MKT 343 EXAM 1 MARKET RESEARCH QUESTIONS
AND ANSWERS
What is Marketing Research?
A systematic process of collecting, analyzing, and interpreting information to support
managerial decision making.
What does the GIGO Principle stand for?
Garbage In, Garbage Out; it means poor research design leads to useless results.
What are the steps in the Marketing Research Process?
1. Define the problem 2. develop research design 3. collect data 4. analyze data 5.
communicate results.
Decision makers vs. marketing researchers
decision makers - use results to make strategic or tactical decisions (focused on bottom
line, cost, and time)
marketing researchers - design and conduct the research objectively (likes surprise,
doesn't care about logistics like cost)
What is the Iceberg Principle in marketing research?
Observable symptoms are just the tip; true problems lie beneath the surface.
When should research be conducted?
When existing information is insufficient, benefits outweigh costs, and results will
meaningfully influence decisions.
When should research NOT be conducted?
When a decision must be made immediately, cost exceeds expected value, or research
would reveal strategy to competitors.
What are the 4 Ps in Marketing Research?
Product, Price, Place (Distribution), Promotion.
, How does marketing research impact the Product variable in the marketing mix?
Marketing research helps identify consumer needs and preferences, guiding product
development and modifications.
How does marketing research influence Place (Distribution) decisions?
It identifies the most effective distribution channels and locations based on consumer
behavior and preferences.
What role does marketing research play in determining Pricing strategies?
It provides insights into consumer price sensitivity and competitive pricing, helping to set
optimal prices.
What is the impact of marketing research on Promotion strategies?
It helps in understanding the effectiveness of different promotional tactics and
messages, allowing for better targeting and communication.
What are some ethical issues faced by research providers?
Unethical pricing, black-box methodologies, curbstoning.
black box methodologies
methodologies offered by research firms that are branded and do not provide
information about how the methodology works
What is curbstoning in marketing research?
Data collection personnel filling out surveys for fake respondents.
What are some ethical issues faced by research clients?
overstating results, misleading research firms, lying to firms for discounts
What are some ethical issues faced by research respondents?
dishonest responses and lying for incentives
Why do respondents lie?
they might not have enough information on a topic to explain how they really feel, to feel
better about themselves, or to follow the group norm/group think
AND ANSWERS
What is Marketing Research?
A systematic process of collecting, analyzing, and interpreting information to support
managerial decision making.
What does the GIGO Principle stand for?
Garbage In, Garbage Out; it means poor research design leads to useless results.
What are the steps in the Marketing Research Process?
1. Define the problem 2. develop research design 3. collect data 4. analyze data 5.
communicate results.
Decision makers vs. marketing researchers
decision makers - use results to make strategic or tactical decisions (focused on bottom
line, cost, and time)
marketing researchers - design and conduct the research objectively (likes surprise,
doesn't care about logistics like cost)
What is the Iceberg Principle in marketing research?
Observable symptoms are just the tip; true problems lie beneath the surface.
When should research be conducted?
When existing information is insufficient, benefits outweigh costs, and results will
meaningfully influence decisions.
When should research NOT be conducted?
When a decision must be made immediately, cost exceeds expected value, or research
would reveal strategy to competitors.
What are the 4 Ps in Marketing Research?
Product, Price, Place (Distribution), Promotion.
, How does marketing research impact the Product variable in the marketing mix?
Marketing research helps identify consumer needs and preferences, guiding product
development and modifications.
How does marketing research influence Place (Distribution) decisions?
It identifies the most effective distribution channels and locations based on consumer
behavior and preferences.
What role does marketing research play in determining Pricing strategies?
It provides insights into consumer price sensitivity and competitive pricing, helping to set
optimal prices.
What is the impact of marketing research on Promotion strategies?
It helps in understanding the effectiveness of different promotional tactics and
messages, allowing for better targeting and communication.
What are some ethical issues faced by research providers?
Unethical pricing, black-box methodologies, curbstoning.
black box methodologies
methodologies offered by research firms that are branded and do not provide
information about how the methodology works
What is curbstoning in marketing research?
Data collection personnel filling out surveys for fake respondents.
What are some ethical issues faced by research clients?
overstating results, misleading research firms, lying to firms for discounts
What are some ethical issues faced by research respondents?
dishonest responses and lying for incentives
Why do respondents lie?
they might not have enough information on a topic to explain how they really feel, to feel
better about themselves, or to follow the group norm/group think
