Marketing Research Test 1 UNG Fall 2017 – Flashcards
Unlock all answers in this set
Unlock answersquestion
Marketing is
answer
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
question
Modern marketing thought holds that firms should
answer
collaborate with and learn from consumers
question
Crowdsourcing
answer
the practice of obtaining services or ideas by asking for assistance from large groups of people, generally online communities
question
The marketing concept
answer
A business philosophy that holds that the key to achieving organizational goals consists of the company being more effective that competitors in creating, delivering, and communicating customer value to its chosen target markets.
question
A marketing strategy consists of:
answer
selecting a segment or the market as the company's target market and designing the proper "mix" of product/ service, price, promotion, and distribution system to meet the wants and needs of the consumers within the target market
question
4 P's
answer
Product, Price, Place, Promotion
question
Marketing research is the process of
answer
Designing, gathering, analyzing, and reporting info that may be used to solve a specific marketing problem .
question
AMA definition of: the function of marketing research is to
answer
Link the consumer to the marketer
question
Market research
answer
is a subset of marketing research. It is the process used to define the size, location, or makeup of the market for a product or service.
question
Difference between marketing research and market research
answer
Market research refers to applying marketing research to a specific market.
question
Consumers
answer
retail or B2C
question
Customers
answer
Business B2B
question
3 Uses of Marketing Research
answer
1. Identifying market opportunities and problems 2.Generating, refining, & evaluating potential marketing actions 3.Monitoring marketing performance
question
Marketing Researching is conducted in:
answer
Selecting target markets Product Research Pricing Research Promotion Research Distribution Research
question
Basic research is conducted to:
answer
Expand knowledge rather than solve a specific problem
question
Applied research is conducted to:
answer
Solve specific problems
question
Marketing Information System (MIS)
answer
A structure consisting of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate info to marketing decision makers.
question
Components of Marketing Information System:
answer
1. Internal reports system 2. Marketing Intelligence System 3. Marketing Decision Support System 4. Marketing Research System
question
Internal Reports System
answer
Gathers info generated within a firm, including orders, billing, receivables, inventory, levels stockouts, and so on.
question
Marketing Intelligence System
answer
A set of procedures and sources used by managers to obtain everyday info about pertinent developments in the environment
question
Marketing Decision Support System
answer
collected data that may be accessed and analyzed using tools and techniques that assist managers in decision making
question
Marketing Research System
answer
gathers info for a SPECIFIC situation facing a company
question
Marketing Research Process: 11 steps
answer
1. Establish the need for marketing research 2. Define the problem 3. Establish research objectives 4. Determine Research Design 5. Identify information types and sources 6. Determine methods of accessing data 7. Design Data Collection forms 8. Determine sample plan and size 9. Collect Data 10. Analyze data 11. Prepare and present the final research report
question
1.The need for marketing research arises when:
answer
Managers must make decisions and they have inadequate information
question
2. Define the problem thorugh
answer
A problem statement
question
3. Research objectives tell the researcher:
answer
Exactly what info needs to be gathered and analyzed
question
4. Research design refers to:
answer
The research approach used to meet the research objectives. 1. Exploratory- Help clients determine research objectives 2.Descriptive-research that describes the phenonema of interest 3. Causal- attempt to uncover what factor or factors cause an event
question
5. The 2 information types
answer
Primary info- collected specifically for the problem at hand Secondary info- Info already collected
question
6. Data can be collected using many different methods such as:
answer
-Observation of consumers -Monitoring info available on websites -Using surveyes
question
7. Different types of data collection forms
answer
1. Questionnaire- ask respondents questions (written) 2. Focus group guide- Asking questions in a focus group
question
8. Determining sample size and frame consists of finding out:
answer
Population: the entire group about which the researcher wishes to make inferences based on info provided by sample data Sample: subset of population sample plans: describe how each element, or unit is drawn from the total population sample frame: list pf population elements or units sample size: # of elements of population used
question
9. People who collect data are called:
answer
Fieldworkers. Companies that specialize in data collection are referred to as field service firms
question
10. Data analysis goal is to:
answer
Use statistical tools to present data in a form that fulfills the research objectives
question
11. Prepare/present data
answer
oral presentation/report
question
The most important step in marketing research is:
answer
Defining the problem properly
question
Problems are:
answer
situations calling for managers to make choices among alternatives
question
Marketing opportunity:
answer
a potentially favorable circumstance in which a company can perform successfully.
question
Symptom:
answer
A change in the level of a key monitor that measures achievement of an objective or a perceived change in the behavior of a market factor that indicates an emerging opportunity.
question
Situation analysis:
answer
A form of exploratory research undertaken to gather info and data pertinent to the problem area that may be helpful in properly defining the problem decision.
question
Decision alternatives:
answer
All marketing action that the manager thinks may resolve the problem.
