Situational Analysis

Question 1

What are the 3 kinds of research?

Answer 1

Exploratory: Gathers preliminary information that will help define the problem and suggest a hypothesis.

Descriptive: Describes consumer attitudes, and demographics and market potential

Causal: Test hypotheses and cause and effect relationships

Question 2

What is primary research?

Answer 2

Research conducted by the company on its own

Pros: Real time valid information
Up to date
Control over outcome

Cons: Time consuming, expensive

Question 3

What are the primary research methods?

Answer 3

Surveys

Interviews

Focus groups

Observation

Mystery shopping

Phone surveys

Question 4

What is secondary research?

Answer 4

Process of collecting and analyzing data and information that was originally gathered for a different purpose but can be applied to the current research problem

Question 5

What are secondary research methods?

Answer 5

Published reports

Government data

Corporate records

Online sources

Academic research

Question 6

What is the importance of secondary research?

Answer 6

Supports decision making
Risk reduction
Gain information without spending time or money

Question 7

What is market research?

Answer 7

Collecting of information to recognize consumers needs and preferences

Steps:

Define problem
Develop research plan
Implement research plan
Interpret and report findings

Question 8

Explain the importance of market research?

Answer 8

Marketing environment
Customer needs
Competition
Strategic planning