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Principles of Marketing Management > Chapter 7 > Flashcards

Chapter 7 Flashcards

1
Q

Marketing Research

A

The process of collecting and analyzing information in order to recommend actions

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2
Q

What is a decision?

A

conscious choice among two alternatives

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3
Q

What are the five steps of the marketing research plan

A
  1. Define the problem
  2. Develope the research plan
    Collect relavant information
  3. Develop findings
  4. Take marketing actions
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4
Q

What stages occur during the “define the problem step”

A
  1. Set research objectives

2. Indentifiy possible marketing actions

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5
Q

What occurs during step two, “Develop the researching plan”

A
  1. Specify constraints
  2. Indentify data needed for marketing actions
  3. Determine how to collect data
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6
Q

What happens during step three “Collect relevant information”

A
  1. Obtain secondary data

2. Obtain Primary data

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7
Q

What happens during step four?

A
  1. Analyze the data

2. Present the findings

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8
Q

What happens during step five, “Take marketing actions”

A
  1. Make action recommendations
  2. Implement action recommendations
  3. Evaluate results
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9
Q

What are measures of success

A

criteria or standards used in evaluating proposed solutions to the problem

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10
Q

What are constraints

A

Restrictions placed on potential solutions to a problemWhat are concepts

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11
Q

What are concepts

A

ideas about products or services

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12
Q

What is selecting a group of distributors, customers, or prospects , asking the mquestions, and treating their answers typical of all those in whom tthey are interested

A

sampling

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13
Q

What is statistical iference

A

generalizing sampling results to much larger groups

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14
Q

What is data?

A

facts and figures related to the problem

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15
Q

What is secondary data

A

data that have already been recorded prior to the project at hand

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16
Q

What are the tro types of secondary data?

A

internal and external

17
Q

What is primary data

A

facts and figures that are newly collected for a project

18
Q

What are the two sources of internal secondary data

A

marketing inputs

marketing outcomes

19
Q

Whar are marketing input data

A

Things like budgets, financial statements, sales reports

20
Q

What are marketing outcome data

A

actual sales and customer communications

21
Q

What are the main two advantages of secondary data?

A
  1. time savings

2. Cheaper

22
Q

Disadvantages of secondary data

A
  1. out of date

2. Too general

23
Q

What are the two main types of primary data collection

A

Watching people

Asking people

24
Q

Observational Data

A

Facts and figures obtained by wartching either mechanically or ion person how people behave

25
Q

What is ethnographic research

A

Watching consumers in their natural environments

26
Q

What are the two braod types of primary data collection

A

Idea generation methods

2. Idea evalation methods

27
Q

Questionnaire data

A

Facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors

28
Q

What is a focus-group?

A

A group of 6 to 10 past, present, or prospective customers in which a moerator asks their opinions about the firms and competitors’ prodcuts, how they use those products etc. (Often recorded and done with one-way glass)

29
Q

What are some idea evaluation methods?

A

questionnaires using personal, mail, telephone, fax, and online surveys

30
Q

Why are online surveys used?

A

low cost, fast turnaround

31
Q

What is an open-ended question?

A

respondants express opiinions, ideas, etc

32
Q

What is a close-ended question?

A

predetermined choices

33
Q

dichotomous question

A

yes/no

34
Q

semantic differential

A

five point scale in which the opposite ends have one or two word adjectives that have opposite meanings

35
Q

What are some other sources of primary data?

A

social media
panels and experiments
information technology
data mining

36
Q

What is a test market

A

offering a product for sale in a small geographic area to help evaluate potential marketing actions

37
Q

What is a sales forecast

A

the total sales of a product that a firm expects to sell during a specified time period under specified conditions

Principles of Marketing Management (7 decks)

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