8. Marketing Research

Question 1

Marketing research

Answer 1

the systematic design, collection, analysis, and reporting of data relevant to a specific market situation facing by an organization
- the process of identifying and defining marketing opportunities and problems, evaluating marketing actions, and monitoring and improving marketing performance.

Question 2

Research

Answer 2

the systematic investigation into and study of materials and sources in order to establish facts and reach new conclusions.

Question 3

Qualitative Research

Answer 3

• primarily exploratory research
• used to gain an understanding of underlying reasons, opinions, and motivations
• provides insights into the problem
• helps to develop ideas or hypotheses for potential quantitative research.

Question 4

Quantitative methods

Answer 4

• emphasize objective measurements and the statistical, mathematical
• numerical analysis of data collected through polls, questionnaires, and surveys,
• by manipulating pre-existing statistical data using computational techniques.
• profit and loss statement

Question 5

Primary data

Answer 5

information collected for the specific purpose at hand

Question 6

Secondary data

Answer 6

information that already exists somewhere, having been collected for another purpose

Question 7

Marketing Information System (MIS)

Answer 7

• provides information to the company’s marketing and other managers and external partners such as suppliers, resellers, and marketing service agencies.
• people and procedures dedicated to assessing information needs,
• developing the needed information,
• helping decision makers to use the information to generate -> validate actionable customer and market insights.

Question 8

Customer Insights

Answer 8

• fresh marketing information-based understandings of customers and the marketplace -> become the basis for creating customer value, engagement, and relationships.

Question 9

Companies are forming customer insights teams

Answer 9

• Include all company functional areas
• Collect information from a wide variety of sources
• Use insights to create more value for their customers

Question 10

Characteristics of a GOOD MIS

Answer 10

Balancing the information users would like to have against what they need and what is feasible to offer
MIS Offerings vs. User’s needs

Question 11

Marketers obtain information from

Answer 11

• Internal data
• Marketing intelligence
• Marketing research

Question 12

Internal databases

Answer 12

collections of consumer and market information obtained from data sources within the company network.

Question 13

Competitive marketing intelligence

Answer 13

the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.

Question 14

Steps in Marketing Research

Answer 14

Defining the problems and research objectives -> Developing the research plan for collecting information -> Implementing the research plan - collecting and analyzing the data -> interpreting and reporting the data

Question 15

Defining the problem and research objectives

Answer 15

• exploratory
• descriptive
• casual