question

Marketing

answer

Marketing is the activity, set of processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

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3 C's of Marketing

answer

Customer, Company, Competitor (We do this first) ANALYZE THE SITUATION To make decisions we need information

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S.T.P

answer

Segmenting, Targeting, Positioning (We do this second) SET STRATEGY

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4 P's of Marketing

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: Product, Price, Place, Promotion (We do this third) FORMULATE TACTICAL PLAN. Instruments used to read the market. IMPLEMENT AND MONITOR

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Why do marketers need marketing research?

answer

• Identify and define marketing opportunities and problems • Generate, refine, and evaluate marketing strategies and tactics • Monitor marketing performance • Improve understanding of marketing as a process

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Who does Marketing Research?

answer

• Producers of products and services • Advertising agencies • Consulting firms • Marketing research firms

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Key Takeaways from BBQ Sauce Case:

answer

• Ask the right questions and ask additional questions if you do not have enough data to support a stance • Use the right research method • Do the right data analyses • Do not take research results at face value

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Research Approaches

answer

1. Systems approach • Provide general purpose marketing information on an ongoing basis • Like candle: low intensity, continuous glow 2. Project approach • Answer a specific non-recurring problem • Like a flashbulb - intense light on a particular issue at a particular time

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Research Approach 7 Steps

answer

1. Problem Formation • Translate the manager's problem into the researchers problem: What information needs must be met for the managers decision making? i. First be exhaustive and then be selective 2. Research Design • Framework or blueprint for conducting the marketing research project. It details the procedures necessary for obtaining the information needed to structure and or solve marketing research problems. 3. Data Collection Method 4. Data Collection Form 5. Sampling and Data Collection 6. Data Analysis 7. Report

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Management Decision Problem vs. Marketing Research Problem

answer

• Managers ask what the decision maker needs to do, they are action oriented, and focus on symptoms • Researchers ask what information is needed and how it should be obtained, they are information oriented and focus on the underlying causes.

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2 Major groups in Research Design

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1. Exploratory - more qualitative, typically sample sizes are small, questioning is flexible, data anaylsis is interpretive and not statistical, findings are most likely inconclusive a. Lab Experiment: More controlled environment b. Field Experiment: Too many variables 2. Conclusive - more quantitative a. Descriptive: use when research objectives and research questions are clearly formulated i. Cross-Sectional: Across different groups, same sample ii. Longitudal: Sample the same consumers over a long period of time b. Causal: Determines cause and effect relationships

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Causal Research

answer

Socioeconomic measures, behavioral measures, attitudinal measures

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Two Types of Panels

answer

1. Discontinuous Panel (Omnibus Panel) a. Fixed sample of respondents who are measured repeatedly over time but on different variables 2. Continuous Panel (True Panel) a. A fixed sample of respondents who are measured repeatedly overtime, but on the same variables b. Used to gain insights into changes in consumer purchases or attitudes (brand switching)

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Reliability vs. Validity

answer

Reliability: Will I get the same result if I measure again? Is the test error free? Validity: Am I measuring what I think I am measuring? Can I generalize the result? Does the result accurately measure what I am testing?

question

Uses of Causal Research: Dependent Variables vs Independent Variables

answer

Dependent Variable: The Effect (The thing that stays the same) Independent Variable: The Cause (The thing that changes) Does A increase or Decrease with B? (A is dependent variable, B is independent) Best for judging alternative marketing plans, or testing potential for a new product or service

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Lab Tests:

answer

• Creating a situation with exact conditions in order to control some variables, and manipulate others • Better internal validity • Demand artifacts or participants not behaving naturally when being observed

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Field Tests:

answer

• In a realistic environment where one or more independent variables are manipulated by experimenters • Better external validity, can be better generalized

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A/B Testing

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Sending out two of the same emails or letters with different headlines to determine which is better before going live with a advertisement.

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3 Types of Test Marketing

answer

1. Standard: Company sells product through normal distribution channels for 6-12 months 2. Controlled: Conducted by outside service in a market which is can guarantee distribution 3. Simulated: Consumer ratings are obtained in a simulated environment; the data is fed into computers models to produce sales and market share predictions

question

Key Issues with Test Marketing

answer

Cost, Time, Control

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Psychographics

answer

Personality, lifestyles, activities, interests, opinions

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Demographics

answer

Age, gender, ethnicity, education, occupation, income, geographic location

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Awareness vs. Knowledge

answer

Awareness is one knowing the brand exists, knowledge is what one that knows or believes about some brand, product, company, or ad • Unaided recall: highest level of awareness, no prompt eliciting response. (What brands do you remember seeing ads for?) • Aided recall: Requires prompt. (Do you remember seeing ads for personal computers?)