question
Consequences:
answer
the results of marketing actions
question
Assumptions:
answer
assertions that certain conditions exist or that certain reactions will take place if the considered alternatives are implemented
question
Information state:
answer
The quantity and quality of evidence a manager possesses for each of his or her assumptions
question
Information gaps
answer
discrepancies between the current info level and the desired level of info at which the manager feels comfortable resolving the problem at hand
question
Research objectives
answer
goal-oriented statement or question that specifies what info is needed to solve a problem
question
Hypotheses
answer
statements that are taken as true for the purposes of the argument
question
Construct
answer
an abstract idea or concept composed of a set of attitudes or behaviors that are thought to be related
question
Variables
answer
elements of a construct that can be measured or quantified
question
Action Standard
answer
the predesignation of some quantity of a measured attribute or characteristic that must be achieved for a predetermined action to take place
question
Marketing Research Proposal
answer
The contracts that documents what the marketing researcher pledges to deliver as a result of the marketing research process
question
Invitations to bid (ITBs) or Requests for proposals (RFPs) are
answer
often used in the marketing research process. These are routinely used in all business sectors when a firm desires supplier firms to present proposals or bids.
question
Exploratory research
answer
Unstructured, informal research that is undertaken to gain background info about the general nature of the research problem
question
Exploratory research is used to
answer
gain background info, to define terms, to clarify problems and hypotheses, and establish research priorities
question
Methods of conducting exploratory research:
answer
1. Secondary data analysis( analyzing widespread and available data) 2.Experience surveys (refer to gathering info form those thought to be knowledgeable on the issues relevant to the research problem) 3. Case Analysis (review of info of one or more similiar previous cases) 4. Focus groups (small groups brought together by a moderator through unstructured, spontaneous discussion fo the purpose of gaining info relevant to problem)
question
Descriptive research is:
answer
Undertaken to collect data to examine the characteristics of consumers/ markets
question
2 Classifications of Descriptive Research Studies:
answer
1. Cross-sectional studies -sample surveys 2. Longitudinal Studies -panels
question
Cross-sectional studies
answer
measure units from a sample of the population at one point in time
question
Sample surveys (part of cross-sectional studies)
answer
Part of cross-sectional studies whose samples are designed in such a way as to be representative of a specific population at a pre-determined margin of error
question
Longitudinal studies
answer
Repeatedly measure the same sample units of a population over a given amount of time
question
Panels (part of longitudinal studies)
answer
Samples of respondents who have agreed to provide info or answer questions at regular intervals
question
Types of panels:
answer
1. Continuous panels- ask panel members same question on each panel measurement 2. Discontinuous panels/omnibus panels- vary questions from one panel to the next
question
Brand- switching studies
answer
examine the extent that consumers are loyal to one brand
question
Market-tracking studies
answer
Studies that monitor the same variables of interest over time
question
Causal research is used to:
answer
Measure causality in relationships, such as "if x, then y"
question
Experiment:
answer
A type of study in which one or more independent variables are manipulated to see how one or more dependent variables are affected, while controlling for the effects of additional extraneous variables.
question
Independant variables
answer
researcher has control and wishes to manipulate to measure the effect on the dependent variable.
question
Dependent variables
answer
measured in response to changes in independent variables
question
Extraneous variables
answer
all of the variables other than independent variables that have an effect on the dependent variable
question
Experimental design
answer
a procedure for devising an experimental setting so that a change in a dependant variable may be attributed solely to teh change in the independent variable
question
Experimental design symbols:
answer
o=measurement of the dependent variable x- the manipulation, or change, of an independent variable R= Random assignment of subjects to experimental and control groups E= Experimental effect, tje change in the dependent variable due to the independent variable
question
Pretest
answer
measurement of the dependent variable that is taken prior to changeing the IV
question
Postest
answer
measurement of the DV that is taken after changing the IV
question
Control group
answer
group whose subjects have not been exposed to the change in the IV
question
Experimental Group
answer
group that has been exposed to change in IV
question
A/B Testing
answer
Testing 2 alternatives (A/B) to see which one performs better
question
Internal validity
answer
in experimental study is the extent to which the researcher is certain that a change in a dependant variable is actually due to the IV
question
External validity refers to:
answer
the extent to which a researcher can be certain that a relatrionshop observed between IV's and DV's during an experiment would occur under real-world conditions.
question
Types of experiments:
answer
1. Laboratory (artificial setting) 2. Field (natural setting)
question
Test marketing-
answer
conducting an experiment or study in a field setting to evaluate a new product or service or other elements of the marketing mix.
question
Types of test markets
answer
1. Standard test market 2. Controlled test market 3. Electronic test market 4. Simulated test market
question
1. Standard test market
answer
firm tests product or marketing mix variables through the company's normal distribution channels
question
2. Controlled test market
answer
one that is conducted by outside firms that guarantee distribution of the product through prespecified types and numbers of distributors
question
3. Electronic test market
answer
a panel of consumers has agreed to carry ID cards that each consumer presents when buying goods/services
question
4. Simulated test market
answer
limited amount of data on consumer is fed into a model containing certain assumptions regarding planned marketing programs, which generates likely product sales volume.
question
3 criteria useful to selecting test-market cities:
answer
1. Representativeness 2. Degree of isolation 3. ability to control distribution and promotion
