Chapter 1 - Intro to Marketing Research

Question 1

What is a marketing strategy?

Answer 1

Consists of selecting a segment of the market as the company’s target market and designing the proper “mix” of the product/service, price, promotion, and distribution system to meet the wants and needs of the consumers within the target market

Question 2

What is marketing research?

Answer 2

The process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem

Question 3

What is the goal of marketing research?

Answer 3

To help decision makers move from risky intuitive decisions to decisions based on systematic and objective investigations

Question 4

What are the 3 uses of marketing research?

Answer 4

• Identify marketing opportunities and problems
• Generate, refine, and evaluate potential marketing actions
• Monitor marketing performance

Question 5

What is market research?

Answer 5

A process used to define the size, location, and/or market for a product or service

Question 6

What is basic research?

Answer 6

Conducted to expand our knowledge rather than to solve a specific problem

Question 7

What is applied research?

Answer 7

Is conducted to solve specific problems