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Attitude

answer

Individual's evaluation of something • Dimensions of attitudes: Quality or evaluation of features and performance, Value or evaluation of relative benefits, Satisfaction or expected vs. received benefits, and Brand Image or brand associations and favorability of these associations

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Opinion

answer

verbal expression of an attitude

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Standard Purchase Intention Measure: Need odd number of options

answer

• Definitely not • Probably not • Neutral or undecided • Probably would • Definitely would

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7 types of primary data

answer

1. Awareness/Knowledge 2. Attitude/Opinion 3. Intention/ Purchase 4. Behavior/Usage 5. Psychographics 6. Motivation 7. Demographics

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Collecting Primary Data

answer

care about speed, cost, versatility, response rate, bias, anonymity, sample representative. • Face-to-face: more quality control, more responsive, high cost, subject to bias, high quality data, slower • Telephone: more quality control, more responsive, a little faster than other methods, high cost o Random digit dialing: random number generator o Systematic dialing: Use only area code prefix, 4 digits are randomly generated o Plus one dialing: only one number is randomly generated • Mail: less quality control, less responsive, slower, low cost • Internet: less quality control, less responsive, fast, low cost • Research Design Types

question

Examples of how to use different types of research designs:

answer

• Why are sales declining? (Exploratory) • What are the characteristics of our current customers? (Descriptive) • Will our customers buy more of our product in a new package format? (Causal) • How should we re-design the website for our business? (Exploratory) • How many people in town are aware of our product? (Descriptive) • Which of the two proposed ad campaigns will be more effective? (Causal)

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Benchmarking

answer

Using organizations that excel at some function as sources of ideas for improvements

question

Ethnography

answer

Detailed documentation of consumers during their daily lives using direct observations, inviews, or video diaries.

question

Projective Methods

answer

Word association, sentence completion, story telling, role playing • Great for evaluating potential brand names and advertising catch phrases or words • Pros: Non-threatening and fun • Cons: Require highly trained interviewers, highly subjective, Results are not generalizable, small samples, participants may over think or be overly critical

question

Focus Groups

answer

• Responses tend to be more spontaneous and less conventional, snowballing effect: one comment can trigger others to comment the same, • Common applications are understanding consumers, product development, and advertising • Advantages: Group Synergy and Direct involvement • Disadvantages: Results dependent on skill of moderator, strong personalities are hazardous, risk of group think and social pressure, may be misused • Funnel Approach: Start broad and narrow down

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Primary Data is:

answer

Data originated by the researcher for the specific purpose of addressing the problem at hand. The collection of primary data involves all 6 steps of the marketing research process. • Very involved, high collection cost, long collection time

question

Secondary Data is

answer

data that has already been collected for some purpose other than the problem at hand. • Low involvement, rapid and easy, low-cost, and short time duration. o There is external and internal secondary data... financial records would be internal, and consumer databases or census reports would be external data ---- always check internal data first, then external, then consider doing primary data collection.

question

1. The process of gathering and interpreting data for use in developing, implementing and monitoring a firm's marketing plans is:

answer

• Marketing Research

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2. Marketing research is a firm's formal communication link with the environment.

answer

True

question

3. The phases of the information process with which marketing research is involved include which of the following?

answer

• The specification of what information is needed • The collection and analysis of the information • The interpretation of that information with respect to the objectives that motivated the study in the first place

question

4. Management uses marketing research in various ways. Which of the following uses focuses on the short- or long-term decisions that the firm must make with respect to the elements of the marketing mix?

answer

• Problem Solving

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5. Which of the following categories of firms tend to conduct marketing research?

answer

• Companies that produce or sell products and services • Advertising agencies • Marketing research firms

question

6. The largest producer of marketing facts is:

answer

• The federal government

question

7. Which of the following is a skill a person needs for entering the marketing research field?

answer

• Communication • Conceptual • Analytical • Human Relations

question

8. Successful marketing researchers tend to be reactive rather than proactive.

answer

False

question

9. Important reasons for a business student to be exposed to marketing research training include:

answer

• To discover that it can be rewarding and fun. • To learn to be a smart consumer. • To gain an appreciation of the process, what it can and cannot do.

