Marketing Chapter 7 – Flashcards with Answers
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Marketing Research
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The process of defining a market problem and opportunity, systematically collecting and analyzing information, and recommending actions.
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Measures of Success
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Criteria used in evaluating proposed solutions to a problem
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Contstraints
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Restrictions placed on potential solution to a problem
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Data
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The facts and figures related to a project
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Secondary Data
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Facts and figures related to a project that have already been recorded prior to the project at hand.
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Primary Data
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Facts and figures related to a project that are newly collected for the project
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Information Technology
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Operation computer networks that can process data
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Data Mining
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The extraction of hidden predictive information from large databases
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Observation Data
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Facts and figures obtained by watching, either mechanically or in person, how people behave
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Questionnaire Data
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Facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors.
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Sales forecast
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The total sales of a product that a firm expects to sell in a specific time period under specified conditions and its own marketing efforts
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What are the five steps in the five step marketing research approach?
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1) Define Problem 2) Develop research plan 3) Collect relevant information 4) Develop findings 5) Take Marketing action
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Step 1 of Five Step Marketing Research Approach: Define the Problem - What does this step consist of?
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A) Set research objectives B) Identify possible marketing actions
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Step 2 of Five Step Marketing Research Approach: Develop Research Plan - What does this step consist of?
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A) Specify constraints B) Determine how to collect data (concepts or methods)
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Step 3 of Five Step Marketing Research Approach: Collect Relevant Info - What does this step consist of?
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A) Secondary Data B) Primary Data In that order
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Step 4 of Five Step Marketing Research Approach: Develop Findings - What does this step consist of?
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Analyze data and present the findings
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Step 5 of Five Step Marketing Research Approach: Take Marketing Action - What does this step consist of?
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A) Make actions recommendations B) Implement the actions
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Types of Secondary Data
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A) Internal Data - from inside the firm, marketing input and outcome data B) External Data - Outside firm, census reports, etc
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Advantages / Disadvantages of Secondary Data
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Advantages - Save time and cheap Disadvantages - May be outdated, irrelevant, not specific enough
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Types of Primary Data
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1) Observational Data 2) Questionnaire data 3) Other Sources (social media, panels/experiments)
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Advantages / disadvantages of Primary Data
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Advantages - more flexible and specific Disadvantages - costly and time consuming
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3 Sales Forecasting Techniques
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1) Judgment of Decision Maker 2) Statistical methods 3) Surveys of knowledgable groups
