MRKT 301 Chp. 7 – Flashcards
Unlock all answers in this set
Unlock answersquestion
Specifying constraints, identifying data needed for marketing actions, and determining how to collect data would take place during which step of the five-step marketing research approach.
answer
collect relevant information
question
Grape-Nuts was one of the first cereals Post Cereal Company ever marketed. It scores well in brand awareness studies, but recently its sales have been steadily declining. Rather than assume the product was a "dog," the Grape-Nuts marketing manager decided Post should first.
answer
do marketing research to identify what needs were not being satisfied
question
Set during the marketing research process,________ are the specific, measurable goals the decision maker seeks to achieve in conducting the marketing research.
answer
research objectives
question
After defining the problem, the next step in the five-step marketing research approach is to
answer
develop the research plan
question
The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions is referred to as __________.
answer
marketing research
question
There are two key elements when defining a marketing research problem. One of these is __________.
answer
set the research objectives
question
Analyzing data and presenting the results of this analysis would take place during which step of the five-step marketing research approach?
answer
develop findings
question
Obtaining primary and secondary data would take place during which step of the five-step marketing research approach?
answer
collect relevant information
question
The first step of the marketing research approach is to __________.
answer
define the problem
question
The fourth step of the marketing research approach is to __________.
answer
develop findings
question
the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions
answer
marketing research
question
a conscious choice for among two or more alternatives
answer
decision
question
the act of consciously choosing from among alternatives
answer
decision making
question
criteria or standards used in evaluating proposed solutions to a problem
answer
measure of success
question
restrictions placed on potential solutions to a problem
answer
constraints
question
ideas of products or services
answer
concepts
question
approaches that can be used to collect data to solve all or part of a problem
answer
methods
question
the facts and figures related to a project
answer
data
question
facts and figures that have already been recorded prior to the project at hand
answer
secondary data
question
facts and figures that are newly collected for a project
answer
primary data
question
Marketing inputs (budgets, financial statements, sales call reports) AND marketing outcomes (actual sales and customer communications)
answer
Secondary Data: Internal
question
U.S. Census reports, trade associations studies, business periodicals, internet-based reports.
answer
Secondary Data: External
question
Saves time low cost
answer
Advantages of Secondary Data
question
Data could be outdated, might not fit a researcher's project just right, might not be specific enough
answer
Disadvantages of Secondary Data
question
facts and figures obtained by watching, either mechanically or in person, how people behave
answer
observational data
question
facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors
answer
questionnaire data
question
a sample of consumers or stores from which researchers take a series of measurements (switching form one brand of breakfast cereals to another)
answer
panel
question
test cause and effect
answer
experiment
question
Independent variable (a cause) in an experiment. Examples: Price, Features, Promotion
answer
market drivers
question
More flexible and more specific to the problem being studied
answer
Advantages of Primary Data
question
Expensive and time consuming
answer
Disadvantages of Primary Data
question
involves operating computer networks that can store and process data
answer
information technology
question
The extraction of hidden perspective information from large data-bases to find statistical links between consumer purchasing patterns and marketing actions
answer
data mining
question
the total sales of a product that a firm expects to sell during a specified time period under specified conditions and its own marketing efforts
answer
sales forecast
question
Involves asking prospective customers if they are likely to buy the product during some future period
answer
Survey of buyers forecast
question
Involves asking the firm's sales people to estimate sales during a coming period. These people are in contact with customers and are likely to know what customers like and dislike.
answer
Salesforce survey forecast
