MKT 3013 Exam 2 Business Questions And Answers
Marketing research - ANS-the process of defining a marketing problem and opportunity,
systematically collecting and analyzing information, and recommending actions
What is the purpose of marketing research? - ANS-reduce the risk of and thereby impr...
MKT 3013 Exam 2 Business Questions And Answers
Marketing research - ANS-✔✔the process of defining a marketing problem and opportunity,
systematically collecting and analyzing information, and recommending actions
What is the purpose of marketing research? - ANS-✔✔reduce the risk of and thereby improve
marketing decisions
steps of a marketing research project - ANS-✔✔1. define the problem
2. develop the research plan
3. collect relevant information
4. develop findings
5. take marketing action
why is defining the problem such an important step? - ANS-✔✔if the objectives are too broad, the
problem may not be reachable
3 kinds of research - ANS-✔✔-exploratory
-descriptive
-causal
Exploratory Research - ANS-✔✔provides ideas about a vague problem
Descriptive Research - ANS-✔✔involves trying to find the frequency with which something occurs or
the extent of a relationship between 2 factors
Causal Research - ANS-✔✔tries to determine the extent to which the change in one factor changes
another one
, -test marketers use this
Measures of Success - ANS-✔✔criteria or standards used in evaluating proposed solutions to the
problem
Constraints - ANS-✔✔restrictions placed on potential solutions to a problem
-example: limitations on the time and money available to solve the problem
Concepts - ANS-✔✔ideas about products or services
Methods - ANS-✔✔the approaches that can be used to collect data to solve all or part of a problem
new-product concept - ANS-✔✔picture of verbal description of a product or service the firm might
offer for sale for consumer reactions to a potential new product
sampling (a method) - ANS-✔✔selecting a group of distributors, customers, or prospects, asking them
questions, and treating their answers as typical of all whom they are interested
statistical inference (a method) - ANS-✔✔to generalize the results from the sample to much larger
groups of distributors, customers, or prospects to help decide on marketing actions
Secondary data - ANS-✔✔facts and figures already recorded prior to the project
-advantages: tremendous time savings and low cost
--disadvantages: may be out of date, may be not quite right for the project, may not be specific enough
Primary data - ANS-✔✔facts and figures that are newly collected for a project
-observational data
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