MKT 360 Chapter 3 – Flashcards

Unlock all answers in this set

Unlock answers
question
Marketing is an...
answer
Art and a Science
question
Marketing as an Art
answer
Communication and Delivery of how you communicate. (ex: Promotion and Advertising)
question
Marketing as a Science
answer
Marketing Research, creates data that can become information
question
Caveats to the step-by-step Process
answer
Not always presented in 11 steps; not all studies uses all of the steps; may be able to solve problem with secondary data; few studies follow steps in order.
question
Step 1 of Marketing Research Process
answer
Establish the need for marketing research
question
Step 2 of Marketing Research Process
answer
Define the problem
question
Step 3 of Marketing Research Process
answer
Establish research obectives
question
Step 4 of Marketing Research Process
answer
Determine research design
question
Step 5 of Marketing Research Process
answer
Identify information types and sources
question
Step 6 of Marketing Research Process
answer
Determine methods of accessing data
question
Step 7 of Marketing Research Process
answer
Design data collection forms
question
Step 8 of Marketing Research Process
answer
Determine the sample plan and size
question
Step 9 of Marketing Research Process
answer
Collect data
question
Step 10 of Marketing Research Process
answer
Analyze data
question
Step 11 of Marketing Research Process
answer
Prepare/present the final research report
question
Establishing the Need for Marketing Research
answer
Research takes time and costs money, value of information vs. cost of information.
question
When is marketing research not needed?
answer
Info is already available, timing is wrong to conduct marketing research, funds are not available for marketing research, costs outweigh the value of marketing research.
question
Example of when timing is wrong for marketing research
answer
Ask people about their stock marketing performance after the market lost 10% of its worth. People are more apt to give negative reviews.
question
Define the problem
answer
Most important of the 11 step process, if we do this step wrong, all else is a wasted effort.
question
The need to make a decision requires ________________. If we don't have these, no decision is necessary.
answer
decision alternatives
question
Establish Research Objectives
answer
This provides the information necessary to solve the problem, state what the researchers must do.
question
Determine Research Design
answer
Decide wether we need descriptive research, diagnostic research, or prescriptive research.
question
Descriptive Research
answer
A set of methods and procedures describing marketing variables. Describes the phenomena of interest.
question
Diagnostic Research
answer
Designed to determine sources of satisfaction and dissatisfaction.
question
Prescriptive Research
answer
Provides information that allows the manager to best remedy the dissatisfaction.
question
Exploratory Research
answer
Collecting information in an unstructured and informal manner.
question
Causal studies
answer
Attempt to uncover what factor or factors caused some event.
question
When to use Exploratory Research
answer
Going into an area where we have no preconceived notion of how the customer thinks. An area where we have no data.
question
When to use Descriptive Research
answer
Talk to people, take the data, and turn the words into numerical data from interviews. Set up focus groups with the data.
question
Correlation
answer
There is a relationship between two factors.
question
Causality
answer
One factor causes another.
question
Does correlation equal causality?
answer
NO
question
Identify Information Types and Sources
answer
Primary and Secondary
question
Primary Information
answer
Collected specifically for the problem at hand. It is the best data available to answer the question, it is very expensive.
question
Secondary information
answer
Information already collected, very cheap and quickly produced, but may not be able to answer the question needed.
question
Most popular form of accessing data
answer
Online Surveys
question
Main choices for Primary Data
answer
Have a person ask questions; Use computer-assisted or direct questioning; Allow respondents to answer questions themselves without computer assistance; Use some combination of two or more of the previous methods.
question
Questionnaires must...
answer
be worded objectively, clearly, and without bias in order to communicate with respondents.
question
Observation form
answer
When we observe respondents
question
Sample Plan
answer
Describes how each sample element, or unit, is to be drawn from the total population. Gives us Representativeness.
question
Sample size
answer
Refers to determining how many elements of the population should be included in the sample. Gives us Accuracy.
question
Non-sampling errors
answer
Will occur in data collection, researchers must know sources and implement controls to minimize them.
question
Validation
answer
When researchers aim to minimize the possibility of non-sampling errors by undertaking a control
question
Data analysis
answer
Involves entering data into computer files, inspecting data for errors, and running tabulations and various statistical tests.
question
Prepare and Present the Final Research Report
answer
One of the most important phases of marketing research, it is the last step.
question
Reporting
answer
It communicates the results to the client.
question
Recognizing the Problem
answer
Managers must be aware of opportunities. Unless they have implement opportunity identification, they will not succeed in this.
question
Opportunity Identification
answer
A system for monitoring opportunities
question
Problems
answer
Situations calling for managers to make choices among decision alternatives
question
Symptoms
answer
Not the problem, but are the "signals" that alert us to the problem. Changes in the level of some key monitor that measures the achievement of an objective.
question
Marketing Opportunity
answer
An area of buyer need or potential interest in which a company can perform profitably.
question
When you define a problem incorrectly...
answer
there is NOTHING you can do in the research process to overcome this error.
question
Requests for proposals (RFPs)
answer
Used mostly in heavy B2B companies, are often used in marketing research processes.
question
Invitations to bid (ITBs)
answer
Used in most service oriented companies, often used in marketing research process.
question
Situation Analysis
answer
A form of exploratory research undertaken to gather background info and gather data pertinent to the problem area that may be helpful in properly defining the problem decision.
question
Researchers have a responsibility...
answer
to ensure they are addressing the right problem, even when the problem has ben previously defined by management.
question
Determine all possible causes
answer
If only a partial list of causes is made, it is possible that the real cause will be overlooked.
question
When a probable causes of the symptom is identified...
answer
this triggers a decision to be made by management
question
Consequences
answer
The results of marketing decisions
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/her assumptions.
question
Information gaps
answer
Discrepancies between the current information level and the desired level of information.
question
Research objectives
answer
State specifically what information the researcher must produce so that the manager can choose the correct decision alternative to solve his or her problem.
question
Hypothesis
answer
Statements that are taken as true for the purposes of argument investigation.
question
Construct
answer
An abstract idea inferred from specific instance that are thought to be related.
question
Operational definition of Construct
answer
Intention to buy or satisfaction, which describes the operations to be carried out for the construct to be measured empirically.
question
Criteria for writing research objectives
answer
Specify from whom info is to be gathered, Specify what info (construct) is needed, Specify the unit of measure used to gather the info, Word questions used to gather info using the respondents' frame of reference.
question
Research objective
answer
Specifies exactly what info the researcher must collect to fill the info gaps.
question
Action Standards
answer
A pre-designation of some quantity of a measured attribute or characteristic that must be achieved for a research objective for a predetermined action to take place.
question
Example of Action Standards
answer
If premium satellite mean is above 3.5 and is statistically different from a lower mean for basic cable, they will still go with the decision alternative of premium satellite.
question
Marketing Research Proposal
answer
Serves as the basis of a contract as it documents what the marketing researcher proposes to deliver to the client for some consideration, typically a fee.
question
Elements of the Market Research Proposal
answer
Statement of the problem; Research Objectives; Research Method; Statement of deliverables; Costs; Timetable
Get an explanation on any task
Get unstuck with the help of our AI assistant in seconds
New