marketing research exam 1 chapters 1-3-Questions and Answers Graded A+

marketing research exam 1 chapters 1-3-Questions and Answers Graded A+ What is marketing research? - ANSWER-Obtaining quality information for making better marketing decisions. What marketing research can achieve - ANSWER-How to extend your products, how to design your product offering, help rebrand your business How research can tell you how to extend your products - ANSWER-Gatorade lite for women Decoy Effect - ANSWER-consumers will tend to have a specific change in preference between two options when also presented with a third option that is asymmetrically dominated. (Medium popcorn) How research can tell you how to design your product offering - ANSWER-Think decoy effect How research can help rebrand your business - ANSWER-'What happens in Vegas, stays in Vegas" campaign. Marketing research process Phase 1 - ANSWER-Determine the research problem Iceberg Principle - ANSWER-helps researchers distinguish between the symptoms and causes of the problem. Determine the research problem - ANSWER-Identify and clarify info needs, define the research problem a questions, specify research objectives and confirm info value. Define the research problem (refine question) Marketing research process phase 2 - ANSWER-Select the appropriate research design and data source. Develop the sample size and design, examine measurement issues and pretest the questionnaire. Types of market research - ANSWER-Exploratory, descriptive and causal research. Exploratory research - ANSWER-Discovery of ideas and insights. Flexible and versatile. Front end of any research design. No fixed hypothesis. Collect data through qualitative research, pilot surveys, qualitative secondary data and case studies. Descriptive research - ANSWER-Describe market characteristics or functions. Marked by prior formulation of specific hypothesis using preplanned and structured design to test the hypothesis. Collect data through surveys and quant. secondary data, observational and panel data. Causal research - ANSWER-Determine cause and effect relationships.Manipulation of 1 or more independent variables. Collect data through experiments and data analysis. Marketing Research process phase 3 - ANSWER-Execute the research design Marketing Research process phase 4 - ANSWER-Communicate the research results.