Marketing Midterm study guide

Chapter 1
Core Aspects of Marketing:
- Activity, set of institutions, and processes for creating, capturing,
communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large.
- Not random
- Marketing Plan Key Decisions
o Activities for a specific period of time
o How the product/service will be conceived or designed
o Cost
o When
o Where
o How it will be promoted and to the consumer
o Everyone should be satisfied
- Satisfying Customer Needs and Wants
o What segment is most relevant?
o Finding those most interested
- Marketing Entails an Exchange
o The trade of things of value between the buyer and the seller so that
each is better off as a result
o Using valuable customer information to recommend products
- Marketing Requires Product, Price, Place, and Promotion Decision
o Four Ps, Marketing mix
- Product: Creating Value
o By developing a variety of offerings, including goods, services, and
ideas, to satisfy customer needs
o Goods are items that are physically tangible
o Services are intangible benefits produced by people or machines and
cannot be separated from the producer
Airline travel, hotels, insurance agencies, spas, ATM or teller
service, concert.
o Ideas are concepts, opinions, philosophies
Promotion of bike safety, presentations
- Price: Capturing Value
o Price is anything given up in exchange for product money, time,
energy
- Place: Delivering the Value Proposition
o Activities necessary to get the product to the right customer when the
customer wants it
o Retailing & supply chain management
- Promotion: Communicating the Value Proposition
o Informs, persuades, and reminds potential buyers about a product or
service to influence opinions and elicit a response
- Applicability of marketing to various fields
o The way you dress, first impressions, resumes, portfolio, experience
- Marketing Affects Various Stakeholders

Partners in supply chain: wholesalers, retailers, transportation,

warehousing companies
o Have to convince manufacturers to sell to retailers
o Benefit an entire industry or society
o Got Milk
Marketing Helps Create Value (Eras of Marketing)
o Milestones
Production-Oriented Era
o Turn of 20th century, most firms were production oriented, believed a
good product sells itself
o Henry Ford: customers can have any color they want so long as its
black.
o Concerned with product innovation, not satisfying the needs of
individual consumers
o Retail stores considered places to hold merchandise until a consumer
wanted it
Sales-Oriented Era
o 1920-1950, production & distribution techniques became more
sophisticated
o Great Depression & WWII conditioned customers to consume less
o Planted gardens instead of buying produce
o Firms became sales oriented in response depended on personal
selling and advertising
Market-Oriented Era
o Post-WWII, manufacturers focused on making consumer products
o Suburban communities featuring cars in all garages, shopping center..
o Customer became king
o Focus on what consumers wanted and needed before designing or
making, and attempting to sell products. Firms discovered marketing.
Value-Based Marketing Era
o Most successful firms today are market oriented
o Give customers greater value than competitors
o Value: what you get for what you give
o Customers seek fair return for hard-earned money and scarce time.
o Creative way to create value is to engage in value cocreation
Customers act as collaborators to create product or service
How Marketing Firm Become More Value Driven?
o Focusing on four activities: sharing info, balancing benefits with costs,
building relationships, connecting with customers using social media
o Sharing Information
Share info about customers and competitors and integrate it
across firms various departments
o Balancing Benefits with Costs
Measure benefits that customers perceive against the cost of
their offerings
o Building Relationships with Customers
Relational orientation developing in past couple of decades
Apple products long-term relationship
o

Customer relationship management is a philosophy and set of

strategies, programs, and systems that focus on identifying and
building l0yalty among firms most valued customers
o Connecting with Customers through Social Media
3/4ths of US companies use social media tools
46% of internet users interact with social media on a daily basis
Marketing is Pervasive across Marketing Channel Members
o Firms work together through supply chain/marketing channel
Marketing Enriches Society
o Greener products, healthier food options, safer products, improving
supply chains to reduce carbon footprint, socially responsible
Marketing can be Entrepreneurial
o Success from providing means to meet needs
o Have visions of how certain combinations of products and services can
satisfy unfilled needs
o Find and understand marketing opportunity, conduct through
examination of market place and develop and communicate value of
product and services to consumers

