module 4

Question 1

What is Market Information System?

Answer 1

The continuing process of identifying, collecting, analyzing, accumulating and dispensing critical information to marketing decision-makers.

Question 2

What factors should a company consider in creating MIS? Page

Answer 2

What info should the system collect? What are the info needs of each decision maker? How does the system maintain the privacy and confidentiality of sensitive info?

Question 3

What are the internal sources of information?

Answer 3

Customer orders, customer payments, customer inquiries, salesperson info systems, marketing plans.

Question 4

What are the external sources of collecting information?

Answer 4

Economic conditions, tech transformations, natural world,demographics, competition, political/legal environment

Question 5

What is Marketing Intelligence

Answer 5

The collecting, analyzing, and storing of data from the macro

Question 6

what is Market Research

Answer 6

data related to discovering and then solving marketing problems or opportunities and enhancing good decision making.

Question 7

What are three important features of good market research?

Answer 7

• follows a well defined set of activities and does not happen by accident
• enhances the validity of the information
• is impartial and objective

Question 8

What are the steps in the market research process?

Answer 8

Define the research problem
Establish research design
Search secondary sources
Collect the data
Analyze the data
Report the findings

Question 9

Exploratory research

Answer 9

geared toward discovery that can either answer the research question or identify other research variables for further study.

• clarifys research problem
• gain additional insight for research variables to study
• develop hypotheses to test
• answer research questions

Question 10

Descriptive research

Answer 10

designed to explain or illustrate some phenomenon

• idetify characteristics of target market
• Assess competitors actions in the marketplace
• determine how customers use product
• discover differences across demographic charactertistics with the respect to the use of product or that of the competitors.

Question 11

Casual research

Answer 11

descriptive research designed to identify associations between variables

Question 12

Primary data

Answer 12

collected specifically for the research question

Question 13

Secondary data

Answer 13

collected for some other purpose than the problem currently being considered

Question 14

What are the two approaches used in collecting Primary data?

Answer 14

qualitative research: surveys and interviews not for statistical analysis
quantitative research: used to develop a more measured understanding using statistical analysis to asses and quanitfy the results

Question 15

What are the two common ways of collecting Qualitative research technique?

Answer 15

In-depth interview (one-on-one)

surveys

Question 16

discriptive research

Answer 16

surveys, behavioral data, and observational data

Question 17

behavioral data

Answer 17

include info about when, what and how often customers purchase products and services as well as other customer “torches”, when companies match info with demographic and psychographic info they can see differences in purchase patterns.

Question 18

what is the difference between Census and Sample

Answer 18

Census: comprehensive record of each individual in the population of interest
Sample: subgroup of the population selected for

Question 19

What are the external sources of collecting Secondary data?

Answer 19

Government sources
Market research organizations
The internet

Question 20

What are the advantages and disadvantages of Secondary data sources?

Answer 20

Advantage:
Fast way to get data
Less expensive 
Disadvantage:
Not fit the research problem exactly 
Not current
Might not be valid

Question 21

What is the market research challenges in global markets

Answer 21

Secondary data: 
Data accessibility
Data dependability 
Data comparability 
Primary data:
Unwillingness to respond
Unreliable sampling procedures
Inaccurate language translation and insufficient comprehension