Exam 1 Study Guide

Question 1

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

Answer 1

Marketing

Question 2

What is the relationship of marketing research to marketing?

Answer 2

to provide the necessary information that enables managers to market ideas, goods, and services properly

Question 3

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

Answer 3

Marketing Strategy

Question 4

The process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem

Answer 4

Marketing Research

Question 5

How is marketing research related to marketing strategy?

Answer 5

Marketing Research is the basis for marketing strategy

Question 6

What is the function of marketing research?

Answer 6

to link the consumer to the marketer by providing information that can be used in making marketing decisions.

Question 7

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

Answer 7

marketing information system (MIS)

Question 8

collected data that may be accessed and analyzed using tools and tech¬niques that assist managers in decision-making

Answer 8

marketing decision support system (DSS)

Question 9

the process of gathering, analyzing, and reporting information for decision-making purposes

Answer 9

Market Research

Question 10

Who is known as the “Father of Marketing Research” and why?

Answer 10

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

Question 11

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.

Answer 11

Client-Side Research

Question 12

Research conducted by an outside firm to fulfill a company’s marketing research needs

Answer 12

Supply-Side Research

Question 13

These firms specialize in marketing research and offer their services to buyers needing information to make more informed decisions

Answer 13

Supplier Firms (also known as agency or simply supplier)

Question 14

What are three challenges facing the marketing research industry?

Answer 14

new and evolving sources of data and methodologies, the effective communication of results, and the need for talented and skilled employees

Question 15

What commonalities exist in the major marketing research associations’ code of ethics?

Answer 15

Fair dealing with respondents, fair dealings with clients and subcontractors, maintaining research integrity, concern for society

Question 16

What are the steps in the marketing research process?

Answer 16

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

Question 17

Why is defining the problem the most important step in the marketing research process?

Answer 17

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

Question 18

What is the difference between research objectives and definition of the problem?

Answer 18

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.

Question 19

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

Answer 19

Situation analysis

Question 20

What are the elements of the marketing research proposal?

Answer 20

Problem statement
Research objectives
Proposed research method
Timetable and budget

Question 21

What does the problem statement identify?

Answer 21

(1) the client company and principals, (2) symptoms, (3) possible causes of these symptoms, and (4) anticipated uses of the research

Question 22

A goal oriented statement or question that specifies what information is needed to solve a problem

Answer 22

Research objectives

Question 23

identifies data collection mode, questionnaire design, sample plan, and other aspects of the anticipated marketing research

Answer 23

Proposed Research Method

Question 24

A set of advance decisions that makes up the master plan specifying the methods and procedures for collecting and analyzing the needed information

Answer 24

Research Design

Question 25

measure a population at only one point in time (snapshot)

Answer 25

Cross-sectional study

Question 26

repeatedly measure the same population over a period of time (video)

Answer 26

Longitudinal Study

Question 27

Variables that the researcher can control and manipulate

Answer 27

Independent Variables

Question 28

Variables over which we have little or no direct control, yet we have a strong interest in them

Answer 28

Dependent Variables

Question 29

those that may have some effect on a dependent variable but yet are not independent variables

Answer 29

Extraneous Variables

Question 30

A group whose subjects have not been exposed to the change in the independent variable

Answer 30

Control Group

Question 31

The group that has been exposed to a change in the independent variable

Answer 31

Experimental Group

Question 32

one in which the firm tests the product and/or marketing mix variables through the company’s normal distribution channels

Answer 32

standard test market

Question 33

conducted by outside research firms who guarantee distribution of the product through pre-specified types and numbers of distributors

Answer 33

Controlled test markets

Question 34

those in which a panel of consumers has agreed to carry an identification card that they present when buying goods and services

Answer 34

Electronic Test Markets

Question 35

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

Answer 35

Simulated Test Markets (STMs)

Question 36

multiple versions of a more-or-less finished product are tested by consumers

Answer 36

Consumer Test Markets

Question 37

The key technology is presented to selected industrial users who offer feedback on desired features and product performance levels

Answer 37

Industrial Test Markets

Question 38

What are the steps of conducting exploratory research for secondary data from social media?

Answer 38

1. Developing a problem definition and research objectives
2. Identifying key search terms
3. Identifying social media data sources
4. Organizing the data
5. Data analysis
6. Presenting the findings
7. Outlining limitations
8. Strategizing

Question 39

large amounts of data from multiple sources

Answer 39

Big Data

Question 40

What are the opportunities of using Big Data?

Answer 40

Proper management of big data has the potential to increase productivity for companies significantly

Question 41

What are the challenges of using Big Data?

Answer 41

Effective use of multiple sources of data requires having the resources and talent available to retrieve, store, integrate, analyze, and report the data

Question 42

What are the three types of external secondary data?

Answer 42

Published Sources, Syndicated Services, External Databases

Question 43

databases supplied by organizations outside the firm

Answer 43

External Databases

Question 44

are provided by firms that collect data in a standard format and make them available to subscribing firms

Answer 44

Syndicated Services Data

Question 45

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

Answer 45

Published Sources

Question 46

What are the five advantages of secondary data?

Answer 46

• 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

Question 47

What are the five problems associated with secondary data?

Answer 47

(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

Question 48

as the network of physical objects embedded with software or sensors that allow them to gather and send data

Answer 48

The Internet of Things (IoT)