BU422 Midterm Exam Study Guide 100% Correct Answers | Verified Latest 2024 Version
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Course
BU422
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BU422
BU422 Midterm Exam Study Guide |
100% Correct Answers | Verified | Latest
2024 Version
Define marketing research - The process of defining a marketing problem, systematically gathering,
analyzing, reporting information and recommending actions to improve an organizations marketing
activities
...
BU422 Midterm Exam Study Guide |
100% Correct Answers | Verified | Latest
2024 Version
Define marketing research - ✔✔The process of defining a marketing problem, systematically gathering,
analyzing, reporting information and recommending actions to improve an organizations marketing
activities
Where does the information used to make marketing decisions come from? - ✔✔The environment
What are the 4 systems of the marketing information system (MIS)? - ✔✔
-Decision support system (processes and databases for aiding decisions)
-Internal report system (info from internal reports)
-Marketing intelligence system (gather info from environment)
-Marketing research system (gather info not available from current sources)
What is market (not marketing) research? - ✔✔Studies of a specific age, demographic, customer group,
etc.
What is penetration rate? - ✔✔The % of households that are buying product - how many people your
product gets through to
What is the difference between full-service and limited-service suppliers? - ✔✔Full service - do it all
limited service - specializes in a specific technique, segment, activity, etc.
What are the main concerns of research integrity? - ✔✔- Witholding info
- Falsifying data
- Making biased interpretations of findings
- Making up interviews
, - Taking shortcuts
- Using RFP (request for proposals) to steal ideas
What is the first step of the marketing research process? When are all 11 steps always needed? -
✔✔Determine if marketing research is needed
- All 11 steps not always necessary
- All 11 steps are usually necessary when collecting primary data
What are some instances where marketing research would not be necessary? - ✔✔- Cost precedes value
- Implementation is not feasible
- Time constraints (market moving too fast)
- Strategical reasons
- Info already available
What is the second step of the marketing research problem? - ✔✔Define the problem
- Most important step
What is the difference between a failure to meet objectives and a missed opportunity? - ✔✔FtmO - gap
between what was supposed to happen and what did happen
MO - Gap between what did happen and what could have happened
What is the difference between a problem and a symptom? - ✔✔Problem - pertains to the causes of the
symptom
Symptom - changes in the level of some key measure of the objectives e.g. lowered stock price
What are the 5 steps of defining the problem? - ✔✔1. Situation analysis
2. Clarify symptoms of problem
3. Identify likely causes
4. Consider possible solutions
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