MGT 366 Exam 1 UPDATED ACTUAL Questions And Correct Answers
C
Terms in this set (72)
marketing research the process of understanding customers, markets, and organizational
opportunities so that businesses can make informed, profitable, and ethical
decisions
-not just surveys and data
-not just about advertising. it is understanding the customer and their needs and
then fulfilling those needs
-helps firms understand profitability, customer value
-the goal is profitability, not just sales
steps of marketing research 1. define the problem/opportunity
2. develop the research plan
3. collect data
4. analyze data
5. report findings/insights
6. make decisions and take action
define the problem/opportunity Think about the business issue (unhappy about)
What is the main UX issue or user behavior challenge?
-the hardest step in the marketing research process
develop the research plan What data or methods does the team decide to use to understand the problem?
-A/B testing, survey, interview, observation, lab experiment, literature review,
neuromarketing tools, AI
collect data How is information about users gathered? (observations, tests, metrics, etc.)
analyze data How do they interpret the data? What patterns or insights are discovered?
-SPSS, SQL, Excel, R, Python
-coefficients, standard error, intercept, CI, P-value
-graphs, maps, etc. using Tableau
report findings/insights How are the results communicated to the team or used to guide decisions?
-an answer to the research question
-must prepare slides/deck/written report to present to top management team
-make a story: visualization
make decisions and take action What changes are implemented based on insights? How is iteration done?
-findings (data) is the job of designers/researchers
-decisions (costs, personnel, management, strategy) is the job of top
management team
phase 1 of marketing research before data. define research question/problem/plan
, phase 2 of marketing research data. collection, analysis, visualization, findings/results
phase 3 of marketing research after data. recommendations, decisions
phase 0 of marketing research should we conduct marketing research?
-discuss possibility of a marketing research project (because it is costly)
arguments for conducting marketing research -to ensure successful launch and fast adoption
-to ensure the product will be marketed efficiently
-to provide valuable information for promotion distribution and consumer
understanding
-to get the product right through testing
arguments against conducting marketing research -could lose first-to-market advantage (delays launch)
-speed-to-market
-expensive
-could signal lack of confidence in product
factors to consider when deciding whether we should -is there a decision to make? (product, market, price, location, etc.)
conduct marketing research -how uncertain is the decision?
-do benefits outweigh costs?
-is research feasible? (optional)
business issue very broad symptom --> straightforward
research question very specific statement/question --> specific, answerable, actionable. identifies the
causes of the business issue
C
Terms in this set (72)
marketing research the process of understanding customers, markets, and organizational
opportunities so that businesses can make informed, profitable, and ethical
decisions
-not just surveys and data
-not just about advertising. it is understanding the customer and their needs and
then fulfilling those needs
-helps firms understand profitability, customer value
-the goal is profitability, not just sales
steps of marketing research 1. define the problem/opportunity
2. develop the research plan
3. collect data
4. analyze data
5. report findings/insights
6. make decisions and take action
define the problem/opportunity Think about the business issue (unhappy about)
What is the main UX issue or user behavior challenge?
-the hardest step in the marketing research process
develop the research plan What data or methods does the team decide to use to understand the problem?
-A/B testing, survey, interview, observation, lab experiment, literature review,
neuromarketing tools, AI
collect data How is information about users gathered? (observations, tests, metrics, etc.)
analyze data How do they interpret the data? What patterns or insights are discovered?
-SPSS, SQL, Excel, R, Python
-coefficients, standard error, intercept, CI, P-value
-graphs, maps, etc. using Tableau
report findings/insights How are the results communicated to the team or used to guide decisions?
-an answer to the research question
-must prepare slides/deck/written report to present to top management team
-make a story: visualization
make decisions and take action What changes are implemented based on insights? How is iteration done?
-findings (data) is the job of designers/researchers
-decisions (costs, personnel, management, strategy) is the job of top
management team
phase 1 of marketing research before data. define research question/problem/plan
, phase 2 of marketing research data. collection, analysis, visualization, findings/results
phase 3 of marketing research after data. recommendations, decisions
phase 0 of marketing research should we conduct marketing research?
-discuss possibility of a marketing research project (because it is costly)
arguments for conducting marketing research -to ensure successful launch and fast adoption
-to ensure the product will be marketed efficiently
-to provide valuable information for promotion distribution and consumer
understanding
-to get the product right through testing
arguments against conducting marketing research -could lose first-to-market advantage (delays launch)
-speed-to-market
-expensive
-could signal lack of confidence in product
factors to consider when deciding whether we should -is there a decision to make? (product, market, price, location, etc.)
conduct marketing research -how uncertain is the decision?
-do benefits outweigh costs?
-is research feasible? (optional)
business issue very broad symptom --> straightforward
research question very specific statement/question --> specific, answerable, actionable. identifies the
causes of the business issue