question

10. Marketing research is costly to an organization and should not be undertaken on trivial issues or to support decisions that have already been made.

answer

True

question

1. Generating secondary data is generally a time-consuming, expensive process.

answer

False

question

2. Which of the following content is included or described in a research proposal?

answer

• The techniques to be used in implementing the research • The estimated costs of the research

question

3. Which are the following are reasons why a firm might hire a marketing research supplier?

answer

• The skills required for various research projects may differ • The marketing research supplier can provide a greater degree of objectivity • A firm can match the project to the vendor with the greatest expertise • The firm's research workload may vary over the course of the year

question

4. A focus group brings together a large number of individuals to talk about some topic of interest to the sponsor.

answer

False

question

5. Which of the following systems approaches combines data, models and a user interface to allow users to interact with the system and produce customized information?

answer

• Decision Support System (DSS)

question

6. The dimension of Big Data that is considered the most challenging is:

answer

• Variety

question

7. Research that recognizes that a single ad campaign can appear simultaneously across a wide spectrum of media, and attempts to measure it, is called:

answer

• Cross Platform

question

8. Which type of the basic types of research is concerned with determining cause-and-effect relationships, and is typically carried out by means of an experiment?

answer

• Causal

question

9. Descriptive data become useful for solving problems only when the research process is guided by one or more specific research problems, much thought and effort, and often some exploratory research.

answer

True

question

10. A researcher who wants to reduce the potential for bias and increase the reliability of observations would use a higher level of structure in an observational study.

answer

True

question

11. The degree of standardization used with a data collection instrument is referred to as structure.

answer

True

question

12. When developing a measure for an attribute, you should always use the lowest level of measurement possible.

answer

False

question

13. Questions that are used to determine whether the respondent is likely to have the information sought in a study are called:

answer

• Filter Questions

question

14. Average age, range of income and awareness level are examples of population:

answer

• Statistics

question

15. With online and mail surveys, response rate calculation is usually straightforward, particularly when there is no eligibility requirement.

answer

True

question

16. The basic purpose of editing is to make certain that the raw data meet maximum quality standards.

answer

False

question

17. Comparing a univariate sample statistic against a preconceived standard calls for a researcher to test a hypothesis about a univariate measure.

answer

True

question

18. Interval- and ratio-level measures are both types of continuous measures.

answer

True

question

19. In cross tabulation analysis, respondents are divided into groups based on the dependent variable in order to see how the independent variable varies from group to group.

answer

False

question

20. Which of the following statements is(are) NOT true regarding the Pearson chi-square test of independence?

answer

It measures the strength of association when two variables are dependent.

question

21. One of the disadvantages of the oral presentation is that it allows for interaction.

answer

False

question

22. A line chart is particularly useful for depicting relationships over time.

answer

True

question

23. A research report is considered complete when it provides all the information readers need, regardless of whether they understand it.

answer

False

question

24. The researchers' recommendations should follow the conclusions in a report

answer

True

question

1. Which of the following statements is true about the problem formulation process?

answer

• It is more art than science • Most problems a research will face are unique • Research should be delayed until the problem is clearly defined

question

2. The two sources of marketing problems are:

answer

• Planned and unplanned change

question

3. Unplanned change tends to be more oriented toward the future and is proactive.

answer

False

question

4. If possible, market researchers should attempt to conduct strategy-oriented research.

answer

True

question

5. Which of the following content is included or described in a research proposal?

answer

• The techniques to be used in implementing the research • The estimated costs of the research

question

6. The research proposal should include a sampling plan with a detailed description of the population to be studied, or the justification for using a proposed sampling plan, but not both.

answer

False

question

7. Data collection forms, certain technical and statistical information and dummy tables go in which section of the proposal?

answer

• Appendices

question

8. What is the first step in selecting a research supplier?

answer

• Decide when research is really necessary

question

9. Asking for specific information in an RFP response about each step of a suppliers research process is a good way to compare proposals from different providers.

answer

True

question

1. The general purpose of exploratory research is to gain insights and ideas that help define problems and opportunities more clearly.

