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MGT 103 - Quiz 2 Ch.8-12 Questions and Answers 100% Pass $12.49
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MGT 103 - Quiz 2 Ch.8-12 Questions and Answers 100% Pass
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MGT 103 - Quiz 2 Ch.8-12 Questions and Answers 100% Pass Marketing Research - - Collecting, analyzing, and interpreting data about customers, competitors, and the business environment to improve marketing effectiveness (Doing good marketing research will alleviate stress of a product failure) ...

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  • January 8, 2025
  • 25
  • 2024/2025
  • Exam (elaborations)
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  • mgt 103 quiz 2 ch8 12 questions and answers 100

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MGT 103 - Quiz 2 Ch.8-12 Questions
and Answers 100% Pass

Marketing Research - ✔✔- Collecting, analyzing, and interpreting data about customers, competitors, and

the business environment to improve marketing effectiveness


(Doing good marketing research will alleviate stress of a product failure)


-Knowledge is Power


-Accurate, Up to Date, Relevant Information to AID Marketing Decision Makers


-Should be conducted in an ethical manner


-Recall....8% of new product concepts actually reach the market


What are the types of research marketing - ✔✔Basic and Applied research


basic research - ✔✔- Research to understand consumer behavior or marketing in general


- Academic research


--Information disclosures on consumer decision making


--Advertising repetition on consumer memory


--Pricing changes on sales


applied research - ✔✔- Research directed at a specific problem at a specific organization


- Corporate research




Author. Barrett, ©2025 All Rights Reserved.

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-- Designing ad campaigns


-- Designing products


-- Segmenting consumers


Types of Data about Consumers - ✔✔primary and secondary


Primary data - ✔✔-Collected specifically for current purpose


-Could be internally or externally collected


-Examples: Experiments, Test Markets, Focus Groups, Surveys, Observations


(collected from your data you have, you are gathering data, or you are hiring someone to collect data for

you, data being collected for the question you have)


Secondary data - ✔✔- Collected for some other purpose


--External (census, Gallup poll, etc.)


--Internal (company records, sales data)


(collected from an outside source but still helps, using old data to see if you can use it to apply to your

question)


General Rule of Thumb when collecting data - ✔✔- Collect secondary data first, then turn to primary data


(Primary data is expensive takes a lot of time to do everything, secondary is already available.)


- Advantages of secondary data:


--Time savings, Low costs


- Disadvantages of secondary data:


--May be out of date




Author. Barrett, ©2025 All Rights Reserved.

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--Definitions or categories might not be what you're looking for


--Might not be specific enough for your project


Primary data is typically collected used two types of methods: - ✔✔Qualitative and Quantitative


Qualitative Methods - ✔✔Pros: require only a limited number of participants or observations


Cons: verbal or observational data is often hard to interpret and summarize


Quantitative Methods: - ✔✔Pros: measurable¾and thus easier to interpret and summarize


Cons: need to be able to select specific measures, requires a larger number of participants to be able to

generalize beyond the sample


comparing Qualitative and Quantitative methods - ✔✔Quantitative is numeral while qualitative is

words. qualitative could be collecting only 50 different interviews but can't take those interviews to

generalize to the general population hard to analyze and summarize qualitative data. Quantitative data is

easier to work with


Research Methods - ✔✔Depth interviews, focus groups, observation, and experimental, and survey

research


Depth interviews - ✔✔- interviews with people knowledgeable about the general subject being

investigated.


the researcher and the interviewee, its kinda a conversation, have a lot to ask you tell me what you think,

usually audio and video tape it because its hard to write everything down. make sure for all of these that

they are all a part and represent your target market


-Talk to people, usually one on one


(Exploratory-->generate ideas; qualitative)




Author. Barrett, ©2025 All Rights Reserved.

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