PRELIMS

Question 1

Marketing research involves ____, ____, ____, and ____ information that can be used in order to make an informed marketing decision

Answer 1

collecting
organizing
analyzing
communicating

Question 2

it involves collecting, organising, analysing, and communicating information that can be used in order to make an informed decision

Answer 2

Marketing research

Question 3

Performing ______ will complement your marketing mix strategy as it enables you to make educated decisions regarding selecting markets, your image or branding and products or services

Answer 3

market research

Question 4

the use of computer networks, including the Internet, to assist in any phase of the marketing research process including development of the problem, research design, data gathering, analysis, and report writing and distribution

Answer 4

online research

Question 5

5 key steps in marketing research

Answer 5

1. Define the problem
2. Collect the data
3. Analyse and interpret the data
4. Reach a conclusion
5. Implement your research

Question 6

key steps in marketing research:

in this stage you need to identify the actual problems that are relating to the apparent symptoms

Answer 6

Define the problem

Question 7

2 types of market research

Answer 7

Primary research
Secondary research

Question 8

involves collecting information from sources directly by conducting interviews and surveys, and by talking to customers and established businesses
(two types of market research)

Answer 8

Primary research

Question 9

involves collecting information from sources where the primary research has already been conducted. Such information includes industry statistics, market research reports, newspaper articles, etc.

Answer 9

Secondary research

Question 10

2 collection methods and techniques

Answer 10

Qualitative research
Quantitative research

Question 11

it is where you seek an understanding of why things are a certain way. for example, a researcher may stop a shopper and ask them why they bought a particular product or brand

Answer 11

qualitative research

Question 12

refers to measuring market phenomena in a numerical sense, such as when a bank asks consumers to rate their service on a scale of one to ten

Answer 12

quantitative research

Question 13

key steps in marketing research:

you must attach meaning to the data you have collected during your market research to make sense of it and develop alternative solutions that could potentially solve your business problem

Answer 13

Analyse and interpret the data

Question 14

key steps in marketing research:

you should determine how the knowledge you have gained through researching your market can be applied and used to develop effective business strategies

Answer 14

Analyse and interpret the data

Question 15

key steps in marketing research:

with the alternatives you have developed to solve your problem in mind, perform a cost-benefit analysis of each alternative keeping in mind the potentially limited resources available to your business

Answer 15

Reach a conclusion

Question 16

key steps in marketing research:

you may also need to perform further investigation into each alternative solution to arrive at the best decision for your business in regards to meeting consumer demands

Answer 16

Reach a conclusion

Question 17

key steps in marketing research:

put your final solution into practice

Answer 17

Implement your research

Question 18

key steps in marketing research:

without completing this step, your research could potentially have been a waste of your time and resources

Answer 18

Implement your research

Question 19

is the activity of estimating the quantity of a product or service that consumers will purchase

Answer 19

DEMAND FORECASTING

Question 20

involves techniques including both Simple Survey method such as educated guesses, and complex statistical methods such as the use of historical sales data or current data from test markets

Answer 20

DEMAND FORECASTING

Question 21

educated guesses

Answer 21

Simple Survey Method

Question 22

the use of historical sales data or current data from test markets

Answer 22

Complex Statistical Methods

Question 23

5 simple survey method

Answer 23

1. Experts Opinion Poll
2. Reasoned Opinion - Delphi Technique
3. Consumers Survey - Complete Enumeration Method
4. Consumer Survey - Sample Survey Method
5. End-user Method of Consumers Survey

Question 24

3 Complex Statistical Methods

Answer 24

1. Time Series Analysis or trend method
2. Barometric techniques or Lead-Lag indicators method
3. Correlation and Regression

Question 25

it is a method used in social science research to gather information about the attitudes, opinions, and behaviors of individuals and groups

Answer 25

opinion poll (experts opinion poll) //simple survey method//

Question 26

it involves selecting and asking questions to survey respondents, whose responses are then analyzed and interpreted to study public attitudes and political behavior

Answer 26

Experts opinion poll //simple survey method//

Question 27

Experts opinion poll involves selecting and asking questions to survey respondents, whose responses are then analyzed and interpreted to study ____ and _____

Answer 27

public attitudes political behavior

Question 28

is a forecasting process and structured communication framework based on the results of multiple rounds of questionnaires sent to a panel of experts. After each round of questionnaires, the experts are presented with an aggregated summary of the last round, allowing each expert to adjust their answers according to the group response

