Term
| What is Marketing Research? |
|
Definition
| the systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities. |
|
|
Term
|
Definition
| is a process for gathering info that is not currently available to decision makers. |
|
|
Term
| What is the purpose of marketing research? |
|
Definition
| is to inform an organization about customers’ needs and desires, marketing opportunities for particular goods and services, and changing attitudes and purchase patterns of customers. |
|
|
Term
| Marketing research can help a firm better understand ... |
|
Definition
-market opportunities
-ascertain the potential for success for new products
-determine the feasibility of a particular marketing strategy
-surprising trends in the market |
|
|
Term
| Small-scale marketing has become... |
|
Definition
|
|
Term
| Large, high value research projects... |
|
Definition
| still remain necessary for long term success. |
|
|
Term
| What is the real value of marketing research... |
|
Definition
| is measured by improvements in a marketer’s ability to make decisions. |
|
|
Term
| What are the types of research? |
|
Definition
|
|
Term
| What is Qualitative Data? |
|
Definition
| yields descriptive non-numerical information. |
|
|
Term
| What is Quantitative Data? |
|
Definition
| yields empirical information that can be communicated through numbers. |
|
|
Term
| To collect data, marketers conduct either _________ research or ___________ research. |
|
Definition
|
|
Term
| What is Exploratory Research? |
|
Definition
| when marketers need more info about a problem or want to make a tentative hypothesis more specific. |
|
|
Term
| What is the purpose of Exploratory Research? |
|
Definition
| o The main purpose of Exploratory research is to better understand a problem or situation and/or to help identify additional data needs or decision alternatives. |
|
|
Term
| What are Customer Advisory Boards? |
|
Definition
| small groups of actual customers who serve as sounding boards for new product ideas and offer insights into their feelings and attitudes toward a firm’s products, promotion, pricing and other elements of marketing strategy. |
|
|
Term
| How many people are usually within a Focus Group? |
|
Definition
| Traditionally consist of 8-12 people |
|
|
Term
| What are the disadvantages of Focus groups? |
|
Definition
| discussion can sometimes be hindered by overly talkative, confrontational or shy people. Some participants may be less than honest in order to be sociable or to receive money/food. |
|
|
Term
| What is Conclusive Research? |
|
Definition
| is designed to verify insights through an objective procedure to help marketers make decisions. |
|
|
Term
| When is Conclusive Research used? |
|
Definition
| when the marketer has one or more alternatives in mind and needs assistance in the final stages of decision making. |
|
|
Term
| What are the two types of Conclusive Research? |
|
Definition
| Descriptive Research and Experimental Research |
|
|
Term
| What is Descriptive Research? |
|
Definition
| when marketers need to understand the characteristics of certain phenomena to solve a particular problem. |
|
|
Term
| What are examples of Descriptive Research? |
|
Definition
| general surveys of customers’ educations, occupations, or ages to specifics on how often teenagers consume sports drinks or how often customers buy new pairs of athletic shoes. |
|
|
Term
| Descriptive research is limited in ... |
|
Definition
| providing evidence necessary to make casual inferences (i.e. that variable X causes a variable Y). |
|
|
Term
| Experimental Research- allows marketers to... |
|
Definition
| make causal deductions about relationships. |
|
|
Term
|
Definition
| overall approach, not a rigid set of rules that must be followed |
|
|
Term
| What are the steps to Marketing Research? |
|
Definition
-Locating and defining problems or issues
-designing the research projects
-Collecting data
-interpreting research findings
-Reporting research findings |
|
|
Term
| What are typical problems the Marketing Research is used to solve? |
|
Definition
| Declining sales, increasing expenses, and decreasing profits |
|
|
Term
| Customer Relationship Management (CRM) is based on... |
|
Definition
| analysis of existing customers. |
|
|
Term
| Marketing Research often focuses on what? |
|
Definition
| identifying and defining market opportunities or changes in the environment. |
|
|
Term
|
Definition
| an overall plan for obtaining the information needed to address identified problems |
|
|
Term
| What is a marketing research Hypothesis based on? |
|
Definition
| on all the insight and knowledge available about the problem or circumstances from previous research studies and other sources. |
|
|
Term
|
Definition
| a research technique has reliability if it produces almost identical results in repeated trials. |
|
|
Term
|
Definition
| to have validity the research method must measure what is supposed to measure, not something else. |
|
|
Term
| Just because something is Reliable... |
|
Definition
| does not mean it is Valid. |
|
|
Term
| What are the types of data? |
|
Definition
|
|
Term
|
Definition
| are observed and recorded or collected directly from respondents. |
|
|
Term
|
Definition
| are compiled both inside and outside the organization for some purpose other than the current investigation. |
|
|
Term
| What is Internal Secondary Data? |
|
Definition
| - Past marketing Activities (sales records, , research reports) Accounting records (costs, sales, customer accounts, or profits by product category) |
|
|
Term
| What are the types of External Secondary Data? |
|
Definition
-Trade Associations(American Marketing Association)
-Periodicals(Bloomberg, Businessweek, The Wall Street Journal, Sales and Marketing Management, Advertising Age, Marketing Research, Industrial Marketing)
-Government publications(Statistical Abstract of the US, Census of Business, Census of Agriculture, Census of Population, American Community Survey)
-Unpublished sources
-Online databases |
|
|
Term
| Primary data collecting is... |
|
Definition
| lengthier, more expensive and more complex than secondary data. |
|
|
Term
|
Definition
| (“Universe”) includes all the elements, units, or individuals of interest to researchers for a specific study. |
|
|
Term
| What do most marketing researches involve? |
|
Definition
|
|
Term
| What are the types of probability samples? |
|
Definition
| Random sampling and stratified sampling |
|
|
Term
| What is Probability Sampling? |
|
Definition
| – every element in the population being studied has a known chance of being selected for the study. |
|
|
Term
| What is Stratified Sampling? |
|
Definition
| – the population of interest is divided into groups according to a common attribute, and a random sample is then chosen within each groups. |
|
|
Term
| What is Non-probability Sampling? |
|
Definition
| more subjective than probability sampling because there is no way to calculate the likelihood that a specific element of the population being studied will be chosen. |
|
|
Term
|
Definition
| - researchers divide the population into groups and then arbitrarily choose participants from each group. |
|
|
Term
| What controls does Quota Sampling typically use? |
|
Definition
| Some controls like age, gender or race |
|
|
Term
| When is Quota Sampling beneficial? |
|
Definition
| when people with some common characteristic are found and questioned about the topic of interest. |
|
|
Term
| What are the different types of Survey Methods? |
|
Definition
| • Mail, Telephone Depth interview, Personal Interview, In-Home Interview, Shopping Mail Interview, On-site computer interview, Online, Social Media |
|
|
Term
|
Definition
| - calls for taking tasks usually performed by a marketer or researcher and outsourcing them to a crowd, or potential market, through an open call. |
|
|
Term
| What are the key points to remember in questionnaire construction? |
|
Definition
•Must be clear, easy to understand and directed toward a specific objective.
