Chapter 4

Question 1

Stages of the basic approach commonly used to conduct market research studies

Answer 1

1) define the problem
2) develop a research plan
3) collect relevant information
4) develop findings
5) take marketing actions

Question 2

Examples of constraints

Answer 2

Limitations to things like lack of time and lack of money

Question 3

Why do market researchers use smaller “samples” of the population they are studying?

Answer 3

To save time and money

Question 4

Social listening

Answer 4

Monitors public online consumer conversations and images on social media sites to measure positive and negative sentiments, popularity scores, message reach, levels of conversation, and buzz and crisis monitoring

Question 5

What’s the first step in Market Research?

Answer 5

Defining the problem clearly

Question 6

What is a characteristic of a focus group?

Answer 6

They are used to filter ideas and concepts

Question 7

Focus Groups

Answer 7

Quantities research technique where a small group of poodle meet for a few hours with a trained moderator to discuss predetermined areas

Question 8

Big data

Answer 8

Massive amounts of data that is high in volume , velocity, and variety

Question 9

Metrics

Answer 9

Numeric data used to track information

Question 10

What is the process of planning, collecting, and analyzing information in order to recommend actions to improve marketing activities?

Answer 10

Market research

Question 11

What are some future trends in market research

Answer 11

Ethical and legal data considerations

growth in use and techniques

Question 12

Lost horse forcast

Answer 12

Starting with the last known value of the item being forcast , listing the factors that could affect the forcast, accessing whether they have a positive or negative impact, and making the final forcast

Gets its name from how you would find a lost horse - put yourself in its shoes and go where it was last seem, consider factors of where you would go, and go there. Ie. a pond if your thirsty

Question 13

5 steps in market research approach

Answer 13

1- define the problem
2- develop a research plan
3- collect relevant information
4- Develop findings
5- take marketing action

Question 14

Market research

Answer 14

Process of defining a marketing problem and opportunity , systematically collecting and analyzing info, and recommending actions

Expolatory
Descriptive
Casual

Question 15

Statistical Interference

Answer 15

Used to generalize the results from the larger sample groups.

Part of step 2 of market research approach - developing a research plan

Question 16

Secondary data

Answer 16

Already exists in the world. Info we get from online articles, etc.

Cheaper and quicker.

Internal, and external

Examples are passport, statista, etc

Question 17

Internal data - secondary date

Answer 17

How much effort was put into marketing

Market input data - Related to the effort expended to make sales
Market output data - results of marketing efforts

Question 18

External data - secondary data

Answer 18

How were the sales of the product bases on the marketing efforts,

Comes from published sources outside the organizations - stats Canada , trace associations, syndicated panel

Question 19

Primary Data

Answer 19

Newly collected for the purpose of that project. A lot more specific and relevant to the product

Part of step 3 of marketing research approach - collecting relevant data

Question 20

Observational data

Answer 20

Part of primary Data collection

Watching people and seeing what they do and how they behave .

Based off this they can sell advertising

Samples - mechanical method, personal method, neuromarketing method

Question 21

“Asking People”

Answer 21

A part of primary data collection - step. 3 in market research approach

Asking questions and recording answers. Idea generation and evaluating ideas - in depth interviews, focus groups, idea evaluation methods

Question 22

Panels

Question 23

Social listening

Answer 23

Companies monitor online conversations and images in order to measure public sentiments, message reach, and popularity