Lecture 2

Question 1

What does a management decision problem do?

Answer 1

Asks what the decision maker needs to do

Question 2

What does a marketing research problem do?

Answer 2

Asks what information is needed and how it is obtained

Question 3

What’s the abbreviation for research questions?

Answer 3

RQ

Question 4

What’s the abbreviation for the null hypothesis?

Answer 4

H0

Question 5

What’s the abbreviation for the alternative hypothesis?

Answer 5

H1

Question 6

What’s a hypothesis?

Answer 6

An unproven statement about a factor/phenomenon that is of interest to the researcher. (Testable propositions that aim to answer RQ’s)

Question 7

What are research questions?

Answer 7

Refined statements of the specific components of the problem. (Breaking down the MDP)

Question 8

What’s an Exploratory Research Design?

Answer 8

Provides additional insights into research questions, often using qualitative methods, small sample- results are non-representative.

Question 9

What’s a Conclusive Research Design?

Answer 9

Tests specific hypotheses through structured research with large samples- quantitative methods.

Question 10

What’s Descriptive Research?

Answer 10

Describes market characteristics (trends, surveys, secondary data)

Question 11

What’s casual research?

Answer 11

Determines the cause-effect relationship, eg experimental research design.