MAR 3023 FSU Exam 2 Questions & Answers 2024/2025
Marketing Research - ANSWERSthe process of planning, collecting, and analyzing data relevant to a marketing decision
Market Research comes from the - ANSWERSTQM movement
What is the foundation of marketing strategy decisions? - ANSWERSmar...
Conjoint Analysis - ANSWERSgives price sensitivity information
Applied Research - ANSWERSresearch designed to solve a specific problem
Basic Research - ANSWERSresearch designed to extend knowledge of marketing phenomena
Secondary Data - ANSWERSdata previously collected for any purpose other than the one at hand (ASCI)
Primary Data - ANSWERSinformation collected for the specific purpose at hand
Exploratory Research - ANSWERSResearch conducted to gather more information about a problem or to
make a tentative hypothesis more specific
Descriptive - ANSWERSdescribes characteristics of a population
, - generally with a survery
Qualtrics - ANSWERSsubscriptions software for collecting and analyzing data for market research
Used for: customer satisfaction, product test, employee eval. , etc.
Amazon Mechanical Turk - ANSWERSMarketplace where anyone can request and pay individuals to
complete tasks that computers are unable to
Casual research design - ANSWERSidentifies cause and effect between variables
Endowment effecr - ANSWERSpeople value objects they own more than the same object if they don't
own it
Anchoring - ANSWERS- Price anchors on products to restrict how much companies can charge for similar
products
- Only way out if to make a product sufficiently different
EX. Coke VS. Redbull price
High Involvement Prices - ANSWERSPurchased after careful consideration and tend to be risky and
expensive
Low Involvement Prices - ANSWERSProducts that are less expensive and have less risk
Routinized/Habitual Decision Making - ANSWERSChoices made with little to no conscious effort
Limited Problem Solving - ANSWERSRequires a moderate amount of time for information gathering.
-Familiar with the product class but not the brand.
-Restaurants, Clothes
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