Chapter 2
- Classification of marketing strategies
o A strategy identifies a firms target markets, related marketing mix
four Ps, and the bases on which firm plans to build a sustainable
competitive advantage
o Competitive advantage is like a hedge to protect from competitors
o Four macro/overarching strategies that focus on aspects of the
marketing mix to create and deliver value & develop sustainable
competitive advantages
Customer excellence: retaining loyal customers and excellent
customer service
Operational excellence: efficient operations and excellent supply
chain & HR management
Product excellence: products with high perceived value and
effective branding and positioning
Locational excellence: good physical location and internet
presence
- Customer Excellence
o Retaining Loyal Customers
Help attract and maintain customers
Loyal customers is important to sustain advantage over
competitors
Clear and concise positioning strategy
Loyalty programs: membership & cards & discounts & rebates
o Customer Service
A helpful and friendly culture
Provided by employees and less consistent than machines
Takes time to build this reputation, but it can sustain this
advantage for a long time
- Operational Excellence

Efficient operations, excellent supply chain management, strong

relationships with suppliers
o All marketers strive for efficient operations to get their customers the
merchandise they want, when they want it, in the required quantities
o Achieve efficiency by developing sophisticated distribution and
information systems as well a strong relations with vendors
o Vendor relationships developed over long term and cannot be easily
offset by competitor
o Relationships gain exclusive rights
To sell merchandise in particular region
Obtain special terms of purchase that are not available to
competitors
Receive popular merchandise that may be in short supply
Product Excellence
o Providing products with high perceived value and effective branding
and positioning
o Difficulty may arise when developing competitive advantage through
merchandise and service offerings, especially if competitors offer
similar products
o However, others are able to maintain sustainable competitive
advantage by investing in their brand itself by positioning products or
services using a clear, distinctive brand image; and constantly
reinforcing image through merchandise, service, promotion
Locational Excellence
o Important for retailers
o High density makes it difficult for competitors
Multiple Sources of Advantage
o Firms require multiple approaches to build a hedge around position
A Situation Analysis: SWOT
o SWOT assess both internal environment regarding its strengths,
weaknesses, and external environments in terms of its opportunities
and threats.
o Should assess opportunities and uncertainties of the marketplace due
to changes in cultural, demographic, social, technological, economic,
political forces (CDSTEP).
Identifying and Evaluating Opportunities Using STP
o Segmentation, Targeting, Positioning
o Step after competing situation audit
o Identify and evaluate opportunities for increasing sales and profits with
STP
o Division of marketplace into segments
Determines which of those segments it should pursue or target
Decides how it should position its products and services to meet
the needs of those chosen targets best
Segmentation exists because products cannot fulfill needs of
everyone
Each group is a market segment where groups of customers are
divided by needs, wants, characteristics, who therefore desire
different products/services with different features
o

Targeting
After a firm has identified segments, it evaluates each
segments attractiveness and decides which to pursue using
target marketing/targeting
o Positioning
Where to be positioned within segments
Market positioning involves process of defining marketing mix
variables so that target customers have clear distinctive,
desirable understanding of what the product does/represents
compared to competitors
Implement Marketing Mix and Allocate Resources: Strategies to Deliver Value
o Implementation of 4Ps for each product and service on basis of target
markets value
o Make important decisions about how to allocate resources to products
and projects
o Product and value creation
Products which include services, constitute the first of 4 ps
Develop products and services that customers perceive as
valuable enough to buy
o Price and Value Capture
Price = money it gets in return
Charge a price that customers perceive as giving them a good
value for product received
o Place and Value Delivery
Firm must be able to make product readily accessible when
customer wants it
o Promotion and Value Communication
Communicate the value of marketers offering, or the value
proposition, to customers through a variety of media
Groupon or LivingSocial
o Portfolio Analysis
Management evaluates firms various products and businesses,
its portfolio, and allocates resources according to which products
are expected to be most profitable in future
Typically performed at strategic business unit or product line
level
SBU is division of firm that can be managed and operated
somewhat independently
Product line is a group of products consumers may use together
or perceive as similar
Boston Consulting Group BCG method
Classify products/services into 2 by 2 matrix
Circles represent brands, sizes are direct proportion to
brands annual sales
Horizontal axis represents relative market share
o Market share evaluates products strength in
particular market, is % of a market accounted for
by a specific entity
o

o Discussed in revenue, sales, or units

Vertical axis represents market growth rate
o Annual growth rate of specific market in which
product competes
o Market growth rate measures how attractive a
particular market is
Upper left: Stars
o High growth market and high market share
products
o Require heavy resource investment in promotions
and new production facilities to fuel rapid growth
o Stars migrate from heavy users of resources to
heavy generators of resources as growth slows
Lower Left: Cash Cows
o Low in growth rate but high market share products
o Already received heavy investments to develop
their high market share, they have excess
resources that can be spun off to products that
need it
Upper Right: Question Marks
o High growth markets but relatively low market
share
o Most managerially intensive products that require
significant resources to maintain and increase
market share
o The decision: phase out products or infuse with
resources from cash cows to increase market share
Lower right: Dogs
o Low growth markets, with low market shares
o May generate enough resources to be self
sustaining
o But not destined for stardom and should be phased
out unless needed to boost or complement sales of
another product

