The Role of Marketing Research

Question 1

What is marketing research?

Answer 1

The systematic and objective process of generating information for aid in making marketing decisions

Question 2

Key questions in marketing research

Answer 2

• What do we sell?
• How do consumers view our company?
• What does our company/product mean?
• What do consumers desire?

Question 3

Elements of marketing research

Answer 3

• idea and theory development
• problem definition
• information gathering
• analyzing data
• communicating findings and implications

Question 4

Characteristics of marketing research information

Answer 4

• not intuitively gathered
• accurate and objective
• relevant to aspects of marketing mix

Question 5

Applied marketing research focus

Answer 5

• conducted to address a specific marketing decision for a specific firm or organization
• commercial objectives

Question 6

Basic marketing research

Answer 6

• gain comprehensive knowledge without specific applications
• advances scientific knowledge without commercial objectives
• tries to verify a theory without solving a marketing problem

Question 7

Scientific method

Answer 7

Marketing researchers use knowledge and evidence to reach objective conclusions about the real world

Question 8

Developing and implementing a marketing strategy

Answer 8

1) Identifying and evalutating market opportunities
2) Analyzing market segments and selecting target markets
3) Planning and implementing a marketing mix to provide customer value and meet organizational objectives
4) Analyze performace

Question 9

Identifying and evaluating opportunities

Answer 9

monitoring the competitive environment for signals indicating a business opportunity

Question 10

Analyzing and selecting target markets

Answer 10

geo-demographics of market segment

Question 11

Types of Marketing Mix Research

Answer 11

• product research (concept testing, product testing)
• pricing research
• distribution research (marketing channels, supply chain)
• promotion research (effectiveness of advertising, discounts, etc.)

Question 12

Ways to analyze marketing performance

Answer 12

• total value management

- performance monitoring (sales, market shares)

Question 13

When is marketing research needed?

Answer 13

• time constraints
• limited availability of data
• decision of strategic performance
• benefits vs costs - value of research information in relation to costs