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Marketing research

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The process of defining a marketing problem and opportunity, systematically collecting and analyzing information and recommending actions

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Measures of success

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Criteria or standards used in evaluating proposed solutions to the problem

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Constraints

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These are, in a decision, the restrictions place on potential solutions to a problem

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Data

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The facts and figures related to the project that are divided into two main parts: secondary and primary

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Secondary data

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The facts and figures that have already been recorded prior to the project at hand

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Primary data

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The facts and figures that are newly collected for the project

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Observational data

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The facts and figures obtained by watching, either mechanically or in person, how people actually behave

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Questionnaire data

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The facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors

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Information Technology

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Involves operating computer networks that can store and process data

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Cross Tabulation

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A method of presenting and analyzing data involving two or more variables to discover relationships in the data.

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Sales Forecast

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Consists of the total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts

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The Five Steps in Marketing Research

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1. Define the problem 2. Develop the research plan 3. Collect relevant info 4. Develop findings 5. Take marketing actions

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Define the problem

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The first step in marketing research, which involves setting research objectives and identifying possible marketing actions

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Develop the research plan

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The second step in marketing research, which involves specifying constraints, identifying data needed for marketing actions, and determining how to collect data

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Collect relevant information

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The third step in marketing research, which involves obtaining secondary and primary data

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Develop findings

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The fourth step in marketing research, which involves analyzing data and presenting your findings

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Take marketing actions

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The fifth and final step in marketing research, which involves making action recommendations, implementing those recommendations, and evaluating the results

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C) semantic differential

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A(n) __________ scale is a five-point scale in which the opposite ends have one- or two-word adjectives that have opposite meanings. A) open-ended B) attitudinal C) semantic differential D) Likert E) dichotomous

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B) Economic Census

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The 2012 __________ contains data on the number and sales of establishments in the United States that produce a product or service based on its geography, industry sector, and North American Industry Classification System code. A) Annual Wholesale Trade Survey B) Economic Census C) Annual Retail Trade Survey D) Service Annual Survey E) Annual Survey of Manufacturers

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B) direct forecast

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A(n) __________ is a type of forecast that involves estimating the value to be forecast without any intervening steps. A) intention forecast B) direct forecast C) lost-horse forecast D) lost-cause forecast E) survey forecast

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Mechanical methods of observation

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Observational methods that involve using various types of machines to collect the data, which is then interpreted by researchers

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Mystery shopper method

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A method of operation that evaluates the performance and quality of service provided by teams and points of sale to gather specific information about products and services

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Ethnographic Research

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the systematic study of people and cultures designed to explore cultural phenomena where the researcher observes society from the point of view of the subject of the study

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D) different outcomes will lead to different marketing actions

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One test of whether marketing research should be done is if A) interpreting the data can be done using a jury of executive opinions. B) the decision to undertake it is unanimous. C) there is a budget for the research. D) different outcomes will lead to different marketing actions. E) multiple changes can be implemented simultaneously.

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E) Mail

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__________ surveys are usually biased because those most likely to respond are those who have had especially positive or negative experiences with the product or brand. A) Telephone B) Online C) Fax D) Personal interview E) Mail

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D) summaries of research methods and techniques valuable in addressing marketing problems

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The Journal of Marketing Research and the Journal of Marketing provide A) postings of professional marketing opportunities at universities and colleges. B) up-to-date tables for the latest data on consumer sales, listed by industry. C) an in-depth list of marketing positions and opportunities at major corporations. D) summaries of research methods and techniques valuable in addressing marketing problems. E) the latest data on marketing expenditures based on consumer geodemographics.

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C) product's features, price, or promotion

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Marketing drivers are used with which of the four Ps? A) product, price, place only B) product features and price only C) product's features, price, or promotion D) product, promotion, people only E) product features only

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C) test market

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What type of experiment is conducted when a food company offers a product for sale in a small geographic area to help it evaluate potential marketing actions? A) trail market B) micro market C) test market D) simulated market E) experimental market

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Likert survey

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A survey in which the respondent indicates the extent to which he or she agrees or disagrees with a statement

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Syndicated panel data

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Data that economically answer questions that require consistent data collection over time

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Dichotomous question

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A question that can only have two possible answers

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Data mining

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the extraction of hidden predictive information from large databases to find statistical links between consumer purchasing patterns and marketing actions

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Focus group

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A marketing research approach that uses a discussion leader to interview 6 to 10 past, present, or prospective customers simultaneously

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Information technology

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all of the computing resources that collect, store, and analyze the data

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Research objectives

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specific, measurable goals the decision maker seeks to achieve in conducting the marketing research

Chapter 8 – Marketing Research: From Customer Insights to Actions – Flashcards

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