Growth Strategies
o Market Penetration Strategy
Employs existing marketing mix and focuses firms efforts on
existing customers
Achieved by attracting new consumers to the firms current
target market or encouraging current customers to patronize the
firm more often or buy more merchandise per visit
Requires greater marketing efforts; increased advertising and
additional sales and promotions, intensified distribution efforts in
geographic areas in which product or service already is sold
o Market Development
Employs existing marketing offering to reach new market
segments, domestic or international
o Product Development

Offers new products or services to a firms current target market

Appeal to different segments in target market
Diversification
Introduces a new product or service to a market segment that
currently is not served.
May be Related
Current target market and/or marketing mix shares
something in common with new opportunity
Unrelated
Lacks any common elements with present business
Do not capitalize on either core strengths associated with
markets or with products
Very risky
Ex. Nike opening childcare

Chapter 4
- Scope of Marketing Ethics
o Business Ethics VS Marketing Ethics
Marketing = examines ethical problems specific to marketing;
deceptive advertising, products that damage environment, child
labor.
o Marketing Decisions Impacted by Ethics
Not trusted
But has many opportunities to build public trust
o Creating an Ethical Climate in the Workplace
Interwoven credo into business practices
Self-policing allows companies to avoid painful public revelations
Code of ethics
Generally accepted code in marketing developed by
American Marketing Association
o Indicates that the basic ethical values marketers
should aspire to are honest, responsibility, fairness,
respect, openness, and citizenship
o Each subarena (mkting, rsrch, adv, pricing) has own
code
- Influence of Personal Ethics
o Balance short term with long term benefits
o Feeling the pressure and doing unethical things to benefit individuals
- Ethics and CSR
o CSR
Voluntary actions taken by company to address the ethical,
social, and environmental impacts of its business operations,
and the concerns of its stakeholders
AMA: serious consideration of the impact of companys actions &
operating in a way that balances short term profit w/ societys
long term needs thus ensuring companys survival in a healthy
environment

Employees must act socially responsible manner, maintain high

standards and recognize individual decisions lead to collective
actions of firm
o Going above and beyond norms of corporate ethical behavior
o Adds value to company
o Consumers actively try and purchase from companies who are socially
responsible
Steps for Ethical Decision Making
o 1) Identify Issues
Use/misuse of data collection
How it is collected, for what usage
o 2) Gather Info and Identify Stakeholders
Focuses on gathering facts that are important to ethical issues
Relevant legal info
Identify all individuals/groups that have a stake in how issue is
resolved
Include employees, retired employees, suppliers, government,
customer groups, stockholders, members of community in which
firm operates
Analyze needs of industry and global community
One-off Stakeholders such as future generations and the
environment
o 3) Brainstorm Alternatives
Might include halting market research project, making responses
anonymous, instituting training on AMA code of ethics for all
researchers
Review and refinement of alternatives by management
o 4) Choose Course of Action
Weight various alternatives and choose one that generates best
solution for stakeholders, using ethical practices
Ethical Decision Making Metric
o Publicity Test
Front page of newspaper or national magazine
o Moral Mentor Test
Would the person I admire the most engage in this activity
o Admired Observer Test
Would I want the person I admire most see me doing this
o The transparency Test
Could I give a clear explanation for the action Im contemplating,
including honest and transparent account of all my motives that
would satisfy a fair and dispassionate moral judge?
o The Person in the Mirror Test
Will I be able to look at myself in the mirror and respect the
person
o Golden Rule Test
Would I like to be on the receiving end of this action and
potential consequences?
Integrating Ethics into Marketing Strategy

