Week 3 (Chapters 3 & 4) - IN PROGRESS

Question 1

Marketing Information System (MIS)

Answer 1

People, equipment and procedures to gather, sort, analyze, evaluate and distribute accurate information to marketing decision makers

Question 2

Marketing Intelligence System

Answer 2

A set of procedures and sources that managers use to observe everyday information about developments in the marketing environment

Question 3

Ways to Improve Marketing Intelligence

Answer 3

• Train and motivate the sales force to spot and report new developments
• Motivate distributers, reatilers and other intermediaries to pass along important intelligence
• Hire external experts to collect intelligence
• Network internaly and externally
• Set up a customer advisory panel
• Take advantage of government data
• Buy information from outside research firms and vendors
• Collect marketing intelligence on the Internet

Question 4

Market Research Process

Answer 4

1. Define the problem and research objectives
2. Develop the research plan
3. Collect the information
4. Analyze the information
5. Present the findings
6. Make the decision

Question 5

Types of Market Research

Answer 5

• Observation
• Focus groups
• Surveys
• Behavioral data
• Experimental research

Question 6

Market Research Sampling Plan

Answer 6

• Sampling unit
• Sample size
• Sampling procedure

Question 7

Potential Market

Answer 7

Set of consumers with a sufficient level of interest in a market offer

Question 8

Available Market

Answer 8

Set of consumers who have interest, income and access to a particular offer

Question 9

Target market

Answer 9

Part of the qualified available market the company decides to pursue

Question 10

Market Demand

Answer 10

Total volume that would be bought by a defined customer group in a defined geographical area in a defined time period in a defined marketing environment under a defined marketing program

Question 11

Penetrated Market

Answer 11

Set of consumers who are buying the company’s product