Marketing Chapter 8 Exam 2 Review – Flashcards
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Define Marketing research
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is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information and recommending actions to improve an organization's marketing activities. Marketing research can reduce risk and uncertainty to help marketing managers take more effective marketing action.
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List the five steps in the marketing research process
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1) Define the problem carefully 2) Develop a research plan to collect the most appropriate information to solve the problem 3)Collect the relevant data 4) Develop a report to management that converts the data into findings and recommendations 5) Take marketing actions
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What is an objective? Measure of success
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specific measurable goals the decision maker seeks to achieve in solving a problem. Measures of success are criteria used in evaluating proposed solution to the problem. Different research outcomes based on measures of success lead to different marketing actions
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What are sampling and statistical inference
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Sampling involves selecting a group of distributors, customers or prospects, asking them questions, and treating their answers as typical of all those in whom they are interested. Statistical inference which is used to generalize the results from the sample to much larger groups of distributors, customers, or prospects to help decide on marketing actions.
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Define data
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are the facts and figures related to the problem, and are divided into two main parts: secondary data and primary data
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Distinguish between primary and secondary data
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Secondary data are facts and figures that have already been recorded before the project at hand. Primary data are fact and figures that are newly collected for the project. Two principal ways to collect new or primary data for a marketing study are by observing people and asking them questions.
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Distinguish between internal and external data
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Internal data include product sales data and sales reports on customer calls. External data are published data from outside the organization. External secondary data include U.S. Census reports on population, age, gender and other consumer characteristics.
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What is the best known source of external secondary data for companies
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U.S. Census
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How often is the census conducted
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every 10 years
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Why would marketers collect secondary data first
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Time savings, Low cost, Greater level of detail
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List two principal ways primary data can be collected
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observing people and asking them questions
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How do market researchers collect observational data
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Nielsen Media Research (NMR)
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List several ways consumers provide primary data to marketers
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Questionnaire data are facts and figures obtained by asking people about their attitudes awareness, intentions, and behaviors. Idea generation involves a search for ideas that can be evaluated in later research. Depth Interviews which involve a single research asking questions of an individual relevant to the project that uses a lengthy, free flowing conversational style
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What is a depth interview? focus group
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Depth Interviews which involve a single research asking questions of an individual relevant to the project that uses a lengthy, free flowing conversational style. Focus group: which are informal sessions of 6 to 10 past, present, or prospective customers in which a discussion leader or moderator, asks their opinions about the firm's and its competitors products, how they use them, and special needs that aren't addressed by them.
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What are the advantages and disadvantages of conducting personal interviews? Mail surveys? telephone interviews? internet surveys?
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Personal interview surveys are flexible in asking probing questions or getting reactions to visual materials but are very costly to conduct. Mail surveys are usually blased because those most likely to respond have specially positive or negative experiences with the product or brand. Telephone interviews allow flexibility but respondents are likely to hang up on the interviewer. Email, fax, and Internet surveys are restricted to respondents having the technologies but the latter is expanding.
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What is a panel? experiment? test market?
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A panel is a sample of consumers or stores from which researchers take a series of measurements. Experiment involves changing a variable factor involved in a customer purchase and seeing what happens as a result. Test markets offer a product for sale on a limited basis in a defined area to help decide the effectiveness of potential marketing actions.
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Which one is more costly and time consuming to collect: primary or secondary data?
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Primary data
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What is data mining
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to find statistical links that suggest marketing opportunities
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Define sales forecast
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refers to 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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List three sales forecasting methods. Which one is used most
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Judgment of the decision maker: most sales forecasts (probably 99%) are simply the best judgment of the decision maker. Direct forecast and lost-horse forecast
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What is a lost horse forecast
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involves starting with the last known value of the item being forecast, listing the factors that could affect the forecast, assessing whether they have a positive or negative impact, and making the final forecast.
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What two groups are surveyed when forecasting by surveying knowledgeable groups?
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prospective buyers and the sales-force
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What is trend extrapolation? Linear extrapolation?
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trend extrapolation which involves extending a pattern observed in past data into the future. Linear trend extrapolation: assumes that the underlying relationships in the past will continue into the future.
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Marketing strategies provide the organization with __________, the increased customer value achieved through performing organizational functions such as marketing or manufacturing more efficiently.
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Synergy
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When marketers segment consumer markets based on the personality or lifestyle of prospective customers, they are using _______.
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Psychographic segmentation.
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The first step in segmenting and targeting markets is to ______.
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Group prospective buyers into groups or segments
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Doris Lewis owns Lewis Edibles, Inc., a company that makes Tongue Tinglin' B.B.Q. Sauce. She wants to target local people who like the special blend of flavors found only in North Carolina mustard-based barbecue sauce. The easiest method for segmenting her market is to use __________ segmentation variables.
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Geographic
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The 80/20 rule is a concept, which suggests
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Eighty percent of a firm's sales are obtained from twenty percent of its customers.
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A firm's strategy of using different marketing mix activities, such as product features or advertising, to help consumers perceive a product as being different and better than competing products is called ______.
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Product differentiation
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When marketers segment markets based on an observable action or attitude of prospective customers such as where they buy, what they buy, or how frequently they buy, this is called ______.
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Behavioral segmentation
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A graph displaying consumers' perceptions of product attributes across two or more dimensions is a ______.
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Perceptual map
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__________ is manufacturing a product only when there is an order from a customer.
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Build-to-order
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A market-product grid is a framework to relate
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the market segments of potential buyers to products offered or potential marketing actions by the firm.
