MKTG202 - Final Exam || Verified Questions with
Correct Solutions; Guaranteed Pass!!
What is the role of marketing research in decision making? correct answers Decision making is
the process of developing and deciding among alternative ways of resolving a problem or
choosing from among alternative opportunities
Customer groups correct answers - Consumers
- Employees
- Shareholders
- Suppliers
Marketing Managers correct answers - Market
- Segmentation
- Target Market Selection
- Performance and Control
Controllable Marketing Variables correct answers - Product
- Pricing
- Promotion
- Distribution
Uncontrollable Environmental Factors correct answers - Economy
- Technology
- Competition
- Laws and Regulations
- Social and Cultural Factors
- Political Factors
2 Types of Marketing Research correct answers BASIC Marketing Research
- Conducted without a specific decision in mind that usually does not address the needs of a
specific organisation
- Attempts to expand the limits of knowledge
- Not aimed at solving a pragmatic problem
- E.g Is organic food becoming less safe?
Applied Market Research
- Conducted to address a specific marketing decision for a specific firm
- E.g Should Apple expand its market to the car industry?
Marketing Research Process correct answers Stage 1: Problem Definition
Stage 2: Research approach developed
Stage 3: Research design developed
Stage 4: Fieldwork or data collection
, Stage 5: Data integrity and analysis
Stage 6: Communicating research findings
Problem Identification vs Problem Solving correct answers - Marketing research needs to take
proactive and reactive actions for the future
- Nokia example, they did not identify the problem and then lost their whole company to their
competitor Apple
Ethics in Marketing Research correct answers Ethical issues arise when the interests of
stakeholders conflict and when one or more stakeholders are lacking in their responsibilities
- E.g Observing a persons actions without them being aware or giving consent
Research Process correct answers 1. Decision Making an Marketing Research
2. Defining Research Objectives
3. Problem Definition
4. Research Design: Classification
5. Planning a Sample
6. Collecting and Analysing Data
Primary vs Secondary Data correct answers Primary
- Data originated by the researcher for the purpose of addressing the research problem
Secondary
- Data collected for some purpose other than the problem at hand
Pros of Secondary Data correct answers Pros
- Available
- Faster and Cheaper
- Require no access to subjects
Globalisation correct answers Single source data integrated information
- Diverse types of data offered by a single company
- Usually integrated on the basis of a common variable such as geographic area or store
Objectives for Secondary Data Research Design correct answers 1. Fact finding
- Identifying we traffic, consumption patterns, tracking trends
2. Model Building
- Forecasting market potential, sales in a time-period, selecting location, determining
relationships with sales
3. Database marketing
- Developing prospect lists, predicting future customer behaviour, data mining
Correct Solutions; Guaranteed Pass!!
What is the role of marketing research in decision making? correct answers Decision making is
the process of developing and deciding among alternative ways of resolving a problem or
choosing from among alternative opportunities
Customer groups correct answers - Consumers
- Employees
- Shareholders
- Suppliers
Marketing Managers correct answers - Market
- Segmentation
- Target Market Selection
- Performance and Control
Controllable Marketing Variables correct answers - Product
- Pricing
- Promotion
- Distribution
Uncontrollable Environmental Factors correct answers - Economy
- Technology
- Competition
- Laws and Regulations
- Social and Cultural Factors
- Political Factors
2 Types of Marketing Research correct answers BASIC Marketing Research
- Conducted without a specific decision in mind that usually does not address the needs of a
specific organisation
- Attempts to expand the limits of knowledge
- Not aimed at solving a pragmatic problem
- E.g Is organic food becoming less safe?
Applied Market Research
- Conducted to address a specific marketing decision for a specific firm
- E.g Should Apple expand its market to the car industry?
Marketing Research Process correct answers Stage 1: Problem Definition
Stage 2: Research approach developed
Stage 3: Research design developed
Stage 4: Fieldwork or data collection
, Stage 5: Data integrity and analysis
Stage 6: Communicating research findings
Problem Identification vs Problem Solving correct answers - Marketing research needs to take
proactive and reactive actions for the future
- Nokia example, they did not identify the problem and then lost their whole company to their
competitor Apple
Ethics in Marketing Research correct answers Ethical issues arise when the interests of
stakeholders conflict and when one or more stakeholders are lacking in their responsibilities
- E.g Observing a persons actions without them being aware or giving consent
Research Process correct answers 1. Decision Making an Marketing Research
2. Defining Research Objectives
3. Problem Definition
4. Research Design: Classification
5. Planning a Sample
6. Collecting and Analysing Data
Primary vs Secondary Data correct answers Primary
- Data originated by the researcher for the purpose of addressing the research problem
Secondary
- Data collected for some purpose other than the problem at hand
Pros of Secondary Data correct answers Pros
- Available
- Faster and Cheaper
- Require no access to subjects
Globalisation correct answers Single source data integrated information
- Diverse types of data offered by a single company
- Usually integrated on the basis of a common variable such as geographic area or store
Objectives for Secondary Data Research Design correct answers 1. Fact finding
- Identifying we traffic, consumption patterns, tracking trends
2. Model Building
- Forecasting market potential, sales in a time-period, selecting location, determining
relationships with sales
3. Database marketing
- Developing prospect lists, predicting future customer behaviour, data mining
