Marketing research

Question 1

What is marketing research?

Answer 1

the tools that companies have access to, in order to gather information about their industry and consumer needs, attitudes, and behaviours. This enables them to test whether their marketing efforts will answer these needs,

Question 2

What is the MkIS (Marketing information system)

Answer 2

information that is gathered, used, stored, and distributed to market decision makers to better strategise and plan for the business.

Question 3

what 3 components are involved in the marketing information systems?

Answer 3

• data
• computer hardware and software
• information and decision makers

Question 4

what are the 4 types of data in the marketing information system?

Answer 4

• internal data system
• marketing intelligence
• marketing research
• external databases

Question 5

describe the internal data system, as well as an advantage and disadvantage about this.

Answer 5

internal system for communication (e.g. intranet).

advantage: data is informative, allowing companies to access details about different areas within the organisation.

disadvantage: can be expensive to expand.

Question 6

describe marketing intelligence, as well as an advantage and disadvantage.

Answer 6

data that is relevant to produce successful marketing experience; how to better strategise, stp, etc.

advantage: being aware of what to expect next.

disadvantage: limited amount of information to be found.

Question 7

describe marketing research in MkIS, as well as an advantage and disadvantage.

Answer 7

process of collecting, analysing, and interpreting data about customers, competitors, and the business environment to improve marketing effectiveness.

advantage: able to understand the customer in more detail regarding what they want/are able to meet customer needs more efficiently.

disadvantage: time consuming.

Question 8

describe external bases in the MkIS, as well as an advantage and disadvantage.

Answer 8

external data is data that the company/organisation do not own.

advantage: easily accessible .

disadvantage: variation of external data mean that it is difficult to compare to other data and come to actual conclusions.

Question 9

types of marketing research data?

Answer 9

Syndicated research reports: secondary data that is found and sold by firms.

Custom research reports: primary data that is collected that answer specific questions.

Question 10

what are the stages/steps in the marketing research process?

Answer 10

• define the problem
• determine research design
• choose data collection method
• design the sample
• collect the data
• analyse and interpret data
• prepare the research report

Question 11

differentiate between qualitative and quantitative data.

Answer 11

qualitative: collecting data in more detail, greater quality, asking more specific questions for specific answers.

quantitative: collecting large quantities of data, more generic responses.

Question 12

what are the advantages and disadvantages of using unobtrusive (where the researcher doesn’t manipulate anything) measures to gather information?

Answer 12

advantages:
- participants will not fall for the Hawthorne effect (where they change answers under the pressure of the experiment).
- cheap

disadvantages:
- bias
- specific topics may be hard to implement

Question 13

what is the MDSS? How is this used with MkIS?

Answer 13

MDSS stands for Marketing Decision Support System which is used to figure out more in depth questions proposed from the MkIS.
E.g., MkIS finds the figures of sales dropped that year, whilst MDSS finds out why this may be the case.