Market Research EXAM!

Question 1

Term: Facts and figures collected specifically for this project

Answer 1

Primary Data

Question 2

Term: facts and figures that have been collected and recorded before the current project, and usually by other parties

Answer 2

Secondary Data

Question 3

Term: From records inside the company.

Answer 3

Internal

Question 4

Term: From sources outside the company

Answer 4

External

Question 5

Term: Collection of huge, complex data sets

Answer 5

BIG DATA

Question 6

Term: Discovery and interpretation of meaningful patterns in data.

Answer 6

Analytics

Question 7

Concept: Process of defining a marketing problem and opportunity, then systematically collecting and analyzing information, and recommending actions.

Answer 7

Marketing Research

Question 8

Concept: From people’s responses about attitudes, awareness, intentions and behaviors.

Answer 8

Questionnaire Data

Question 9

Concept: Highly organized, mechanized, manageable information

Answer 9

Structured Data

Question 10

Concept: Raw and unorganized information

Answer 10

Unstructured Data

Question 11

Concept: Helps define problem and suggest hypothesis

Answer 11

Exploratory Research

Question 12

Concept: Describe market potential or demographics of consumers

Answer 12

Descriptive Research

Question 13

Concept: How change in one factor causes change in another factor

Answer 13

Causal Research

Question 14

Term: Specific measurable goals of marketing research.

Answer 14

Research Objectives

Question 15

What are the Constraints in the Developing research plan step?

Answer 15

Time and Money

Question 16

What 3 things need to happen during the “develop the research plan” step in marketing research?

Answer 16

Specify constraints, Identify needed Data, and choose a Data collection Method

Question 17

Concept: Trained observers endeavor to discover subtle behavioral and emotional reactions as consumers use products in their natural environments.

Answer 17

Ethnographic Research

Question 18

What are common problems with questionnaires?

Answer 18

Leading questions, ambiguous questions, unanswerable questions, two questions in one and nonmutually exclusive answers

Question 19

requires consistent data collection over time, usually using electronic diary.

Answer 19

Sydicated Paned Data

Question 20

Term: Art of estimating future demand by anticipating what buyers are likely to do under a given set of future conditions.

Answer 20

Forecasting

Question 21

Term: Total sales of a product that a company expects to sell during a specific time period, under specific conditions.

Answer 21

Sales Forecasting

Question 22

3 main techniques of forecasting:

Answer 22

Decision-makers judgment, Knowledgeable sources, and statistical methods

Question 23

Term: Maintains and stores data so it is available for later use and preservation.

Answer 23

Archive Data

Question 24

What are the 4 Major Issues with BIG DATA?

Answer 24

Volume, Velocity, Variety and Veracity

Question 25

Term: Riddle, puzzle, contradiction

Answer 25

Enigma

Question 26

Term: Using selected marketing mix activities to help consumers perceive a product as being different from and superior to competitive products.

Answer 26

Product Differentiation

Question 27

Concept: What are the 4 ways to segment?

Answer 27

Geographic, Demographic, Psychographic and Behavioral

Question 28

Concept: 80% of a companies SALES come from 20% of its CUSTOMERS

Answer 28

80/20 rule

Question 29

Concept: Quantity consumed or number of store visits during a specified period of time

Answer 29

Usage Rate

Question 30

Concept: Refers to place a product occupies in consumers minds on important attributes relative to competitive products.

Answer 30

Product Positioning

Question 31

Concept: Graphing the locations of products or brands in consumers minds, so marketing managers can see how competing products/brands compare to their own products/brands

Answer 31

Perceptual Map