Week 1: 1.1 Marketing in context

Question 1

what are the two types of marketing research?

Answer 1

Applied research (aimed at solving specific problem)

Basic/ pure research- aimed at expanding the frontiers of knowledge

Question 2

Definition of Marketing research by (McDaniels and Gates, 2015)

Answer 2

the planning collection and analysis of data relevant to marketing decision making and the communication of the results of this analysis to management

Question 3

why is Marketing research important? 2 factors

Answer 3

1) - quality and customer satisfaction are key

2) return on desired quality of the market

Question 4

why else is marketing research important according to Benzo et al 2018

Answer 4

• it supports innovation

- helps understand microenvironment

Question 5

what are the four functional roles of marketing research?

Answer 5

• Exploratory
• Descriptive (presenting statements of fact)
• Diagnostic (explanation of data or actions)
• Predictive (predicting results through descriptive and diagnostic research)

Question 6

4 moments when not to conduct marketing research

Answer 6

• resources are lacking
• opportunity has passed
• decision already made
• managers can’t agree on what they need to know