MKTG week 3

Question 1

explain the 3 research types

Answer 1

exploratory (explore) looks for the why of something and is usually qualitative research
descriptive (describe)s characteristics of consumer groups
Causal (test) determines if one variable affects another through cause and effect

Question 2

what are the 4 steps in the marketing research process

Answer 2

1) define the problem
2) develop the research plan
3) collect the relevant information
4) interpret and report findings

Question 3

what are the data types and what form can each come in

Answer 3

Secondary data can be internal or external. Primary data can be observational, survey or experimental

Question 4

what 4 features must good data have

Answer 4

Relevant, accurate, current, impartial

Question 5

how is marketing information used

Answer 5

it reduces risk by providing the vital information to help marketing managers understand wants & needs of consumers and translate them into marketing actions.