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Marketing Research > Marketing Research (W1) > Flashcards

Marketing Research (W1) Flashcards

1
Q

Marketing

A

The process of planning and executing the marketing mix to create exchanges to satisfy customer needs and organisational goals

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2
Q

Marketing research

A

The planning, collection and analysis of data relevant to the marketing decision making and the communication of these results

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3
Q

What is the marketing research orientated around?

A

Customers
Goals
Systems

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4
Q

What is the value of research?

A 
Competitive advantage 
Understanding the environment 
Developing strategy 
Targeting groups 
Customer satisfaction - loyalty
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5
Q

Applied research

A

Research aimed at solving specific problems e.g. why something failed

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6
Q

Pragmatic research

A

Research to develop marketing options through market segmentation, analysis and attitude

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7
Q

Selective research

A

Research to test decision alternatives

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8
Q

Evaluative research

A

Research to assess program performance

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9
Q

Basic/ pure research

A

Research aimed at expanding knowledge

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10
Q

Data

A

Facts recorded measures of certain phenomena

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11
Q

Information

A

Data formatted to support decision-making

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12
Q

Market intelligence

A

The subject of data and information that actually has some explanatory power

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13
Q

Use of market research in business models

A

Ansoffs products and markets matrix
4P’s
Levitts product lifecycle

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14
Q

Strategic marketing management process

A

Identify and evaluate opportunities
Analyse market segments
Plan and implement
Analyse firm performance

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15
Q

Exploratory research

A

Limited understanding about a situation

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16
Q

Descriptive research

A

Gathering and presenting statements

17
Q

Diagnostic research

A

Explanation of data or actions

18
Q

Predictive research

A

Using descriptive and diagnostic research to predict results

19
Q

How did market research develop?

A

Inception: 1800s - reports and mail surveys
Early growth: 1900s - mass production lead to the need to understand consumer behaviour and habits
Adolescent years: 1950s - application of research to commercial problems
Mature years: late 1900s - change from sellers to buyers market
Today: big data/ technology

20
Q

Big data examples/ process

A 
Amazon/ Ebay/ Netflix 
Amazon: 
Track your behaviour 
Use ratings to find your opinions 
Filter based on the above 
Netflix produced House of Cards based on this
21
Q

Benefits of big data

A

Quicker access to business intelligence
Can respond quicker to customer needs
Easy to do follow-ups
Cuts labour/ time

22
Q

Impact of the Internet on market research

A 
Things produced virtually 
Easy to distribute information 
Easy collaboration between researcher/ client
Data management/ analysis 
Publishing
23
Q

Emerging trends in marketing

A

Technology (communication - social media)
Economics (financial crisis/ budgets)
Competition (global)

24
Q

When not to conduct research

A 
Limited resources
Un-useful results 
Opportunity has passed
Decision has been made 
Information already exists 
Costs outweigh benefits 
Market size/ profit margin
25
Q

Example of in-house marketing research

A

SurveyMonkey

26
Q

Advantages of in-house marketing research

A

Flexible
Responsive
Secure data
Cheap

27
Q

Advantages of third party market research

A

Up-to-date knowledge/ tools
Can effectively minis costs and maximise value
High volume of responses
Quick turn around

28
Q

Disadvantages of third party market research

A

Don’t know ins and outs of firm
Difficult to communicate information with managers
Costly
Sample may not represent clients company

29
Q

Marketing research ethics

A

Moral principles governing the conduct of a group

30
Q

Name the market research ethics

A 
Deontology 
Utilitarianism 
Casuist 
Low ball pricing 
Subjectivity 
Abuse 
Selling unnecessary research 
Confidentiality
31
Q

Respondent rights

A 
Rights to... 
Choose 
Safety 
Be informed 
Privacy
32
Q

Utilitarianism

A

The ability to predict the consequence of an action, choosing that with the highest benefits to the most people is ethically correct

33
Q

Deontology

A

People should adhere to their obligations within society

34
Q

Casuist

A

Compare current ethical dilemmas with past dilemmas

35
Q

Low ball pricing

A

Quoting an unrealistically low price to secure business, then substantially raising it

Marketing Research (10 decks)

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