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MKTG exam 1 Questions & answers
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MKTG exam 1 Questions & answers
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MKTG exam 1marketing research definition
A process of designing, gathering, analyzing and reporting information that
may be used to solve a specific marketing problem.
marketing research process
problem definition, data collection, data analysis, information reporting
uses of marketing research
identify customer needs, to analyze competition, identify gaps in market
and grab new opportunities, to identify issues plaguing your business, to
lower business risks, and to make better marketing decisions
opportunity VS problem
Problems: Situations with obvious negative effects on the business.
(Dramatic drop in
sales), Opportunities: Situations with potential to positively affect
businesses (New product developed by R and D team)
planned VS unplanned change
- Planned: Change resulting from a deliberate decision to alter the
organization.
- Unplanned: Change that is imposed on the organization and is often
unforeseen.
decision problem VS research problem
managers perspective vs researchers perspective
, discovery oriented decision problem vs strategy oriented decision problem
D: what is going on and why is it going on? gathering more info for the
problem
S: how to bring about the changes being planned? suggesting strategic
solutions
facts presented through ____ should be utilized to devise ____ decisions
discovery, strategic
exploratory research designs
to gather info about an issue, understand and clarify the problem, develop
a hypothesis
independent vs dependent vs extraneous variables
cause vs effects vs controls
market testing - standard
the company selects a small number of representative cities in which to trial
the full marketing mix prior to a new product launch.
market testing - controlled
the new products offered by the brand are introduced with a sales pitch,
advertising banner, or test presentation to attract consumers
market testing - stimulated
a staged or artificial marketplace where researchers expose subjects to
advertising and other marketing mix variable to gauge the subjects'
purchase intent
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