Answer 28

Delphi Method (Reasoned-Opinion Delphi Technique) //simple survey method//

Question 29

Delphi Method is a ____ process and structured communication framework based on the results of multiple rounds of questionnaires sent to a panel of experts. After each round of questionnaires, the experts are presented with an aggregated summary of the last round, allowing each expert to adjust their answers according to the group response

Answer 29

forecasting

Question 30

Delphi Method is a forecasting process and structured communication framework based on the results of (singular/multiple) rounds of questionnaires sent to a panel of experts. After each round of questionnaires, the experts are presented with an aggregated summary of the last round, allowing each expert to adjust their answers according to the group response singular or multiple?

Answer 30

multiple

Question 31

this process combines the benefits of expert analysis with elements of the wisdom of crowds

Answer 31

Reasoned-Opinion Delphi Technique //simple survey method//

Question 32

Reasoned-Opinion Delphi Technique combines the benefits of expert analysis with elements of the ____

Answer 32

wisdom of crowds

Question 33

involves collecting data from every single customer or potential customer in the target market. This way, a thorough understanding of the consumers' needs, preferences, and expectations is gained.

Answer 33

complete enumeration method (Consumer Survey - Complete Enumeration) //simple survey method//

Question 34

complete enumeration method involves collecting data from every (single/double) customer or potential customer in the target market. This way, a thorough understanding of the consumers' needs, preferences, and expectations is gained. single or double?

Answer 34

single

Question 35

complete enumeration method involves collecting data from every single customer or _____ customer in the target market. This way, a thorough understanding of the consumers' needs, preferences, and expectations is gained.

Answer 35

potential

Question 36

complete enumeration method involves collecting data from every single customer or potential customer in the target market. This way, a thorough understanding of the consumers' needs, preferences, and expectations is (lose / gained) lose or gained?

Answer 36

gained

Question 37

this method can be time-consuming, expensive, and impractical for large markets

Answer 37

complete enumeration method (Consumer Survey - Complete Enumeration) //simple survey method//

Question 38

focuses on collecting information on the end use of a product or service by consumers.

Answer 38

End-use method (End-User Method of Consumers Method) //simple survey method//

Question 39

this method helps in understanding the different purposes for which people use a product and the specific needs it satisfies

Answer 39

End-User Method of Consumers Method //simple survey method//

Question 40

helps organizations understand the underlying causes of trends or systematic patterns over time.

Answer 40

Time series analysis (or trend method) //Complex Statistical method//

Question 41

Using data visualizations, business users can see seasonal trends and dig deeper into why these trends occur. With modern analytics platforms, these visualizations can go far beyond line graphs

Answer 41

Time Series Analysis or trend method //Complex Statistical method//

Question 42

the basic approach of _____ is to construct an index of relevant economic indicators and to forecast future trends on the basis of movements in the index of economic indicators

Answer 42

barometer technique //Complex Statistical method//

Question 43

two types of measurements used when assessing performance in a business or organization

Answer 43

Leading and lagging indicators //Complex Statistical method//

Question 44

is a predictive measurement, for example; the percentage of people wearing hard hats on a building site

Answer 44

leading indicator //Complex Statistical method//

Question 45

is an output measurement, for example; the number of accidents on a building site

Answer 45

lagging indicator //Complex Statistical method//

Question 46

the difference between the two is a ____ indicator can influence change and a ____ indicator can only record what has happened

Answer 46

leading lagging

Question 47

the difference between the two is a leading indicator can influence _____ and a lagging indicator can only ____ what has happened

Answer 47

change record

Question 48

provides information on the strength and direction of the linear relationship between two variables

Answer 48

correlation analysis

Question 49

estimates parameters in a linear equation that can be used to predict values of one variable based on the other

Answer 49

simple linear regression analysis

Question 50

is the systematic gathering, recording and analyzing of data about problems relating to the marketing of goods and services

Answer 50

MARKETING RESEARCH

Question 51

will give you the data you need to identify and reach your target market at a price customers are willing to pay

Answer 51

market research

Question 52

focuses and organizes marketing information

Answer 52

marketing research

Question 53

Marketing research permits entrepreneurs to: S R I D

Answer 53

-Spot current and upcoming problems in the current market -Reduce business risks -Identify sales opportunities -Develop plans of action

Question 54

Successful marketing requires ___ and ____ market information

Answer 54

TIMELY and RELEVANT