MKT 300 Midterm 2 Test Questions With Complete Solutions.
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Course
MKT 300
Institution
MKT 300
Marketing Research - Answer the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
Marketing research is - Answer - the voice of the consumer
- the secret weapon of business to make informed decisions
- helps i...
MKT 300 Midterm 2 Test Questions With
Complete Solutions.
Marketing Research - Answer the systematic design, collection, analysis, and reporting of data relevant
to a specific marketing situation facing an organization
Marketing research is - Answer - the voice of the consumer
- the secret weapon of business to make informed decisions
- helps in product development/launch
- higher customer satisfaction
- proactive versus reactive decisions
What is the purpose of marketing research? (3) - Answer - find opportunities
- determine what the target needs are and how to satisfy them
- plan and refine the marketing mix
What is the role of a researcher? - Answer To be a collaborative consultant (must partner with
requester and help focus on the issue, then create a solution that is
1. actionable
2. on time
3. on budget
5 step scientific approach to marketing research process - Answer 1. Define the problem
2. Analyze the situation
3. Getting problem specific data (develop your own research)
4. Interpret the data
5. Solve the problem
Step 1: Define the Problem - Answer - Identify a problem that exists
,- Determine the root cause (find the right one)
- Gather information
Step 2: Analyze the Problem - Answer - Use force field analysis to identify driving and restraining forces.
- Develop clear criteria that clarify the issues and can help in evaluating solutions.
- Situational analysis
(Secondary data - inside and outside of company)
Step 3: Getting Problem-Specific Data - Answer - using the observational methods
- questioning
- Conduct Primary Research (Primary data - Observation and Questioning)
Observational Methods - Answer - from turn-sites
- structured viewing in store
- data analytics
Ex: Google analytics
Two types of data research - Answer quantitative and qualitative
Quantitative Research Methods - Answer - uses large surveys, questionnaires, secondary research,
looking at large samples. Reports data primarily in numerical form.
- Gives more objective results
- all questions should be worded the same
- most popular technique is Experimental Design
- projectable
Experimental method - Answer researchers compare the responses of two or more groups that are
similar except on the characteristic being tested
,Qualitative Research Methods - Answer - interpretation is subjective
- qualitative is not projectable
- most popular technique is Focus Group
- "softer opinions"
Step 4: Key concerns in Data Interpretation - Answer - Primary Data: confidence intervals, sample,
validity, population (relevance to the population)
- Variability: more variable, bigger sample you need
parts of primary data - Answer 1. Population
2. Sample
3. Validity
3. Confidence Interval
examples of non-sampling errors - Answer - validity
- self reporting
- hidden agendas
- how the question is worded
Simple random sampling - Answer every member of the population has an equal probability of being
selected for the sample
Population - Answer the total group research is interested in
Sample - Answer a part of the relevant population
Confidence Interval - Answer the range on either side of an estimate from a sample that is likely to
contain the true value for the whole population
(margin of error)
, margin of error - Answer the range of percentage points in which the sample accurately reflects the
population
Validity - Answer concerns the extent to which data measure what they are intended to measure
(are you asking the right question, or missing a critical question)
Unbiased vs biased agenda - Answer legitimate research desired unbiased information
(not everyone seeks unbiased information EX: Push polls)
Step 5: Solving the Problem - Answer Use research results to make marketing decisions.
What determines the research method used? - Answer - nature of the problem
- time available
- budget available
- the risk of wrong information
Ch. 7
Defend why it is important to follow a research process (scientific method). What is the most important
step in that process? Give an example of a problem vs. a symptom. (other than what was given in
lecture). Why is the distinction between a problem and a symptom important? - Answer It is important
so that there is a process of how to find a good solution. It can be difficult to know where to begin and it
is too risky to not have a set process in place. Planning can help you save money and time.
The most important step is Step 1. Defining the problem. If this step is not done, the rest of the process
does not matter because the incorrect problem is being researched which is a waste of time, energy, and
money.
EX: advertising and promotion are not doing well, but in reality the true issue is that the wrong target
market is being targeted.
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