100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
MKTG 3310 EXAM 2 PADGETT || WITH 100% ERRORLESS SOLUTIONS. CA$16.51   Add to cart
Quickly navigate to
Preview
  2.  
  3. MKTG 3310
  4.  
  5. MKTG 3310

Exam (elaborations)

MKTG 3310 EXAM 2 PADGETT || WITH 100% ERRORLESS SOLUTIONS.
 4 views  0 purchase
  • Course
  • MKTG 3310
  • Institution
  • MKTG 3310

decision support system correct answers a systematic approach to collecting information to help managers make decisions effective support systems characteristics correct answers 1. information collected must be collected systematically 2. information collected must be relevant to specific manag...

[Show more]

Preview 2 out of 11  pages

Document information

  • August 23, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • decision support system

Written for

  • MKTG 3310
  • MKTG 3310

Seller

avatar-seller
FullyFocus

Reviews received

Content preview

MKTG 3310 EXAM 2 PADGETT || WITH 100%
ERRORLESS SOLUTIONS.
decision support system correct answers a systematic approach to collecting information to help
managers make decisions

effective support systems characteristics correct answers 1. information collected must be
collected systematically
2. information collected must be relevant to specific managerial decisions, so the information
must have purpose and be useful for a specific decision
3. the system should be flexible, capable of being sorted, manipulated, totaled, averaged, and
combined differently so that different managers can answer different questions

market research correct answers a more general term that covers external research investigating
one of three components of the market: customers, competitors, or the company

-customer preferences on a specific brand

marketing research correct answers research focused on assessing the effectiveness of a specific
marketing tool or tactic

-which product feature changes might increase sales the most?

the market research process correct answers 1. define the problem/opportunity
2. develop a research plan
3. collect data
4. analyst the data
5. prepare and present findings
6. outline follow up and create an action plan

step 1: define the problem correct answers -problems/opportunities can be short-term and
specific or long-term and more general
-a common mistake is focusing on symptoms instead of problems in this stage (why are we
declining/why are customers switching)
-it is important to involve all of those related to the problem or opportunity at the very beginning
of a research project to make sure the focus is identified appropriately
**most difficult step**
managers usually focus on short-term problem

3 primary goals in research design correct answers 1. exploratory research
2. descriptive research
3. casual research

exploratory research correct answers aims to discover insights related to a problem or
opportunity

, -goal is understanding
-typically used as a foundation for additional research

descriptive research correct answers seeks to describe something
-typical goals include answering who, what, when, and where something happened
-often leads to additional research but can also lead directly to action

casual research correct answers seeks to determine the effect of one variable on another
-often used to explain how something will change based on marketing activities

qualitative research correct answers -used by marketers to gain a more in-depth understanding of
a marketing problem
-collecting non-numerical data from customers

quantitative research correct answers -used by marketers to count, classify, and measure things
related to a marketing problem
-often used to assess the relative importance of something the marketer is interested in

primary data source correct answers information newly collected specifically for the research
purpose

-key advantage is relevance

secondary data source correct answers data collected for another purpose that can be used to
address a research problem

-typically less costly than collecting primary data, can be incomplete or too old to be useful

observation (qual.) correct answers involves watching what customers do and recording patterns
of interest

ethnography (qual.) correct answers borrowed from anthropology, studies behavior in a natural
context

focus group (qual.) correct answers small group of 3-12 people assembled to provide feedback
about a specific topic

personal interviews (qual.) correct answers guided interactions with individuals

surveys (quan.) correct answers sets of questions administered electronically, via telephone, or in
person, and are the most common data collection method for quantitative research

experiments (quan.) correct answers researcher controls or manipulates one variable while
observing the impact of that variable on another variable

-use field studies

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller FullyFocus. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$16.51. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

84866 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$16.51
  • (0)
  Add to cart