Planning Phase
Introduce ethics at beginning of planning process by including
ethical statements in mission or vision statements
Johnson & Johnson Credo use mission statements that
include both ethical and social responsibility precepts for
shaping the organization
Ethical mission statements can take on another role as
means to guide a firms SWOT analysis
o Implementation Phase
Identification of potential markets and way to deliver 4Ps to the
How a firm pursues target market can lead to charges of
unethical behavior
o Control Phase
Managers evaluated on their actions from an ethical perspective
Systems in place to check whether each potentially ethical issue
raised in the planning process was actually successfully
addressed
Systems used in control phase react to change
Social and Mobile marketing
Locational security
Stakeholders
o Employees
Safety, compensation
o Customers
Privacy
Healthiness
Truthfulness
o Marketplace
R&D
Lead by example
o Society
Society as a whole desires public responsibility
o Foreign Corrupt Practices Act
Accounting transparency requirements under SEC
Prohibition of bribery of foreign officials
Made it illegal for companies & supervisors to influence anyone
with any personal payments ore rewards
Applies to any act by US businesses, foreign corporations trading
in US, American nationals, citizens, residents whether in US or
not
Penalties and jail time
o

Chapter 5
Macroenvironmental factors
- Cultural Differences
o Heritage, beliefs, morals, values, customs of a group of people
o Transmitted by words, literature, institutions, from generations to
generations

Country Culture
o Nuances of countrys culture, such as artifacts, behavior, dress,
symbols, physical settings, ceremonies, language differences, colors
and tastes, food preferences
o Tricky to identify and navigate
Best answer is to establish universal appeal within specific
identities of country culture
Regional Culture
o Affects many aspects of peoples life
Vernacular: soda vs pop
Demographics
o Characteristics of populations and segments used to identify consumer
markets
o Generational Cohorts
Shared experiences and in same stage of life
Baby boomers and Generation Yers gravitate toward products
and services that foster casual lifestyle
For different reasons
Identifies where and how to market to different segments
o Gen Z
Digital natives
More globally connected
Born into technology
Raised by Gen X parents who have many common interests and
likes
o Gen Y
Millennials
Children of Baby Boomers, biggest cohort since postwar WWII
boom
Strong emphasis on balancing work and life
Marriage secondary not necessary to being good parents
o Gen X
Unlike Baby Boomer parents, first gen of latchkey children
50% have divorced parents
Act like helicopter parents with own children
More cynical, more buying power
Little time to shop
More knowledgeable about products and more risk averse
o Baby Boomers
Post WWII
Oldest are collecting SS
Individualistic
Leisure time a high priority
They will always be able to take care of themselves
Obsession with maintaining youth
Always love rock n roll
Internet users and researchers
Social Trends

Shapes consumer values including greater emphasis on thrift, health,

and wellness concerns, greener consumers, privacy concerns, and
time-poor societies
Thrift
Impacted by econ recession and housing crash
Efforts to get by on less
Attempting to save more, spend less on luxuries, not
dipping into savings
Thrill of small luxuries and forgoing larger luxuries
Bargains
o LivingSocial, Groupon
Health and Wellness
Concerns especially pertaining to children are prevalent,
critical, widespread
Child obesity and teen obesity doubled and tripled
Advertising guidelines require marketers to produce food
in reasonably proportioned sizes
Provide nutrition info & have less than 30% of calories
from fat, include no added sweeteners
Cannot be aired during childrens programs, cannot link
unhealthy foods with figures
Greener Consumers
Green marketing involves strategic effort to supply
customers with environmentally friendly merchandise
Recycling
Hormones in beef
Some more expensive
Greenwashing
o Strategic effort by firms to supply customers with
environmentally friendly merchandise
Privacy Concerns
Security breaches
Hackers
Explosion of accessibility to consumer info
FTC : Do Not Call Registry
Time Poor Society
Work hours has jumped
Leisure time plummeted
Multitasking
Cooking times
Technological Advances
o Wifi, internet, 3G, 4G, smartphones with greating computing power,
data storage, communication
o Tablets etc
o Make consumers increasingly dependent on the help they can provide,
especially in terms of making decisions and communicating with others
o Mobile-wallets
o

