CH.15 - Marketing Research Tools

Question 1

the systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities.

* marketing decisions should be fact-based.
* firms should continually g

Answer 1

Marketing Research

Question 2

1) Define the problem
2) Develop the research plan
3) Collect relevant data
4) Develop findings
5) Take marketing action

Answer 2

5 steps of the Marketing Research Process

Question 3

• Set research objectives
• Identify possible marketing actions
• Possible marketing actions

Answer 3

Step 1: Define the Problem

Question 4

• specify constraints
• identify required data
• determine how to collect data

Answer 4

Step 2: Develop the Research Plan

Question 5

• collect data
• collect secondary data

Answer 5

Step 3: Collect Relevant Data

Question 6

• analyza data
• present the findings

Answer 6

Step 4: Develop Findings

Question 7

• make action recommendations
• implement action recommendations
• evaluate results

Answer 7

Step 5: Take Marketing Action

Question 8

• Exploratory Research
• Descriptive Research
• Casual Research

Answer 8

3 types of marketing research

Question 9

• provides ideas about a relatively vague
  problem. It is appropriate when investigating a problem that has not been clearly defined.
• helps determine the best research design, data collection method and selection of subjects.

Answer 9

Exploratory Research

Question 10

• Used to describe the characteristics of a
  population or phenomenon being studied. It does not answer questions about how/when/why the characteristics occurred.
• Rather it addresses the “what” question (what are the characteristics of the population or situation being studied?).

Answer 10

Descriptive Research

Question 11

• The most sophisticated, tries to determine the extent to which the change in one factor changes another one.
• It explores the effect of one variable on another (i.e., X  Y).

Answer 11

Casual Research

Question 12

• Surveys
• Interviews
• Focus Groups
• Observation

Answer 12

4 common marketing research methods

Question 13

(the most common) are a form of quantitative or qualitative research that ask respondents a short series of open- or closed-ended questions.

*think of qualtrics

Answer 13

Surveys

Question 14

(the most insightful) are one-on-one conversations with members of your target market.

Answer 14

Interviews

Question 15

(the most difficult) bring together a carefully selected group of people who fit a company’s target market.

• used for concept testing

- demographically the same or different group of people

Answer 15

Focus Groups

Question 16

(the most powerful). Someone takes notes while they watch an ideal user engage with their brand/product, or competitors’ brand/products.

Answer 16

Observation

Question 17

• Primary Data
• Secondary Data

Answer 17

2 types of marketing data

Question 18

Facts and figures newly collected for the project
Advantages
* design, collect
* more specific to the problem

Answer 18

Primary Data

Question 19

Facts and figures already recorded prior to the project
Advantages
* already exist
* relatively inexpensive
* relatively easy to collect

Answer 19

Secondary Data

Question 20

group of people who collectively identify themselves with the brand and share similar views and notions about the brand.

A product that reaches cult-like status.

Answer 20

Brand Tribalism

Question 21

• Cluster Analysis
• Big Data

Answer 21

Popular Research Techniques

Question 22

• form groups within groups of customers
• each group has unique characteristics
• often used for segmentation

Answer 22

Cluster Analysis

Question 23

represents extremely large data sets that
may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions.

Answer 23

Big Data

Question 24

Market demand measures:
* Potential
* Available
* Target
* Penetrated

Answer 24

Forecasting demand and measurement

Question 25

A global market-entry strategy that entails
a domestic firm investing in and owning a
foreign subsidiary or division.

Answer 25

Direct Investment

Question 27

the nation where a product is produced or branded, and the mental associations and beliefs triggered by a country.

Answer 27

Country-of-Origin (COO) Effect