MAR 3023 Exam 2 Brady |83 Questions and Answers
Marketing Research - -The process of designing, gathering, analyzing, and reporting
information that may be used to solve a marketing problem.
-Marketing Research Examples - -Product Development, Pricing Studies, Customer
Satisfaction Assessments, Distribution Analysis, Promotion Effectiveness Studies.
-Marketing Research Originated From - -The Total Quality Movement (TQM) in the 1980's
where marketing research became customer oriented.
-Research is performed to - -Find customer reaction to the product, compare the product
with competitors products, and to find problems with the product.
-Marketing Research is important - -Gives managers answers to questions.
If customer defection is decreased by 5%, you can increase profits by 25-100%.
One unhappy customer can tell 9-12 others.
It's five times as costly to attract new customers as it is to retain old ones.
On average US firms lose half of their customers every 5 years.
-Cluster Analysis - -A statistical analysis technique that identifies customer segments.
Measures things like price sensitivity, importance of quality, and on time delivery.
Identifies segments of customers that have similar characteristics. Resulting data plots
segments against their core competencies and target the groups with the highest
probability off purchasing their products.
-Applied Research - -Research designed to solve a specific problem, usually for a specific
company.
-Basic Research - -Research designed to extend knowledge of marketing phenomena,
generally published in journals.
-Marketing Research Process - -1. Problem definition
2. Research design
3. Sampling
4. Data gathering
5. Data Analysis
6. Report Preperation
-Problem Defintion - -Possible tasks include manager interviews, expert interviews,
secondary data, and qualitative research.
-Exploratory Research - -(Qualitative Research) helps in problem solving as it allows the
researcher to better define the problem by getting a look at it first hand. Describes less
, structured data collection methods, used to clarify the problem at hand. Examples include
focus groups, observations, and secondary sources.
-Secondary Data - -Information that has been collected for a purpose other than the
research at hand.
-Primary Data - -Information that has been gathered specifically for the research
objectives at hand.
-Descriptive Research Design - -Describes the characteristics of a population; generally
associated with surveys. More direct methods of researching ex. mail, telephone surveys,
etc.
-Causal Research Design - -Identifies cause and effect between variables, such as
experiments. Provides the most information.
-Population - -Elements, units, or individuals of interest to researchers for a specific study.
-Sample - -A limited number of units chosen to represent the total population.
-Sampling - -Selecting representative units from the overall population.
-Probability Sampling - -Random sampling and stratified sampling.
-Non probability Sampling - -Quota. Not random and is based on characteristics within the
population.
-Human Data Gathering - -Interviews, focus groups.
-Machine Data Gathering - -Scanner data, observation.
-Self-Report Data Gathering - -Customer Surveys
-Keys to Data Gathering - -Bias, depth, accuracy, and resources.
-Regression - -A technique that is used to predict a dependent variable with one of more
independent variables. Predict sales levels with different levels of advertising, pricing, and
services.
-Market Segmentation - -The process of dividing up a market into smaller groups. The
groups are designed to have similar wants and needs. Firms can use this their marketing
mix to tailor products for the different groups.
-Targeting - -Firms can develop new products or reposition old ones to target lucrative
groups of consumers.
Marketing Research - -The process of designing, gathering, analyzing, and reporting
information that may be used to solve a marketing problem.
-Marketing Research Examples - -Product Development, Pricing Studies, Customer
Satisfaction Assessments, Distribution Analysis, Promotion Effectiveness Studies.
-Marketing Research Originated From - -The Total Quality Movement (TQM) in the 1980's
where marketing research became customer oriented.
-Research is performed to - -Find customer reaction to the product, compare the product
with competitors products, and to find problems with the product.
-Marketing Research is important - -Gives managers answers to questions.
If customer defection is decreased by 5%, you can increase profits by 25-100%.
One unhappy customer can tell 9-12 others.
It's five times as costly to attract new customers as it is to retain old ones.
On average US firms lose half of their customers every 5 years.
-Cluster Analysis - -A statistical analysis technique that identifies customer segments.
Measures things like price sensitivity, importance of quality, and on time delivery.
Identifies segments of customers that have similar characteristics. Resulting data plots
segments against their core competencies and target the groups with the highest
probability off purchasing their products.
-Applied Research - -Research designed to solve a specific problem, usually for a specific
company.
-Basic Research - -Research designed to extend knowledge of marketing phenomena,
generally published in journals.
-Marketing Research Process - -1. Problem definition
2. Research design
3. Sampling
4. Data gathering
5. Data Analysis
6. Report Preperation
-Problem Defintion - -Possible tasks include manager interviews, expert interviews,
secondary data, and qualitative research.
-Exploratory Research - -(Qualitative Research) helps in problem solving as it allows the
researcher to better define the problem by getting a look at it first hand. Describes less
, structured data collection methods, used to clarify the problem at hand. Examples include
focus groups, observations, and secondary sources.
-Secondary Data - -Information that has been collected for a purpose other than the
research at hand.
-Primary Data - -Information that has been gathered specifically for the research
objectives at hand.
-Descriptive Research Design - -Describes the characteristics of a population; generally
associated with surveys. More direct methods of researching ex. mail, telephone surveys,
etc.
-Causal Research Design - -Identifies cause and effect between variables, such as
experiments. Provides the most information.
-Population - -Elements, units, or individuals of interest to researchers for a specific study.
-Sample - -A limited number of units chosen to represent the total population.
-Sampling - -Selecting representative units from the overall population.
-Probability Sampling - -Random sampling and stratified sampling.
-Non probability Sampling - -Quota. Not random and is based on characteristics within the
population.
-Human Data Gathering - -Interviews, focus groups.
-Machine Data Gathering - -Scanner data, observation.
-Self-Report Data Gathering - -Customer Surveys
-Keys to Data Gathering - -Bias, depth, accuracy, and resources.
-Regression - -A technique that is used to predict a dependent variable with one of more
independent variables. Predict sales levels with different levels of advertising, pricing, and
services.
-Market Segmentation - -The process of dividing up a market into smaller groups. The
groups are designed to have similar wants and needs. Firms can use this their marketing
mix to tailor products for the different groups.
-Targeting - -Firms can develop new products or reposition old ones to target lucrative
groups of consumers.