RFID (radio freq indentification device) enables tracking the item from
moment it was manufactured through distribution system, to retail
store, into hands of consumer
o Less info must convey same brand image
Political/Legal/Regulatory Environment
o Comprises political parties, government organizations, legislation, and
laws.
o Laws promoting fair trade and competition by prohibiting formation of
monopolies or alliances
o Fair competition
o 1890 Sherman Antitrust Act
Prohibits monopolies and other activities that would restrain
trade or competition and makes fair trade within free market a
national goal
o 1915 Clayton Act
Supports Sherman Act by prohibiting combination of competing
corporations
o 1936 Robison-Patman Act
Outlaws price discrimination toward wholesalers
o Protect consumers
Require marketers to abstain from false advertising
Required to refrain from using harmful/hazardous materials that
might put consumer at risk
Must adhere to fair and reasonable business practices
Competitors
o Affects consumers in immediate environment
o Critical marketers understand firms competitors
Strengths, weaknesses, likely reactions to marketing activities
that their own firm undertakes
o Complaints about each other
o Recognition of what closest competitor is doing as well as attempts to
halt tactics considered to be damaging
o Ultimate goal is to appeal to consumers
o

Chapter 6
- Need Recognition
o Consumer decision process begins when customers recognize an
unsatisfied need
o Greater the discrepancy between needy state to desired state, the
greater the need recognition
o Wants
Goods or services that are not necessarily needed but are
desired
o Functional needs
Performance of a product or service
o Psychological needs
Personal gratification consumers associate with a
product/service

Thousand dollar shoes

Search for Information
o Search for info about options after need is identified
o Length and intensity of search is based on degree of perceived risk
associated with purchasing product or service
o Internal Search
Buyer examines his/her own memory and knowledge about
products or services gathered through experience
o External Search
Seeking info outside personal knowledge to help make buying
decision
Friends, family, salesperson, commercial media for unsponsored
and unbiased info
Consumer reports, magazines, tv, radio
Blogs
TV Show influence
Factors Affecting Consumers Search Processes
o Perceived Benefits VS Perceived Costs of Search
Worth time and effort?
o Locus of Control
Internal
Believe they have some control over outcomes of their
actions = more search activities
External
Fate or external factors control outcomes = less searching
o Actual or Perceived Risk
Slows or discourages purchase
Performance risk
Poorly performing product or service perceived
Financial Risk
Costs of purchase and costs of using the item or services
Social Risk
How others regard their purchases
Physiological risk/Safety Risk
Fear of actual harm should product not perform properly
o Automobile, McDonalds and Supersize Me
Psychological Risks
Associated with the way people feel if product or service
does not convey right image
Postpurchase Cognitive Dissonance
o Internal conflict arising from inconsistency between belief and behavior
o Buyers remorse after purchasing expensive TV
o Occurs when consumer questions appropriateness of purchase after
decision is made
o More likely for expensive products that are infrequently purchased
o Do not work as intended
o Associated with high levels of risk

o Satisfaction usually settles in after a while

Impact of Attitudes on Purchase Decisions
o Enduring evaluation of his/her feelings about and behavioral
tendencies toward object or idea
o Learned and long lasting
o Developed for a long time and can abruptly change
o Cognitive Component
Reflects persons belief system
o Affective Component
Involves emotions towards issue at hand; like or dislike
o Behavioral component
Actions undertaken based on what we know and feel
Reference Groups
o One or more persons whom an individual uses as basis for comparison
regarding beliefs, feelings, behaviors
o Family, friends, coworkers, famous people the consumer would like to
emulate.
o Influence behaviors by rewarding behaviors that meet approval or
chastising behavior that doesnt
smokers
o Consumers identify and affiliate with reference groups to create,
enhance, or maintain self-image
Extended Problem Solving
o Consumers do not know product class, major brands, nor product
attributes on which to evaluate product
o Marketer provide info to consumer that will indicate what the important
product class attributes are, relative importance of attributes, and
position of brand regarding attributes
Limited problem Solving
o Consumer is familiar with product class, major brands in product class,
and knows attributes and characteristics to evaluate product by
o Customer may be confronted with brand that is unfamiliar
o Must provide info to consumer that will increase his/her comprehension
and confidence in brand w/ comparison charts or info packets
Habitual Problem Solving
o Consumers purchasing low priced, frequently bought items
o Regarding a product that one buys over and over without second
thought
o Marketers goals: reinforce purchase habits of existing customers and
change habits of potential consumers

Chapter 9
- Approaches to Segmentation
o Outline firms overall strategy and objectives, methods of segmenting
market, which segments are worth pursuing, then discuss how to
choose target market or markets by evaluating segments
attractiveness, then choose which segment to pursue
o Step 1) Establish Overall Strategy or Objectives
Articulate vision/objectives of marketing strategy

