Key Terms
Marketing research
The function that links the consumer, customer, and public to the marketer through information. (AMA definition)
Big data
The countless number of records that continues growing in capacity and at a faster rate.
Sources of big data
Point-of-sale databases, IoT devices, social media, mobile location data, third-party research firms, surveys.
Who generates it
Individuals posting, streaming, browsing; businesses contributing transactional and operational data.
MIS
A system used to collect, analyze, and report findings from internal and external data. It is an ever-changing database
Only limitation
Cost. Not all external sources are free; researcher time has value too.
Competitive intelligence
The collection of information about competitors from the marketplace.
Covers all four marketing mix elements
Product, price, distribution, promotion.
Examples
Selling personal data, sharing respondent contact information, linking specific answers back to named individuals.
Problem definition
The realization that there is an issue that needs to be addressed and more information is needed.
Determine
What type of research is needed, how data will be collected, timeline, and budget.
Syndicated data
A type of external secondary data available through subscription services.
Exploratory research
General; used when learning about the landscape of an industry or topic. Produces qualitative data.
Descriptive research
Explains the current situation; describes opinions, attitudes, or behaviors of a group. Produces quantitative data.
Experimental research (causal research)
Establishes cause-and-effect between two or more factors. Goes beyond correlation.