Etnrep 6

Question 1

process of gathering, analyzing and interpreting the information about the products or the services to be offered for sale to the potential consumers in the market,

Answer 1

Marketing Research

Question 2

the systematic and objective identification, collection, analysis, dissemination, and use of information for the pupose of improving decision making related to the identification and solution of problems and opportunities in marketing

Answer 2

Marketing Research

Question 3

Why do business need accurate and up-to-date information

Answer 3

To undertake marketing effectively
Changes in technology
Changes in consumer tastes
Market demand
Changes in the product ranges of competitors
Changes in economic conditions
Distribution channels

Question 4

Purpose of Markketing Rearch

Answer 4

Gain a more detailed understanding of consumers’ needs:
Reduce the risk of product/business failure:
Forecast future trends:

Question 5

Marketing Research Process

Answer 5

define problem
develop approach to problem
formulate research design
field work
prepare and analyze data
prepare and present the report

Question 6

It is the most valuable tool of any type of research study. Inaccurate data collection may cause mistakes and ultimately lead to invalid results.

Answer 6

DATA COLLECTION

Question 7

THREE DIFFERENT DATA COLLECTION TECHNIQUES

Answer 7

SURVEY
INTERVIEW
FOCUS GROUP DISCUSSION

Question 8

are the most common way to gather primary research with the use of questionnaires or interview schedule. These can be done via direct mail, over the phone, internet (e.g. Google) or email, face-to-face or on Web (e.g. Skype or Viber).

Answer 8

SURVEYS

Question 9

is one of the most reliable and credible ways of getting relevant information from target customers. It is typically done in personal between the researcher/entrepreneur and a respondent where the researcher asks pertinent questions that will give significant pieces of information about the problem that he will solve.

Answer 9

INTERVIEW

Question 10

are the traditional method of conducting an interview. It allows the researcher to establish relationship with potential participants and therefore gain their cooperation. It generates highest response rates in survey research. They also allow the researcher to clarify indefinite answers and when necessary, seek follow-up information.

Answer 10

Personal interviews

Question 11

are less expensive and less time consuming, but the disadvantages are that the response rate is not as high as the face-to- face interview, but considerably higher than the mailed questionnaire.

Answer 11

Telephone interviews

Question 12

It is an excellent method for generating and screening ideas and concepts. It can be a moderated group interviews and brainstorming sessions that provide information on user’s needs and behaviors.

Answer 12

focus group discussion