Chapter 4

Question 1

Marketing Research [definition]

Answer 1

Process of defining a marketing problem and opportunity, collecting and analyzing information, and then recommending actions

Question 2

What are the challenges of doing marketing research?

Answer 2

• How can market research determine if consumers will buy a product they’ve never seen?
• How can they obtain answers that people know but are reluctant to reveal
• How can marketing research help people accurately remember and report their interests, intentions, and purchases?

Question 3

What is the 5 step approach in market research

Answer 3

1. Define the problem
2. Develop research plan
3. Collection relevant information
4. Develop findings
5. Take marketing actions

Question 4

2 key elements of defining the problem when approaching market research?

Answer 4

1. Setting the research objectives
2. Identifying possible marketing actions

Question 5

New product concept [definition]

Answer 5

picture or verbal description of product or service the firm might offer to sell

Question 6

Probability Sampling [Definition]

Answer 6

Selecting a sample so that each element of the population has a specific known chance of being selected

Question 7

Non-Probability Sampling [Definition]

Answer 7

Selecting a sample so that the chance of selecting a particular element of a population is either unknown or zero

Question 8

Secondary data

Answer 8

Facts that figures that have already been recorded prior to the current project at hand

Question 9

Test market

Answer 9

In market localized approach, or short term online destination used to test the success of promotional offers, new services, or new product launches

Question 10

Analytics

Answer 10

Process of taking metrics data and applying smart thinking and technology to gain actionable insights that can help make better business decisions

Question 11

Descriptive vs. Predictive analytics

Answer 11

Descriptive analytics focus on what has to happen
Predictive analytics combines data from varied sources to reveal patters that are modelled to predict what might happen in the future