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MKT 300 Midterm 2 Test Questions With Complete Solutions.
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Marketing Research - Answer the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization Marketing research is - Answer - the voice of the consumer - the secret weapon of business to make informed decisions - helps i...

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  • 9 oktober 2024
  • 39
  • 2024/2025
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Voorbeeld van de inhoud

MKT 300 Midterm 2 Test Questions With
Complete Solutions.
Marketing Research - Answer the systematic design, collection, analysis, and reporting of data relevant
to a specific marketing situation facing an organization



Marketing research is - Answer - the voice of the consumer

- the secret weapon of business to make informed decisions

- helps in product development/launch

- higher customer satisfaction

- proactive versus reactive decisions



What is the purpose of marketing research? (3) - Answer - find opportunities

- determine what the target needs are and how to satisfy them

- plan and refine the marketing mix



What is the role of a researcher? - Answer To be a collaborative consultant (must partner with
requester and help focus on the issue, then create a solution that is

1. actionable

2. on time

3. on budget



5 step scientific approach to marketing research process - Answer 1. Define the problem

2. Analyze the situation

3. Getting problem specific data (develop your own research)

4. Interpret the data

5. Solve the problem



Step 1: Define the Problem - Answer - Identify a problem that exists

,- Determine the root cause (find the right one)

- Gather information



Step 2: Analyze the Problem - Answer - Use force field analysis to identify driving and restraining forces.

- Develop clear criteria that clarify the issues and can help in evaluating solutions.

- Situational analysis

(Secondary data - inside and outside of company)



Step 3: Getting Problem-Specific Data - Answer - using the observational methods

- questioning

- Conduct Primary Research (Primary data - Observation and Questioning)



Observational Methods - Answer - from turn-sites

- structured viewing in store

- data analytics

Ex: Google analytics



Two types of data research - Answer quantitative and qualitative



Quantitative Research Methods - Answer - uses large surveys, questionnaires, secondary research,
looking at large samples. Reports data primarily in numerical form.

- Gives more objective results

- all questions should be worded the same

- most popular technique is Experimental Design

- projectable



Experimental method - Answer researchers compare the responses of two or more groups that are
similar except on the characteristic being tested

,Qualitative Research Methods - Answer - interpretation is subjective

- qualitative is not projectable

- most popular technique is Focus Group

- "softer opinions"



Step 4: Key concerns in Data Interpretation - Answer - Primary Data: confidence intervals, sample,
validity, population (relevance to the population)

- Variability: more variable, bigger sample you need



parts of primary data - Answer 1. Population

2. Sample

3. Validity

3. Confidence Interval



examples of non-sampling errors - Answer - validity

- self reporting

- hidden agendas

- how the question is worded



Simple random sampling - Answer every member of the population has an equal probability of being
selected for the sample



Population - Answer the total group research is interested in



Sample - Answer a part of the relevant population



Confidence Interval - Answer the range on either side of an estimate from a sample that is likely to
contain the true value for the whole population



(margin of error)

, margin of error - Answer the range of percentage points in which the sample accurately reflects the
population



Validity - Answer concerns the extent to which data measure what they are intended to measure



(are you asking the right question, or missing a critical question)



Unbiased vs biased agenda - Answer legitimate research desired unbiased information



(not everyone seeks unbiased information EX: Push polls)



Step 5: Solving the Problem - Answer Use research results to make marketing decisions.



What determines the research method used? - Answer - nature of the problem

- time available

- budget available

- the risk of wrong information



Ch. 7

Defend why it is important to follow a research process (scientific method). What is the most important
step in that process? Give an example of a problem vs. a symptom. (other than what was given in
lecture). Why is the distinction between a problem and a symptom important? - Answer It is important
so that there is a process of how to find a good solution. It can be difficult to know where to begin and it
is too risky to not have a set process in place. Planning can help you save money and time.



The most important step is Step 1. Defining the problem. If this step is not done, the rest of the process
does not matter because the incorrect problem is being researched which is a waste of time, energy, and
money.



EX: advertising and promotion are not doing well, but in reality the true issue is that the wrong target
market is being targeted.

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