Chapter 4 - Market Research

Question 1

Define marketing research

Answer 1

The systematic design, collection, analysis, and reporting of data relevant to a marketing situation

Question 2

Marketing research is a key prerequisite to …

Answer 2

successful decision making. It reduces uncertainty associated with a product or a firm’s current situation

Question 3

What are the 4 steps in the marketing research process

Answer 3

1. Define problem and research objectives
2. Developing plain for collecting information
3. Implementing research plan (collecting and analyzing data)
4. Interpreting and reporting the findings

Question 4

What does step 1 - “Define problem and research objectives” entail?

Answer 4

• Marketing research should be used only to produce factual information
• Define the problem and research objectives
  (Exploratory research,
  Conclusive (causal) research)

Question 5

What are the 2 types of research and the difference between them?

Answer 5

Exploratory - conducted when marketers don’t have any insight about a problem of interest

conclusive research - conducted after have some insight and want to test a theory

Question 6

What does step 2 - Develop the research plan entail?

Answer 6

Determine the information needed and develop a plan for gathering it

Question 7

What are the 2 types of data and the difference between them?

Answer 7

Primary data - Data collected for the specific purpose at hand

Secondary data - Information that already exists somewhere, having been collected for another purpose

Question 8

What are the advantages and disadvantages of primary and secondary research?

Answer 8

Primary data

• Advantages: specific to the research needs, offers a deep understanding of a person or phenomenon
• Disadvantages: usually more costly, takes longer to collect, requires sophisticated training to design and collect reliable data

Secondary data

• Advantages: saves time, reduces costs
• Disadvantages: may not be relevant to needs, may not be timely, data collection method unknown

Question 9

Three types of exploratory methods (primary data)

Answer 9

Observation
In-Depth Interview
Focus Group

Question 10

define survey (primary date)

Answer 10

systematic means of collecting information from people

Question 11

What are the adv/disadv of online survey research?

Answer 11

Adv -
Response rates are relatively high (>30%, instead of 1~2% for mail, 10~15% for phone)
It is relatively inexpensive
Results are processed and received quickly

Disadv-
Uncertainty of respondents’ situations

Question 12

define experimental research (primary data(

Answer 12

Quantitative research that systematically manipulates one or more variables to determine which variable has a causal effect on another variable

Question 13

What does step 3: collecting and analyzing data entail?

Answer 13

• Data are raw numbers or other factual information
• On their own, data have limited value to marketers
• When data are interpreted, they become information that is useful to decision makers

Question 14

5 aspects of presenting results (step 4)

Answer 14

summary
body
conclusions
limitations
supplements including tables, figures, appendices