Market research

Question 1

Define marketing analytic

Answer 1

measuring, managing, and analyzing marketing performance data to maximize effectiveness and revenue on investment. (uses data to understand consumer’s behaviour, and guide to strategic marketing decisions)

Question 2

1st step of marketing resarch process

Answer 2

Identifying the problem (most important)

Question 3

2nd step of marketing resarch process

Answer 3

Design research (research objectives, approach, tools needed, and data sources

Question 4

3rd step of marketing resarch process

Answer 4

collect data (primary and secondary)

Question 5

4th step of marketing resarch process

Answer 5

analyse data ( interpret the data)

Question 6

5th step of marketing resarch process

Answer 6

Present the report ( summarize, get insight and recommendation)

Question 7

6th step of marketing resarch process

Answer 7

Follow up (apply the findings, improve strategies)

Question 8

Management decision problem vs research problem

Answer 8

Management decision problem= focuses on the action a manager must take to address an issue( How to increase the sales)

Research problem= information needed to support that decision, involves data collection and analysis( what factors influence cutstomer purchase behavior)

Question 9

what’s primary data?

Answer 9

Created by yourself.2 branches= quantitative (survey, observational research, ethnographic research)
Qualitative (depth interviews, focus groups)

Question 10

What’s secondary data

Answer 10

Information already at disposition
2 branches=
internal ex: results from sales
external: Government, trade industry associations, internet

Question 11

Business intelligence

Answer 11

Use data analysis to understand customer behaviour and optimize campaigns and strategic decisions.

Question 12

Qualitative vs quantitative

Answer 12

Quali: descriptive, and non numeric. Focuses on understanding concepts, opinions, motivation (customer’s feeling through interview or focus groups)

Quanti: Numeric and measurable (customer demographic, survey rating etc)

Question 13

What’s a research method

Answer 13

the specific technique used to collect data and analyze them. (surveys, experiments, interviews, observations)

Question 14

What’s methodology

Answer 14

How the research is conducted, englobing the overall approach, choice of methods, data collection analysis. It’s what u use to create your research method that’ll create your market research.

Question 15

Internal source of information

Answer 15

Data generated within the organization (already at disposition)

Question 16

External source of information

Answer 16

data obtained outside the organization (already at disposition)

Question 17

Exploratory research

Answer 17

Initial investigation to gain insight or understand a problem. Litterature review or informal interviews

Question 18

Descriptive research

Answer 18

aimed at describing characteristics of a population or phenomenon: market segmentation and observational studies

Question 19

Survey

Answer 19

collecting information from a group through questionnaires or interviews.

Question 20

Questionaire

Answer 20

set of questions designed to gather data

Question 21

Focus group

Answer 21

discussion with small groups to gather opinions, attitudes, perceptions