answer

true

question

2. Which of the following is NOT one of the goals of exploratory research?

answer

• Conclusive answers to the research problem

question

3. Exploratory studies are typically large scale and inflexible.

answer

false

question

4. The quickest and least costly way to conduct exploratory research is with a:

answer

• Literature Search

question

5. Which of the following are potential candidates for a depth interview?

answer

• Sales representatives • Members of the target market • Executives and managers of the company • Current Customers

question

6. A focus group brings together a large number of individuals to talk about some topic of interest to the sponsor.

answer

false

question

7. The person who attempts to guide a focus group discussion, making it as inclusive as possible to all participants, is known as the:

answer

• Moderator

question

8. The exploratory research technique that looks for statistical patterns in datasets is known as:

answer

• Data mining

question

9. Which of the following techniques is NOT used in projective methods?

answer

• Data mining

question

10. In case analysis, cases that reflect extremes of behavior are good candidates for study.

answer

true

question

1. Secondary data is information that a manager needs that doesn't exist anywhere and must be gathered from individuals inside or outside the firm.

answer

false

question

2. Which of the following statements is NOT true about secondary data?

answer

• It is more expensive to collect that primary data

question

3. Some of the problems that commonly arise with secondary data include:

answer

• Different units of measurement • Different class definitions • Age of data

question

4. Sales and cost data compiled as part of the normal accounting cycle represent a promising source of internal secondary data.

answer

true

question

5. The system that is designed to provide interactive visualization of a company's key summary measures is:

answer

• Marketing Dashboard

question

6. The basic components of a Decision Support System (DSS) are:

answer

• Data Model and Dialog

question

7. Which component of a Decision Support System (DSS) allows a user to perform analysis?

answer

• Model System

question

8. The knowledge that resides inside employees' heads is often referred to as:

answer

• Organizational Knowledge

question

9. Knowledge management is an effort to systematically collect external industry knowledge and make it accessible to others.

answer

false

question

1. Big Data is the process of capturing, merging, and analyzing large and varied data sets for the purpose of understanding current business practices and seeking new opportunities to enhance future performance.

answer

true

question

2. A framework for understanding the key elements of big data is described by which of the following word sets?

answer

• Volume, Velocity, Variety

question

3. The dimension of Big Data that is considered the most challenging is:

answer

• Variety

question

4. Which of the following are examples of how companies are getting value from Big Data?

answer

• Improving customer retention rates • Dealing with negative word of mouth • Creating personalized promotions

question

5. Data that can be captured in rows and columns is known as structured data.

answer

true

question

6. Which of the following is NOT an example of unstructured data?

answer

• Bank Transaction Data

question

7. The Big Data analysis technique that is used to extract patterns from large datasets is known as:

answer

• Data Mining

question

8. The type of analysis that focuses on future-oriented, potential behaviors is known as:

answer

• Predictive Analysis

question

9. Which of the following represent one of the key challenges to exploiting the opportunity of Big Data?

answer

• Access to and retrieval of data

question

10. Experts and senior executives agree that most organizations have the analytic skills needed to fully exploit Big Data.

answer

false

question

1. There is likely relevant external secondary data on almost any problem a marketer might confront.

answer

true

question

2. Which of the following is NOT one of the fundamental problems with secondary data?

answer

• Availability

question

3. What is the first step in the process of starting a search for secondary information?

answer

• Identify what you want to know and what you already know about your topic

question

4. A common market segmentation base for firms that sell industrial goods are:

answer

• NAICS Codes

question

5. The practice of combining census data with survey data or data gathered from other sources, such as motor vehicle registrations, is called:

answer

• Geodemography

question

6. Knowing how much product has been shipped to wholesalers and retailers provides a timely understanding of how a firm's product is doing with consumers.

answer

false

question

7. Which of the following statements are true regarding diary panels?

answer

• They are an important source of information about products purchased by households • They can be recorded online • They require panel members to track purchases made or products consumed • They use representative groups of individuals or households

question

8. Nielsen ratings are used to measure which form of media consumption?

answer

• Television

question

9. Research that recognizes that a single ad campaign can appear simultaneously across a wide spectrum of media, and attempts to measure it, is called:

answer

• Cross Platform

question

10. No existing system captures all the data that marketers would like to tie to particular consumers or households.

answer

true

question

1. Few research problems call for data that simply do not exist

answer

false

question

2. Which of the following is NOT one of the three basic types of research?

answer

• Consumer

question

3. Which type of the basic types of research is typically carried out by means of a survey?

answer

• Descriptive

question

4. Which type of the basic types of research is concerned with determining cause-and-effect relationships, and is typically carried out by means of an experiment?