•Most important rule in composing questions is to maintain impartiality. |
|
|
Term
| What are the three types of question? |
|
Definition
| Open ended, Dichotomous and Multiple choice |
|
|
Term
| What is a Ethnographic technique? |
|
Definition
| an observation method watching how a customer interacts with a product in the real world. |
|
|
Term
| What are the Disadvantages to Observation? |
|
Definition
| – May not provide insights into casual relationships, analyses based on observation are subject to the observer’s biases or the limitation of the mechanical device. |
|
|
Term
| What is important when Interpreting Research Findings? |
|
Definition
o First step in drawing a conclusion is to display the data in table format.
o Statistical Interpretation |
|
|
Term
| What is statistical interpretation? |
|
Definition
| – focuses on what is typical and what deviates from the average. |
|
|
Term
| What is involved in Reporting Research Findings? |
|
Definition
o Evaluate all information collected for accuracy and relevance
o Point out deficiencies in the data because not research will answer all questions
o **Reports must be helpful to marketers and managers on an ongoing basis |
|
|
Term
| What is a Marketing Information Systems (MIS)? |
|
Definition
| – a framework for the day to day management and structuring of information gathered regularly from sources both inside and outside the organization. |
|
|
Term
| What does an MIS system provide for? |
|
Definition
| o Provides a continuous flow of information about prices, advertising expenditures, sales, competition, and distribution expenses |
|
|
Term
| What is the main focus of MIS systems? |
|
Definition
| o Main focus of the MIS is on data storage and retrieval, as well as on computer capabilities and management’s information requirements |
|
|
Term
| CRM employs database marketing techniques to identify... |
|
Definition
| different types of customers and develop specific strategies for interacting with each customer. |
|
|
Term
| What are the three elements used by CRM? |
|
Definition
•Identifying and building a database of current and potential consumers, including a wide range of demographic, lifestyle, and purchase information
•Delivering differential messages according to each consumer’s preferences and characteristics through established and new media channels
•Tracking customer relationships to monitor the cost of retaining individual customers and the lifetime value of their purchases. |
|
|
Term
| What is Single-source data? |
|
Definition
| – information provided by a single firm on household demographics, purchases, television viewing behavior, and response to promotion such as coupons and free samples. |
|
|
Term
| What is a Marketing Decision Support Systems (MDSS)? |
|
Definition
| – customized computer software that aids marketing managers in decision making by helping them anticipate the effects of certain decisions |
|
|
Term
| What are other types of MDSS systems? |
|
Definition
o Some have a broader range and offer greater computational and modeling capabilities than spreadsheets; they let managers explore a greater number of alternatives.
o Some employ A.I. and other advanced tech |
|
|
Term
| What are the issues with marketing research? |
|
Definition
| • Ethical issues for collecting information as well as International differences as far as technology, culture, legal requirements and economic development |
|
|
Term
| What are the major steps or components of the marketing research process? |
|
Definition
1. Define problem(s)
2. Develop research questions or hypotheses
3. Collect data
4. Interpret findings
5. Report findings |
|
|
Term
| What’s involved in the problem definition stage? |
|
Definition
Focus on building a perspective
Broad definition--exploratory research
Narrow definition--decision--oriental research |
|
|
Term
| What is Syndicated marketing research? |
|
Definition
| -provided by companies on a regular basis. Collect the information periodically. Info can be bought if desired. |
|
|
Term
| What does the Arbitron Data Company do? |
|
Definition
| -collects data about who listens to what type of radio and what part of day they listen. |
|
|
Term
| What does the Nielsonwire do? |
|
Definition
| -concentrate on grocery shopping habits and use scanner data to collect this data. The also do TV ratings. |
|
|
Term
| What are some good examples of observational data? |
|
Definition
Six Flags Dallas sends researchers into parking lots to record license plates and the state they are from so they can determine if their marketing in other states is working.
-Traffic recording – used in determining the proper business site. |
|
|
Term
| How do you start the construction of a questionnaire? |
|
Definition
-Decide what data you want to collect
-decide if you want open or close questions
-Sequence of questions
-Wording of questions
-Use simple, direct language
-Pilot test the questionnaire |
|
|
Term
| How many people is considered common in a nationwide survey? |
|
Definition
|
|
Term
| When reporting findings, you must think about who will be using the data. It must be presented in a way that... |
|
Definition
| they can understand the data collected.(usually middle and upper management) |
|
|
