BU422 Midterm Exam Study Guide | 100% Correct Answers | Verified | Latest 2024 Version

BU422 Midterm Exam Study Guide | 100% Correct Answers | Verified | Latest 2024 Version Define marketing research - The process of defining a marketing problem, systematically gathering, analyzing, reporting information and recommending actions to improve an organizations marketing activities Where does the information used to make marketing decisions come from? - The environment What are the 4 systems of the marketing information system (MIS)? - -Decision support system (processes and databases for aiding decisions) -Internal report system (info from internal reports) -Marketing intelligence system (gather info from environment) -Marketing research system (gather info not available from current sources) What is market (not marketing) research? - Studies of a specific age, demographic, customer group, etc. What is penetration rate? - The % of households that are buying product - how many people your product gets through to What is the difference between full-service and limited-service suppliers? - Full service - do it all limited service - specializes in a specific technique, segment, activity, etc. What are the main concerns of research integrity? - - Witholding info - Falsifying data - Making biased interpretations of findings - Making up interviews - Taking shortcuts - Using RFP (request for proposals) to steal ideas What is the first step of the marketing research process? When are all 11 steps always needed? - Determine if marketing research is needed - All 11 steps not always necessary - All 11 steps are usually necessary when collecting primary data What are some instances where marketing research would not be necessary? - - Cost precedes value - Implementation is not feasible - Time constraints (market moving too fast) - Strategical reasons - Info already available What is the second step of the marketing research problem? - Define the problem - Most important step What is the difference between a failure to meet objectives and a missed opportunity? - FtmO - gap between what was supposed to happen and what did happen MO - Gap between what did happen and what could have happened What is the difference between a problem and a symptom? - Problem - pertains to the causes of the symptom Symptom - changes in the level of some key measure of the objectives e.g. lowered stock price What are the 5 steps of defining the problem? - 1. Situation analysis 2. Clarify symptoms of problem 3. Identify likely causes 4. Consider possible solutions 5. Anticipate outcomes of solution Who's responsibility is it to define the problem? - The manager's. The researcher can help What is step 3 of the marketing research process? - Establish research objectives What things need to be accessed to achieve step 3? - Information state - quantity and quality of info the managers possess Information gaps - discrepancies between current info state and desired info state What is step 4 of the marketing research process? - Determine research design - A master plan specifying the methods