answer

• Causal

question

5. Causality is the idea that one thing leads to the occurrence of another, but even proper marketing research can never really prove that one thing leads to another.

answer

true

question

6. In causal research, which of the following conditions are necessary to say that one thing caused another?

answer

• Consistent variation • Time order • Elimination of other explanations

question

7. To fully establish causality, the researcher must eliminate all other possible causes for the outcome variable.

answer

true

question

8. Experimental research that involves the use of a controlled experiment done in a limited but carefully selected sector of the marketplace is commonly known as:

answer

• Market testing • Test marketing

question

9. Marketing testing is appropriate for testing which of the following types of research questions?

answer

• Brand attitude • The effectiveness of almost every element of the marketing mix • Product demand • Awareness

question

10. The key considerations of market testing are:

answer

• Cost, time, and control

question

1. Which of the following statements is NOT true about descriptive research?

answer

• Descriptive studies are quite flexible in nature

question

2. Descriptive data become useful for solving problems only when the research process is guided by one or more specific research problems, much thought and effort, and often some exploratory research.

answer

true

question

3. A big difference between cross-sectional and longitudinal studies is:

answer

• The one-time measurement in a cross sectional study

question

4. The types of panels used in a longitudinal study are:

answer

• True • Discontinuous • Continuous • Omnibus

question

5. Which of the following approaches makes possible time series analysis?

answer

• Continuous Panels

question

6. Which variables are often used as a basis for market segmentation?

answer

• Demographic

question

7. Which type of data is often used to cross-classify other collected data to help interpret consumers' responses?

answer

• Demographic/socioeconomic characteristics

question

8. Which category of data is important in marketing because it is generally thought to lead to behaviors?

answer

• Attitude

question

9. Which of the following are tests of memory are aimed at assessing a person's awareness or knowledge of an ad?

answer

• Unaided recall • Aided recall • Recognition

question

10. When it comes to measuring demand for products or services, market researchers have learned that they must discount people's stated intentions to purchase a product or service.

answer

true

question

1. Observation involves questioning respondents to get the information you need using a questionnaire.

answer

false

question

2. Which of the following are the advantages of the observational approach to collecting primary data?

answer

• Objectivity and Accuracy

question

3. Observation techniques can provide information about which of the following?

answer

• Behavior

question

4. Observation techniques usually don't depend upon the respondent's willingness and ability to provide the needed information.

answer

true

question

5. Observation techniques are often less useful than surveys in sorting fact from fiction when it comes to behaviors.

answer

false

question

6. Observing behavior through a one-way mirror is an example of:

answer

• Disguised Observation

question

7. A researcher who wants to reduce the potential for bias and increase the reliability of observations would use a higher level of structure in an observational study.

answer

true

question

8. Using a paid observer to secretly shop at an establishment to gather observations is:

answer

• Mystery Shopping

question

9. Disguised observational techniques and methods allow for which of the following to be recorded?

answer

• Behavioral Information

question

10. Contrived settings for observation may cause differences in behavior, raising real questions about the generalization of the findings.

answer

true

question

1. The degree of standardization used with a data collection instrument is referred to as structure.

answer

true

question

2. On a questionnaire, when everyone taking it receives the same questions and responds by choosing from among the same set of possible answers, which question type is in use?

answer

• Fixed-Alternative

question

3. Which of the following are advantages of high structure?

answer

• Data coding is simplified • Analysis is usually easy • There is no need for extensive interviewer training • The responses are generally more reliable

question

5. A researcher who wishes for the purpose of the research being conducted to be obvious would use an undisguised questionnaire.

answer

False

question

6. A disguised communication approach to collecting data:

answer

• Helps eliminate response bias • Is used to help create a more natural data collection enviornment

question

7. It is more difficult to draw some form of a random sample when using which of the following approaches?

answer

• Personal Interviews

question

8. Which approach to administering a questionnaire involves the use of an interviewer?

answer

• Mail Intercept • Telephone Interview • Personal Interview

question

9. Which approach to administering a questionnaire minimizes the opportunity for interviewer bias?

answer

• Mail Survey

question

10. Researchers that wish to minimize the cost of administering a questionnaire and have a quick turnaround should consider using an online survey.

answer

true

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