Chapter 7 Flashcards
The process of defining a marketing problem and opportunity by systematically collecting and analyzing information and recommending actions is known as
Marketing Research
What are the seven types of marketing decisions?
Target Markets
Product
Place/Distribution
Promotion
Pricing
External Factors
Other
Which type of research looks at sales, market size, demand for product, customer characteristics, purchase behavior, customer satisfaction, and website traffic?
Target Market Research
Which type of research looks at product development, package protection, packaging awareness, brand name selection, brand recognition, brand preference, and product positioning?
Product Research
Which type of research looks at distributor interest, assessing shipping options, online shopping, and retail store site selection
Place/Distribution Research
Which type of research looks at advertising recall, advertising copy testing, sales promotion response rates, sales force compensation, traffic studies (outdoor ads), and public relations media placement?
Promotion Research
Which type of research looks at price elasticity analysis optimal price setting, and discount options
Pricing Research
Which type of research looks at a competitive analysis, legal environment, social trends, and cultural trends?
External Factors Research
Which type of research looks at company image and test marketing?
Other research
What are the two main goals of marketing?
Reduce Risk
Improve marketing decisions
What are the challenges involved with marketing research?
- New products have never been used
- Truthful answers (personal habits)
- Intent versus purchase
Why is it important to write a market research brief?
- Clarifies research needs
- Ensures colleagues are on-board with ideas
- this in turn helps an agency write better research proposals
- and achieve business outcomes
What is involved in the background of a market research brief?
- Describe problem you wish to solve
- Answer what makes it useful
- what makes it neccessary
-explain why you are conducting this research
-include relevant info and examples
What are some examples of business objectives for a market research brief?
- Increasing sales
- Attracting lapsed customers
What are some examples of project objectives for market research briefs?
- explaining purpose of the project
- explain expected outcomes
- are we creating or innovating a new product
just read over slide 9 every time you see this card
What are the 5 steps in the marketing research approach leading to marketing actions?
Define the problem
Develop the research plan
Collect relevant information
Develop findings
Take marketing actions
What is the most important step of the marketing research approach?
Defining the problem
Situations calling for managers to make choices among decision alternatives are known as
Problems
Which step of the marketing research approach focuses on setting research objectives and identifying possible marketing actions?
Step 1: Defining the Problem
What are some examples of setting research objectives for step 1 of the marketing research approach?
- Research objectives state what information to address a particular problem or issue
- Have a clear research purpose
- Identify possible marketing decisions
- Setting research objectives
-Identifying possible marketing actions
are all actions that occur during which stage of the marketing research approach?
Step 1:Defining the Problem
- Specifying constraints
- Identifying data needed for marketing actions
- Determining how to collect data
are all actions that occur during which stage of the marketing research approach?
Step 2: Developing the research plan
- Obtaining secondary data
- Obtaining primary data
are all actions that occur during which stage of the marketing research approach?
Step 3: Collect relevant information
- Analyzing the data
- Presenting the findings
are all actions that occur during which stage of the marketing research approach?
Step 4: Developing Findings
- Making action recommendations
- Implementing action recommendations
- Evaluating results
are all actions that occur during which stage of the marketing research approach?
Step 5: Target Marketing Actions
come back to slide 12
The criteria or standards used in evaluating proposed solutions to the problem can be defined as
Measures of Success
What are possible marketing actions to help define the measures of success of a company?
- By, introducing a new product
- Continuing with an existing product line
The set of advance decisions to specify the methods and procedures for collecting and analyzing the needed information is known as
Research Design
What are the two ways used to determine how to collect data for marketing actions?
Concepts- ideas about products
Methods- approaches to collect data
The restrictions placed on possible solutions that consist of time and money are known as
Constraints
What term involves selecting representative elements from a population, collecting data from them and using it as representative of all those interest in is known as
Sampling
What term involves drawing conclusions or generalizing the results from the data obtained from the sample taken to the larger population from which the sample is drawn is known as
Statistical Inference
What type of data is collected prior to the start of the research project from external as well as internal data sources?
