Exam 1 Study Guide Flashcards
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Marketing
What is the relationship of marketing research to marketing?
to provide the necessary information that enables managers to market ideas, goods, and services properly
consists of selecting a segment of the market as the company’s target market and designing the proper “mix” of product/service, price, promotion, and distribution system to meet the wants and needs of the consumers within the target market
Marketing Strategy
The process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem
Marketing Research
How is marketing research related to marketing strategy?
Marketing Research is the basis for marketing strategy
What is the function of marketing research?
to link the consumer to the marketer by providing information that can be used in making marketing decisions.
is a structure consisting of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers
marketing information system (MIS)
collected data that may be accessed and analyzed using tools and tech¬niques that assist managers in decision-making
marketing decision support system (DSS)
the process of gathering, analyzing, and reporting information for decision-making purposes
Market Research
Who is known as the “Father of Marketing Research” and why?
Charles Coolidge Parlin
He was hired by a publishing company to gather information about customers and markets to help Curtis sell advertising space. Parlin’s research was successful and his researched led to an increase in advertising for the Saturday Evening Post magazine
Research that is conducted within an organization. Larger firms often have formal departments devoted to marketing research. Large firms use this research to recognize the need to develop innovative approaches to marketing.
Client-Side Research
Research conducted by an outside firm to fulfill a company’s marketing research needs
Supply-Side Research
These firms specialize in marketing research and offer their services to buyers needing information to make more informed decisions
Supplier Firms (also known as agency or simply supplier)
What are three challenges facing the marketing research industry?
new and evolving sources of data and methodologies, the effective communication of results, and the need for talented and skilled employees
What commonalities exist in the major marketing research associations’ code of ethics?
Fair dealing with respondents, fair dealings with clients and subcontractors, maintaining research integrity, concern for society
What are the steps in the marketing research process?
1) Establish the need for marketing research
2) Define the problem
3) Establish research objectives
4) Determine research design
5) Identify information types and sources
6) Determine methods of accessing data
7) Design data-collection forms
8) Determine the sample plan and size
9) Collect data
10) Analyze data
11) Prepare and present the final research report
Why is defining the problem the most important step in the marketing research process?
If the problem is not defined correctly, all of the following steps in the marketing research process will be wasted. That is, the wrong problem will be investigated, and the findings will not be useful to the marketing manager
What is the difference between research objectives and definition of the problem?
Defining the problem creates a need to make a decision which requires decision alternatives.
Establishing research objectives provides the info you need to choose between the decision alternatives identified.
A form of exploratory research undertaken to gather background information and gather data pertinent to the problem area that may be helpful in properly defining the problem decision
Situation analysis
What are the elements of the marketing research proposal?
Problem statement
Research objectives
Proposed research method
Timetable and budget
What does the problem statement identify?
(1) the client company and principals, (2) symptoms, (3) possible causes of these symptoms, and (4) anticipated uses of the research
A goal oriented statement or question that specifies what information is needed to solve a problem
Research objectives
identifies data collection mode, questionnaire design, sample plan, and other aspects of the anticipated marketing research
Proposed Research Method
A set of advance decisions that makes up the master plan specifying the methods and procedures for collecting and analyzing the needed information
Research Design
measure a population at only one point in time (snapshot)
Cross-sectional study
repeatedly measure the same population over a period of time (video)
Longitudinal Study
Variables that the researcher can control and manipulate
Independent Variables
Variables over which we have little or no direct control, yet we have a strong interest in them
Dependent Variables
those that may have some effect on a dependent variable but yet are not independent variables
Extraneous Variables
A group whose subjects have not been exposed to the change in the independent variable
Control Group
The group that has been exposed to a change in the independent variable
Experimental Group
one in which the firm tests the product and/or marketing mix variables through the company’s normal distribution channels
standard test market
conducted by outside research firms who guarantee distribution of the product through pre-specified types and numbers of distributors
Controlled test markets
those in which a panel of consumers has agreed to carry an identification card that they present when buying goods and services
Electronic Test Markets
those in which some limited amount of data on consumer response to a new product are fed into a model containing certain assumptions regarding planned marketing programs, which generates likely product sales volume
Simulated Test Markets (STMs)
multiple versions of a more-or-less finished product are tested by consumers
Consumer Test Markets
The key technology is presented to selected industrial users who offer feedback on desired features and product performance levels
Industrial Test Markets
What are the steps of conducting exploratory research for secondary data from social media?
- Developing a problem definition and research objectives
- Identifying key search terms
- Identifying social media data sources
- Organizing the data
- Data analysis
- Presenting the findings
- Outlining limitations
- Strategizing
large amounts of data from multiple sources
Big Data
What are the opportunities of using Big Data?
Proper management of big data has the potential to increase productivity for companies significantly
What are the challenges of using Big Data?
Effective use of multiple sources of data requires having the resources and talent available to retrieve, store, integrate, analyze, and report the data
What are the three types of external secondary data?
Published Sources, Syndicated Services, External Databases
databases supplied by organizations outside the firm
External Databases
are provided by firms that collect data in a standard format and make them available to subscribing firms
Syndicated Services Data
sources of information that are prepared for public distribution and are normally found in libraries or through a variety of other entities such as trade associations, professional organizations, or companies
Published Sources
What are the five advantages of secondary data?
- Can be obtained quickly
- Inexpensive Relative to Primary Data
- Secondary Data Are Usually Available
- Secondary Data Enhances Primary Data
- Secondary Data May Achieve the Research Objective
What are the five problems associated with secondary data?
(1) incompatible reporting units that are not suitable for the researcher’s need
(2) mismatch of the units of measurement as compared to the units needed by the researcher
(3) definitions used to classify the data that are not useful to the researcher
(4) the timeliness of the secondary data, meaning it might be outdated
(5) lack of information needed to assess the credibility of the data reported
as the network of physical objects embedded with software or sensors that allow them to gather and send data
The Internet of Things (IoT)
