Marketing Research

Question 1

Purpose of Marketing Research

Answer 1

Reduction of uncertainty about market needs and the responiveness of customers to market actions of potential action

Question 2

Applications of Marketing Research

Answer 2

To collect background data
To generate hypotheses
To gather impressions on new product concepts
To stimulate new ideas about older products
To interpret previously obtained quantitative results

Question 3

Common Problems addressed by Marketing Research

Answer 3

Potential demand for a new product
Sales forecasting
Buyer Analysis
Segmentation
Choice processes and information processing
Selecting proper marketing mix
Customer satisfaction levels
Optimal product features

Question 4

Valid Market Research qualifications:

Answer 4

Valid
Reliable
Representative

Question 5

Five Steps Approach to MR

Answer 5

Defining the Problem
Analyzing the Problem
Getting problem specific data
Interpreting the data
Solving the problem

Question 6

Defining the Problem

Answer 6

Specify the problem and set research objectives

Most difficult step

Question 7

Management Decision Problem

Answer 7

General
Dicision oriented
Diffused

Question 8

Marketing Research Problem

Answer 8

Specific
Data oriented
Focused

Question 9

Analyzing the Situation

Answer 9

Informal study of information already available

Question 10

Primary Data Sources

Answer 10

Observation

Questioning

Question 11

Observation

Answer 11

Equipment, Website analysis, personal approaches

Question 12

Questioning

Answer 12

In-depth and focus group interviews, online mail, phone, personal surveys

Question 13

Secondary Data Sources

Answer 13

Inside Company

Outside Company

Question 14

Inside Company

Answer 14

Company files, intranet, reports, marketing information system, people, sales, cost data

Question 15

Outside Company

Answer 15

Internet, libraries, government, trade associations, universities, private research organizations

Question 16

Types of Secondary Data

Answer 16

Scanner Data
Store Level Data
Discussion groups or newsgroups
Competitor's press release
Government data
Summary publications

Question 17

Advantages of Secondary Data

Answer 17

Readily available and often cheaper
Identify potential problems
Provide data research method alternatives
Provide possible solutions to marketing problems

Question 18

Disadvantages of Secondary Data

Answer 18

Data may be too old
Insufficient information
Units of measurement are different
Reliability and validity of the date may be in question

Question 19

Purpose of Experiments

Answer 19

Who are our customers?
Where do they live?
What are their needs?
Why do they buy our brand?

Question 20

Two categories of experiments

Answer 20

Qualitative Research

Quantitative Research

Question 21

Qualitative Research

Answer 21

Seeks in depth, open ended questions with few directions and guidlines
Major advantage is depth
Not yes or no questions
Costly, difficulty of analysis, hard to measure results

Question 22

Quantitative Research

Answer 22

Seeks structured respones that can be summarized in numbers
Adavantages: Simplified analysis, cost
Disadvantages: lack of depth, low response rates

Question 23

Qualitative Types of Experiments

Answer 23

Focus Group Interview

Online Focus Group

Question 24

Focus group internew

Answer 24

Very expensive

Overly positive response

Question 25

Online focus groups

Answer 25

Increasing in popularity

People feel more free to express negatively

Question 26

Types of Quantitative Experiments

Answer 26

Online Surveys
Telephone Surveys
Personal Interview surveys
Mail surveys

Question 27

Online Surveys

Answer 27

Cost effective, fast, easy access

Biased to younger and tech savvy people

Question 28

Telephone Surveys

Answer 28

Better depth than mail or online

Negative reception is common

Question 29

Personal Interview Surveys

Answer 29

Interviewer can influence results

Question 30

Other types of data collection

Answer 30

Become the customer
Consumer Panels
Website analysis
Checkout Scanners

Question 31

Common Issues with Experiments

Answer 31

Study conducted at a supermarket

Experiment was only conducted once

Question 32

Tools for Interpreting the Data

Answer 32

Statistical Packages
Technical specialist
Diagrams and charts
Industry experts
Confidence Intervals
Validity

Question 33

Cross Tabulation

Answer 33

Shows the relationship of answers to two different questions

Frequently used for analyzing data

Question 34

Solving the Problem

Answer 34

Managers used the research results to make a business decision