MRKT 301 Chp. 7

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

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