Step

Consistent with firms mission and objectives as well as current

situation strengths, weaknesses, opportunities, threats
Identify potentially large and profitable market segment before
competitors
2) Segmentation methods
Develop descriptions of different segments
Firms develop better understanding of customer profiles in each
segment
Distinguish similarities and dissimilarities across segments
Geographic Segmentation
Where they live physically; country, region, areas within
region (state, city, neighborhood, zip codes)
Demographic Segmentation
Age, gender, income, education
Most common means to define segments as they are easy
to identify and reach
Rethinking stereotypes necessary in other cases where
target market less defined
Psychographic Segmentation
How consumers actually describe themselves
How people self-select, based on characteristics of how
they choose to occupy time and underlying psychological
reasons
Self-values: goals for life; need for self respect, fulfillment,
sense of belonging
Self-concept: image people ideally have of themselves
Lifestyles: how we live our lives to achieve the goals ^^
Value and Lifestyle Survey
o Most widely used tool to support psychographic
segmentation efforts
o Owned and operated by Strategic Business Insights
(SBI)
o Vertical dimension: level of resources, income ,
education, health, energy level, innovativeness
o Horizontal: primary psychological motivation for
buying
Buy for primary motivation: how they see
selves in world and how self-image governs
activities
Benefit Segmentation
Consumers on basis of benefits derived from products or
services
Behavioral Segmentation
Divides consumers into groups on basis of how they use
product or service
Occasion

Based on when a product/service is purchased or

consumed
Loyalty
o Loyal customers feel so strongly that firm can meet
needs better than any competitors they exclude
others from consideration
o Most profitable
Multiple Segmentation Methods
Mixture
Geodemographic segmentation
Evaluate Segment Attractiveness
o Worth pursuing?
o Identifiable
Segments distinct from one another
o Substantial
Measure the size
o Reachable
Through persuasive communication and product distributions
o Responsive
React similarly and positively to firms offering
o Profitable
= (Segment size * segment adoption percentage * purchase
behavior * profit margin percentage) fixed costs
Targeting Strategy
o Undifferentiated Targeting Strategy/Mass marketing
Similar benefits to most consumers; little need to develop
separate strategies for different groups
Salt, sugar
o Differentiated
Target several segments with different offering for each
Magazines
Films
o Concentrated
Selecting a single, primary target market and focuses all its
energies on providing a product to fit that markets needs
Startups
o Micromarketing
One-to-one, small scale, tailors a product or service to suit an
individual customers wants or needs
Positioning Methods
o Position products and services based on different methods such as
value proposition, salient attributes, symbols, competition
o Communicate firms or the produts value proposition
o Value is a popular positioning method
o Well-known symbols, trademarks, etc
o Position against competition
o Using Perceptual Mapping
o

Displays in two or more dimensions, the position of

products/brands in consumers mind
1) determine consumers perceptions and evaluations of the
product or services in relation to competitors
2) Identify markets ideal points and size
3) Identify competitors positions
4) Determine consumer preferences
5) Select position
Adjust and reposition marketing approach
6) Monitor positioning strategy

Chapter 10
- Secondary Data
o Inexpensive External Secondary Data
Census
Vast
Outdated
o Syndicated External Secondary Data
For a fee from commercial research firms
Scanner Data
Quantitative research obtained from scanner readings
Help leading consumer packaged goods firms assess what
is happening in the marketplace
Panel Data
Collected from group of consumers organized into panels,
over time
Records of purchases
Responess to survey questions
Internal Secondary
Difficult to make sense of data from day to day operations
Valuable
Use data mining techniques to extract aluable info from
databases
Data mining
o Use of a variety of statistical analysis tools to
uncover previously unknown patterns in data stored
in databases or relationships among variables
o Churn
Number of participants who discontinue use
of service divided by avg number of total
o Primary Data
Qualitative research or quantitative
Address specific research needs
Observation
Social Media
Opinions
Blogs

Sentiment-Mining
Collect consumer cmoments about companies and
products
In-Depth Interviews
Expensive and time consuming
Focus Group Interviews
Small groups comes together for intensive discussion
about particular topic guided by trained moderator using
an unstructured method of inquiry
Survey Research
Systematic means of collecting info with questionnaires
Unstructured questions
o Open ended
Structured
o Close-ended with descrete set of responses
Panel and Scanner-Based Research
Either primary or secondary
Experimental Research