Lesson 1

Question 1

What is Marketing?

Answer 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.” -American Marketing Association

Question 2

Why Do We Need Marketing Research (1)?

Answer 2

Tropicana went to a clean but kind of cold-looking logo, and their sales dropped 20% in one month, a loss of $30million.

Question 3

Why Do We Need Marketing Research (2)?

Answer 3

Companies need to conduct marketing research before they make major changes in their 4 P’s (product, promotion, place, price)

Question 4

Importance of Marketing Research

Answer 4

1. Managerial intuition is imperfect
2. People are poor at learning from experience
3. People are limited and biased information processors
4. Human gut feeling is not sufficient

Question 5

What is Marketing Research?

Answer 5

1. A systematic process of gathering, analyzing and interpreting data about the market to better understand the target group and to make more informed decisions about the company and its customers.
2. Reduces market uncertainty and helps managers to make better decisions

Question 6

Marketing Research Process (1) - Problem Definition

Answer 6

1. Overview of marketing research
2. Marketing research process
3. Problem formulation
4. Exploratory research

Question 7

Marketing Research Process (2) - Data Collection

Answer 7

1. Collecting secondary data
2. Descriptive and casual research
3. Collecting primary data
4. Designing questionnaire
5. Survey errors
6. Developing the sampling plan

Question 8

Marketing Research Process (3) - Data Analysis

Answer 8

1. Data preparation
2. Analysis and interpretation of

Question 9

Marketing Research Process (4) - Information Reporting

Answer 9

Reporting the results

Question 10

Marketing Research can answer the following questions:

Answer 10

1. Who (types of firms) uses our services? What features should we include in the new product?
2. Should we advertise more in local print or broadcast media?
3. Which of two advertising campaigns produces greater ad recall?
4. What price should we charge for our products?
5. Are there more efficient channels of distribution for our products?
6. Are consumers satisfied with our company relative to the competition?
7. Should we enter a new market?

Question 11

Who conducts marketing research?

Answer 11

1. Producers of products and services
2. Advertising agencies
3. Marketing research companies

Question 12

Marketing research with Customer Satisfaction Score (CSAT)

Answer 12

1. A measure of how satisfied customers are with a product, service, or encounter.
2. For example, taking a satisfaction survey after a flight

Question 13

Marketing research by advertising agencies

Answer 13

1. Called AB testing
2. One version may have different wording or design, different types of spokespersons
3. Performance measure could be from sales, clicks, number of shares, number of likes

Question 14

Marketing research companies

Answer 14

1. Nielsen
2. Kantar
3. NPD
4. IQVIA
5. IRi
6. Comscore
7. GFK
8. Gartner
9. Ipsos
10. Westat