Secondary Data
Data is collected prior to the start of the research project from external as well as internal data sources is known as?
Secondary Data
Data that is collected to address specific research needs from sources such as focus groups, in-depth interviews,and surveys
Primary Data
Facts and figures pertinent to the project can be defined as
Data
Facts and figures already recorder prior to the project can be defined as
Secondary Data
Facts and figures newly collected for the project can be defined as
Primary Data
What type of data consists of:
- Inputs (budgets, financial statements, sales call reports)
-Outcomes (actual sales and customer communications)
Internal Data
What type of data consists of:
US Census Reports
Trade Association Studies
Business Periodicals
Internet- Based Reports
External Data
What type of data consists of:
Mechanical methods
Personal methods
Neuromarketing methods
Observational Data
What type of data consists of:
Idea Generation methods
Idead evaluation methods
Questionnaire Data
What type of data consists of:
Social Media
Panels and experiments
Information Tech
Data Mining
Other sources of data
What are the two examples of secondary data?
Internal Data
External Data
What are the three examples of primary data?
Observational Data
Questionnaire Data
Other sources
What type of data is related to the effort expended to make sales through sales and advertising budgets, expenditures, and salespeople’s call reports
Marketing Input Data
What type of data is related to the results of the marketing efforts used for records on shipments, sales and repeat sales, and communications from customers
Marketing Outcome Data
slide 23?
What term is available for a fee from commercial research firms about shifting brand preferences and product usage in households
Syndicated Panel
What are the 3 examples from the power points of syndicated panels?
Nielsen Ratings
J.D. Power Survey
IRI InfoScan
What are some examples of secondary data sources?
Census Bureau
Trade Associations
Universities
Business Periodicals
What are some advantages to using secondary data?
Time Savings
Inexpensive
What are some disadvantages of using secondary data?
- Out of date
- Definitions/Categories Not Right
- Not specific enough
- Sources could be biased
The research involving collecting, analyzing, and interpreting data buy using open-ended questions, or observing what people do and say can be defined as
Qualitative Research
Observation, in-depth interviews, and focus groups are all examples of
Qualitative Research
Research involving the use of structured, close-ended questions in which response options have been predetermined and a large number of respondents involved can be defined as
Quantitative Research
An experiment or survey is an example of what kind of research?
Quantitative Research
What are the 4 examples of primary data?
Observations
Interviews
Survey Research
Experiments
Examining how people actually behave either mechanically or in person can be defined as an
Observation
Examining how people actually behave during a
- home visit
- mystery shopping experience
are examples of what type of primary data?
Observation
The method that involves using a cap or glasses with dozens of sensors to measure brain waves to understand consumers better and their responses to nonconscious stimuli can be defined as
Neuromarketing
Individual interviews seeking in-depth, open-ended responses that are expensive and time- consuming are known as
In-depth interviews
Simultaneously interviewing a small group of people (8-12) in an informal group setting where the moderator guides the conversation seeking group interaction that is known as a
Focus group interview
A systematic means of collecting information from people using a questionnaire that have faster response times and analysis are known as
Survey
What is a disadvantage to using surveys as a search
Not many people complete surveys
What term manipulates one or more variables to determine which variables have a casual effect on other variables is defined as
Experiment
What are the benefits of obtaining data through social media?
Most current
Most accurate
Fast
Affordable
What are the advantages of collecting relevant data?
Specific to the problem
More flexible
Can provide behavioral insight
What are the disadvantages of collecting relevant data?
Expensive
Time Consuming to Collect
What are some examples of analyzing data?
- How are sales?
- What factors contribute to sales trends
The extraction of hidden
predictive info from large databases to find statistical links between consumer behavior and marketing
actions is known as
Data Mining
T/F- Step 4 of the Market Research Approach is all about converting data into information to explain, predict, and/or evaluate a particular situation
True
What are the 3 steps to taking marketing action?
- Make Action Recommendations
- Implement the action recommendations
- Evaluate the results
- The decision itself
- The decision process used
What are two key elements in deciding how to collect data for marketing research?
Methods
Concepts
