MGT 103 - Quiz 2 Ch.8-12 Questions with Correct Answers
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Course
MGT103
Institution
MGT103
Marketing Research - Answer-- 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 ...
MGT 103 - Quiz 2 Ch.8-12 Questions with
Correct Answers
Marketing Research - Answer-- 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 - Answer-Basic and Applied research
basic research - Answer-- 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 - Answer-- Research directed at a specific problem at a specific
organization
- Corporate research
-- Designing ad campaigns
-- Designing products
-- Segmenting consumers
Types of Data about Consumers - Answer-primary and secondary
Primary data - Answer--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 - Answer-- 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 - Answer-- 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--May be out of date
--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: - Answer-Qualitative and
Quantitative
Qualitative Methods - Answer-Pros: require only a limited number of participants or
observations
Cons: verbal or observational data is often hard to interpret and summarize
Quantitative Methods: - Answer-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 - Answer-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 - Answer-Depth interviews, focus groups, observation, and
experimental, and survey research
Depth interviews - Answer-- 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)
focus groups - Answer-- have people talk to each other
-Usually more than one usually not bigger than 10. Sometimes one or two researchers.
They have questions they throw out to the focus group to discuss, give a question and
then the focus group to discuss and talk about it. People can those their focus during
conversations though which is a weakness, also peer pressure of not wanting to give
their actual thoughts, can give screwed info because someone was afraid to speak up.
"Real people not actors advertisement"
- Group of respondents discuss a marketing problem by responding and reacting to
each other
observation research method - Answer--no talking
-observing how people act naturally
-Just looking and watching what people are doing. Want to be as unobtrusive as
possible and ask permission at stores. Observe in people normally using certain
devices like cooking dinner, or just watching someone in a store. Peer pressure exists
here too when answering a survey or question. Kids: cant ask them questions put them
in a room with toys and see which ones they play one and just observe. Try to figure out
how people shop for my products by waiting outside store.
-Making observations of behavior and recording those observations in an objective
manner
-Natural (e.g., home, store) vs. artificial (e.g., lab) settings
-Most useful when investigating complex social settings; less useful for studying well-
defined hypotheses under specific conditions
(Exploratory-->generate ideas; quantitative)
experimental research method - Answer--A research method that entails assigning
participants randomly to an experimental group that received a treatment and a control
group that does not receive the treatment, then comparing the two groups in a posttest.
-Objective: Test hypotheses about causal relationship between variables
--Trying to determine what is going on; independent variable and dependent variables,
randomly assign to different variables, i.e the nescafe instant coffee, independent
variable:type of coffee, dependent variable:the descriptions of the woman who drank
that coffee
--Look at effect of independent variable on dependent variable
--Different groups of consumers get different "treatments"
--Helps determine CAUSALITY
(Casual-->assesses cause-effect relationships; quantitative)
survey research - Answer-- Lots of different questions to include in surveys
- Personal Interview surveys - you can be flexible and adjust to the person you're
interviewing (costly)
- Mail surveys & Phone surveys
-Online surveys - becoming more and more common
-Types of Questions
- Open-ended
--Answer with multiple sentences
-Closed-ended
--Yes/No
--Semantic Differential Scale
---helpful-unhelpful;fair-biased;strong-week;foolish-wise
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