.1.3.3.1. Categorical

2.1.3.3.2. Quantitative or scale

2.1.3.4. Coding the questionnaire

2.1.3.4.1. answers are represented as numbers to be analysed by the software

2.1.3.4.2. Text is coded via content analysis then it s analyzed via software

2.1.4. Data collection methods

2.1.4.1. CAPI

2.1.4.1.1. Personal interview

2.1.4.2. CATI

2.1.4.2.1. Telephone interview

2.1.4.3. CAWI

2.1.4.3.1. Web interview

2.2. Selecting the sample

2.3. Sample size

3. 2- Qualitative research approach

3.1. History

3.1.1. Methods emerged from psychological tools used in the last century

3.1.2. CCT a stream of research that studies the symbolic status of consumption

3.1.3. Experiential stream of research studies the emotional and sensory aspects of consumption (humans are irrational)

3.2. Methods used to collect data with the qualitative approach

3.2.1. Individual interview

3.2.1.1. can be

3.2.1.1.1. Non directive (clinical)

3.2.1.1.2. Semi directive (using an interview guide)

3.2.1.1.3. Directive (a questionnaire with open questions)

3.2.1.2. Sample size: we use the saturation criteria

3.2.1.3. Verbatim: the full transcription of the interview -- the text and material that will be analyzed --

3.2.2. Group interview (Focus Group)

3.2.2.1. Great for finding solutions to a business challenge + fast + not expensive

3.2.2.2. Be cautious about the tendency of the respondants to conform (asch conformity)

3.2.3. Projective techniques: are indirect methods used in qualitative research. These techniques allow researchers to tap into consumers' deep motivations, beliefs, attitudes and values

3.2.3.1. using metaphors, sometimes pictures or any kind of material to understand the associations, motivations and beliefs of a customer

3.2.3.1.1. The chinese protrait game: If this brand was an animal, what type of animal it would be?

3.2.3.1.2. Select the pictures that reflect the best this brand?

3.2.4. Observation methods

3.2.4.1. Direct

3.2.4.1.1. Ethnography

3.2.4.1.2. Garbology

3.2.4.1.3. Netnography

3.2.4.2. Indirect

3.2.4.2.1. Netnography

3.2.4.2.2. Physiological measurment

3.3. Methods used to analyze qualitative data

3.3.1. Content analysis (thematic analysis)

3.3.1.1. Manual

3.3.1.1.1. Extracts categories and sub categories of meaning expressed by customers and places them on a grid (table) to make them easier to read and count their occurences

3.3.2. Text mining (lexicometric analysis)

3.3.2.1. Automated (supervised)

3.3.2.1.1. The software analyses the corpus (or verbatim)

4. 1- Marketing research in general

4.1. Consumption value framework

4.1.1. Utilitarian: objective consumption

4.1.2. Experiential: about sensory and emotional elements

4.1.3. Symbolic or conspicuous

4.1.4. Aesthetic or consuming for moral values (CSR, spirituality, etc)

4.2. Marketing problem (symptoms) Vs. Research problem (underlying causes)

4.3. The difference between a conjecture and a hypothesis

4.3.1. Conjecture (Full list of possible explanations)- it s a non mature hypothesis

4.3.2. Hypothesis: short list of possible explanations to test

4.4. Marketing research process 6 stages

4.5. Marketing research can be used both for

4.5.1. Problem indentification

4.5.2. Problem solving research

4.6. 2 Sub-branches of marketing research

4.6.1. Examples of common quantitative methods used (conclusive)

4.6.1.1. Segmentation

4.6.1.1.1. Also known as Clustering

4.6.1.1.2. 5 segmentation criteria

4.6.1.1.3. Famous algorithms

4.6.1.2. Positioning maps

4.6.1.2.1. Used to understand how a consumer perceives a brand or product compared to others (Volvo is associated with safety for example)

4.6.1.3. Conjoint analysis

4.6.1.3.1. Breaks down a product into attributes and levels

4.6.1.3.2. The method allows computing indirectly preference parthworths (importance that a consumer gives to a specific level or attribute)

