MARKETING Research

Question 1

process of gathering, analyzing and interpreting the information about the products or the services to be offered for sale to the potential consumers in the market,

Answer 1

Marketing Research

Question 2

is the systematic and objective
identification
collection
analysis
dissemination
and use of information
For the purpose of improving decision making related to the
identification and
solution of problems and opportunities in marketing.

Answer 2

Marketing Research

Question 3

Why do businesses need accurate and up-to-date information?

Answer 3

To undertake marketing effectively
Changes in technology
Changes in consumer tastes
Market demand
Changes in the product ranges of competitors
Changes in economic conditions
Distribution channels

Question 4

Purpose Of Marketing Research

Answer 4

1. Gain a more detailed understanding of consumers’ needs:
   – e.g., views on products’ prices, packaging, recent advertising campaigns
2. Reduce the risk of product/business failure:
   there is no guarantee that any new idea will be a commercial success
   Can help to achieve commercial success
3. Forecast future trends:
   – it can also be used to anticipate future customer needs

Question 5

Marketing Research Process

Answer 5

Step 1: Defining the Problem

Step 2: Developing an Approach to the Problem

Step 3: Formulating a Research Design

Step 4: Doing Field Work or Collecting Data

Step 5: Preparing and Analyzing Data

Step 6: Preparing and Presenting the Report

Question 6

It is the most valuable tool of any type of research study. Inaccurate data collection may cause mistakes and ultimately lead to invalid results.

Answer 6

DATA COLLECTION

Question 7

TIPS IN GATHERING DATA

Answer 7

-organize collected data as soon as it is available
-know what message you want to get across and then collect data that is relevant to the message
-collect more data
-create more data
-regularly run experiments
-challenge assumptions
-set reasonable expectations
-take note of interesting or significant data

Question 8

THREE DIFFERENT DATA COLLECTION TECHNIQUES

Answer 8

SURVEY
INTERVIEW
FOCUS GROUP DISCUSSION

Question 9

are the most common way to gather primary research with the use of questionnaires or interview schedule.

Answer 9

SURVEYS

Question 10

These can be done via direct mail, over the phone, internet (e.g. Google) or email, face-to-face or on Web (e.g. Skype or Viber).

Answer 10

SURVEYS

Question 11

is one of the most reliable and credible ways of getting relevant information from target customers.

Answer 11

INTERVIEW

Question 12

It is typically done in personal between the researcher/entrepreneur and a respondent where the researcher asks pertinent questions that will give significant pieces of information about the problem that he will solve.

Answer 12

INTERVIEW

Question 13

is also helpful even when the business has already started because the customers’ feedback provides the entrepreneur a glimpse of what the customers think about the business.

Answer 13

INTERVIEW

Question 14

normally last from 15 to 40 minutes, but they can last longer, depending on the participants’ interest in the topic. 10 In a structured interview, the researcher asks a standard set of questions and nothing more (Leedy and Ormrod, 2001).

Answer 14

INTERVIEW

Question 15

are the traditional method of conducting an interview.

Answer 15

Personal interviews

Question 16

It allows the researcher to establish relationship with potential participants and therefore gain their cooperation

Answer 16

Personal interviews

Question 17

It generates highest response rates in survey research.

Answer 17

Personal interviews

Question 18

They also allow the researcher to clarify indefinite answers and when necessary, seek follow-up information.

Answer 18

Personal interviews

Question 19

are less expensive and less time consuming, but the disadvantages are that the response rate is not as high as the face-to- face interview, but considerably higher than the mailed questionnaire.

Answer 19

Telephone interviews

Question 20

It is an excellent method for generating and screening ideas and concepts. It can be a moderated group interviews and brainstorming sessions that provide information on user’s needs and behaviors.

Answer 20

FOCUS GROUP DISCUSSION (FGD)

Question 21

Know what you’re talking about
What’s your product?
Who are you selling to in existing markets?
Look for answers to specific questions
– But don’t always expect specific answers
Not everything can be found on the Internet

Answer 21

Keys to Successful Marketing Research

Question 22

is defined as the process of planning, organizing, leading and controlling human and other organizational resources in order to effectively achieve organizational goals.

Answer 22

Management and Human Resources. Management

Question 23

It refers to the procurement, mobilization, and accounting of financial resources.

Answer 23

Finance

Question 24

it is involved with the management of systems and processes that create goods and provide services.

Answer 24

OPERATION MANAGEMENT