Market Intelligence

Question 1

What is a marketing information system?

Answer 1

Marketing information system consists of people, equipment and procedures to gather and distribute information to decision makers.

Question 2

What are the 4 components of a marketing information system?

Answer 2

1. Internal databases
2. Marketing intelligence
3. Marketing research
4. Information analysis
   (Assessing and distributing)

Question 3

What are the marketing research process?

Answer 3

1. Defining problem and research objectives
2. Develop research plan for collecting information
3. Implement research plan (analyze and collect)
4. Interpret and report findings

Question 4

What is the characteristics of good market research?

Answer 4

1. Information used to monitor environment
2. Understand what the customer want
3. Formulate and evaluate the market segment
4. Assess demand
5. Evaluate tactics and performances

Question 5

What are the 3 ways marketers can define their problems and objectives?

Answer 5

1. Exploratory Research
2. Descriptive Research
3. Casual Research

Question 6

What are the 2 ways marketers can conduct a research plan?

Answer 6

1. Gather secondary/primary data

2. Sampling

Question 7

What are the 3 ways marketers can implement a research plan?

Answer 7

1. Check for accuracy and completeness
2. Code it for analysis
3. Statistical analysis

Question 8

What is the purpose of implementing a research plan?

Answer 8

To guard it against problems when contacting respondents (i.e. bias, refuse to corporate)

Question 9

How do marketers interpret and report findings?

Answer 9

Work together with researchers to come to a conclusion

Question 10

What is the meaning of exploratory research?

Answer 10

Gather information that will define problem and suggests hypothesis

Question 11

What is the meaning of descriptive research?

Answer 11

Describe things like market potential and attitudes towards products.

Question 12

What is the meaning of casual research?

Answer 12

Test hypothesis about cause and effect relationship.

Question 13

What are the benefits of gathering secondary data?

Answer 13

1. Obtained quickly
2. Low Costs
3. Availability

Question 14

What are the cons of gathering secondary data?

Answer 14

1. Information required may not exist

2. Data already available may not be relevant or accurate

Question 15

What are the pros of gathering primary data?

Answer 15

1. Flexibility (can obtain a lot of variety of questions/information)
2. Deep level of understanding from respondent

Question 16

What are the 3 ways to gather primary data?

Answer 16

1. Observational research
2. Survey research
3. Experimental research

Question 17

What are the 3 components of sampling decisions?

Answer 17

1. Sampling Unit
2. Sampling Size
3. Sampling procedure

Question 18

What are the cons of gathering primary data?

Answer 18

1. People may not respond
2. People may be biased
3. Some data may be difficult to achieve in the field