MKTG 4500 Mid Term Exam Study Quizzes and
Verified Answers
Three Functions of Market Research
Descriptive: Gathering and presenting facts
Diagnostic: Explanation of data of actions
Predictive: How to use research to make predictions
Stay ahead of the market
When not to conduct market research?
Not enough resources (Not enough funds to conduct, or implement findings)
Opportunity has passed (Product in late maturity, market is saturated)
Decision has already been made
Decision-making information already exists (Smaller companies can use publicly available data)
Market Research Process
Identify problem, develop research design, sampling, collect data, analyze findings, prepare and
present findings
Qualitative Research
Exploratory, focus groups, interviews, helps to generate hypothesis
Quantitative Research
Surveys, Experiments, Numerical, actual research
, Primary vs. Secondary Data
Primary: direct evidence gathered by YOU to answer specific questions
Secondary Data: Information that already exists or interpreting existing information
Focus Group Pros
Leverages group dynamics
Social setting mirrors reality of buyer decision context
Quicker than IDIs and surveys
Direct researcher interaction
Focus Group Cons
Demand effects
Groupthink
Socially desirable responding
Not necessarily representative
Noisy data - can be hard to distill insights
Can't reveal underlying motivations
Measurement Process
1. Conceptualize
2. Operationalize
3. Measure
4. Evaluate
Measurement Levels
Verified Answers
Three Functions of Market Research
Descriptive: Gathering and presenting facts
Diagnostic: Explanation of data of actions
Predictive: How to use research to make predictions
Stay ahead of the market
When not to conduct market research?
Not enough resources (Not enough funds to conduct, or implement findings)
Opportunity has passed (Product in late maturity, market is saturated)
Decision has already been made
Decision-making information already exists (Smaller companies can use publicly available data)
Market Research Process
Identify problem, develop research design, sampling, collect data, analyze findings, prepare and
present findings
Qualitative Research
Exploratory, focus groups, interviews, helps to generate hypothesis
Quantitative Research
Surveys, Experiments, Numerical, actual research
, Primary vs. Secondary Data
Primary: direct evidence gathered by YOU to answer specific questions
Secondary Data: Information that already exists or interpreting existing information
Focus Group Pros
Leverages group dynamics
Social setting mirrors reality of buyer decision context
Quicker than IDIs and surveys
Direct researcher interaction
Focus Group Cons
Demand effects
Groupthink
Socially desirable responding
Not necessarily representative
Noisy data - can be hard to distill insights
Can't reveal underlying motivations
Measurement Process
1. Conceptualize
2. Operationalize
3. Measure
4. Evaluate
Measurement Levels