4.6.1.3.3. Limitation: the method is not useful for sensory products like perfume, etc..

4.6.1.4. Choice modeling

4.6.1.4.1. Predicts a discrete choice of a customer

4.6.1.5. Pricing (Gabor Granger method)

4.6.1.5.1. A method that asks a customer the likelihood of his purchase based on various price levels proposed to him.

4.6.1.6. Targeting

4.6.1.6.1. BCG Boston Consulting Group

4.6.1.6.2. GE McKinsey matrix

4.6.1.7. Resource allocation

4.6.1.7.1. A ressource can be money, time or effort

4.6.1.7.2. Effectiveness Vs. Efficiency

4.6.1.7.3. The method answers 2 questions

4.6.1.8. Customer lifetime value (a method used in customer relationship management)

4.6.1.9. Bass forecasting method

4.6.1.9.1. Forecast sales timeline and adoption rate for innovations

4.6.2. Examples of qualitative approaches (exploratory)

4.7. Types of data collected by marketing research

4.7.1. Informations about

4.7.1.1. Demand: describes the buyers in general, customers opinions, behaviors, etc

4.7.1.2. Offer: describes the competitors, the available products on a market, etc

4.7.1.3. Environment

4.7.1.3.1. Using PESTEL framework before the SWOT analysis

4.7.2. Internal vs External data

4.7.2.1. Internal

4.7.2.1.1. CRM customer relationship management system

4.7.2.1.2. Marketing information system, etc

4.7.2.2. External sources

4.7.2.2.1. Associations, international organisations, etc

4.7.3. Secondary Vs. Primary data

4.7.3.1. Check-list before conducting marketing research

4.7.3.1.1. Before conducting qualitative or quantitative research we conduct Desk Research (less expensive) and helps identify if the data exists somewhere

4.7.3.1.2. Is the issue that important to invest in marketing research?

4.7.3.1.3. Hidden motives: political reasons to justify a decision

4.7.4. Periodicity

4.7.4.1. Ad Hoc or cross-sectional

4.7.4.2. Follow-up

4.7.4.3. Longitudinal - panel data -

4.8. Research design; is the plan or approach selected to answer your research problem

4.8.1. Type of research design

4.8.1.1. Desk research

4.8.1.1.1. Using available secondary data and databases: it s faster and less expensive

4.8.1.2. Qualitative

4.8.1.2.1. Individual interview

4.8.1.2.2. Group interview (focus group)

4.8.1.3. Quantitative

4.8.1.3.1. Cross-sectional

4.8.1.3.2. Longitudinal - Panel -

4.8.1.3.3. Experimental

4.8.1.4. Mixed Design (most of the time we have a qualitative, then a quantitative phase)

4.8.1.4.1. Triangulation approach

4.8.2. Research design objectives

4.8.2.1. Exploratory research

4.8.2.1.1. Mostly qualitative or Desk research

4.8.2.1.2. Subjective

4.8.2.1.3. Not generalizable

4.8.2.2. Descriptive research

4.8.2.2.1. very broad applications

4.8.2.2.2. Describe behaviors, opinions, etc

4.8.2.3. Causal (experimental research)

4.8.2.3.1. The most ambitious and complex type of research objective

4.8.2.3.2. Verifies the existence of a cause and effect relationship between a predictor variable (independent) and an outcome variable (dependent)

4.9. Marketing research documents

4.9.1. Research brief

4.9.1.1. The manager explains his managerial problem, the context and suggests an approach and conditions of execution (time and budget)

4.9.2. Research proposal

4.9.2.1. The marketing researcher answers the research brief by suggesting the most appropriate research design, and specifies the timeline of execution.

4.9.3. The instrument used to collect data

4.9.3.1. Qualitative approach

4.9.3.1.1. interview guide

4.9.3.2. Quantitative approach

4.9.3.2.1. Questionnaire

4.9.4. Analysis plan

4.9.4.1. a document that describes the statistical analysis that the research should conduct

4.9.5. Final report