Market Research (4.1,4.2)

Question 1

Marketing Information System (MIS)

Answer 1

Determines what information marketing managers need and then gathers, sorts, and analyses, stores and distributers relevant and timley marketing information to users.

Question 2

Internal Company Data

Answer 2

Uses information within the organization to produce reports on the results of sales and marketing activities

Question 3

Market Intelligence

Answer 3

How marketers obtain information about the current marketing environment

Question 4

Market Intelligence includes…

Answer 4

Mystery shoppers, industry trade journal, social media

Question 5

Market Research

Answer 5

The ongoing process of collecting, analyzing, and interpreting data about customers, competitors, and the business environment.

Question 6

Syndicated market research

Answer 6

General information collected regularly by specialised firms

Question 7

Custom market research

Answer 7

answers specific questions

Question 8

Acquired Databases

Answer 8

External databases with information compiled by companies and organizations.

Question 9

Customer Insights.

Answer 9

Putting together large amounts of customer data,

Question 10

Step 1 in the Process of Market Research

Answer 10

Define research problem

Question 11

3 components of the research problem

Answer 11

Research objectives, Consumer population, Environmental Context

Question 12

Step 2 in the Process of Market Research

Answer 12

Research Design

Question 13

Secondary Research

Answer 13

Data collected for some purpose other than the problem at hand

Question 14

Primary Data

Answer 14

Go out to answer a specific question

Question 15

Qualitative Research (Verbal)

Answer 15

Focus Groups, Ethnography, Case studies

Question 16

Quantitative Research (non numerical)

Answer 16

Cross-sectional, Longitudinal,

Question 17

Ethnography Study

Answer 17

Living with far away community to understand consumers better

Question 18

Cross-sectional Study

Answer 18

A type of research study in which a group of people is observed, or certain information is collected, at a single point in time or over a short period of time.

Question 19

Longitudinal Study

Answer 19

A specific type of market research in which data is collected over a longer period, often over years or even decades

Question 20

Step 3 in the Process of Market Research

Answer 20

Data Collection Method

Question 21

Step 3 in the Process of Market Research

Answer 21

Design the sample

Question 22

Representativeness

Answer 22

ensuring the sample selected represents the larger population

Question 23

Simple random sample

Answer 23

Each member of the population has equal chance of being selected

Question 24

Systematic sampling

Answer 24

Every _th person is selected

Question 25

Stratified sample

Answer 25

dividing the population related to the study’s topic