MGT 103 - Quiz 2 Ch.8-12 UPDATED
ACTUAL Questions and CORRECT
Answers
Marketing Research - CORRECT ANSWER - - Collecting, analyzing, and interpreting
data about customers, competitors, and the business environment to improve marketing
effectiveness
(Doing good marketing research will alleviate stress of a product failure)
-Knowledge is Power
-Accurate, Up to Date, Relevant Information to AID Marketing Decision Makers
-Should be conducted in an ethical manner
-Recall....8% of new product concepts actually reach the market
What are the types of research marketing - CORRECT ANSWER - Basic and Applied
research
basic research - CORRECT ANSWER - - Research to understand consumer behavior or
marketing in general
- Academic research
--Information disclosures on consumer decision making
--Advertising repetition on consumer memory
--Pricing changes on sales
applied research - CORRECT ANSWER - - Research directed at a specific problem at a
specific organization
- Corporate research
-- Designing ad campaigns
-- Designing products
-- Segmenting consumers
,Types of Data about Consumers - CORRECT ANSWER - primary and secondary
Primary data - CORRECT ANSWER - -Collected specifically for current purpose
-Could be internally or externally collected
-Examples: Experiments, Test Markets, Focus Groups, Surveys, Observations
(collected from your data you have, you are gathering data, or you are hiring someone to collect
data for you, data being collected for the question you have)
Secondary data - CORRECT ANSWER - - Collected for some other purpose
--External (census, Gallup poll, etc.)
--Internal (company records, sales data)
(collected from an outside source but still helps, using old data to see if you can use it to apply to
your question)
General Rule of Thumb when collecting data - CORRECT ANSWER - - Collect secondary
data first, then turn to primary data
(Primary data is expensive takes a lot of time to do everything, secondary is already available.)
- Advantages of secondary data:
--Time savings, Low costs
- Disadvantages of secondary data:
--May be out of date
--Definitions or categories might not be what you're looking for
--Might not be specific enough for your project
Primary data is typically collected used two types of methods: - CORRECT ANSWER -
Qualitative and Quantitative
, Qualitative Methods - CORRECT ANSWER - Pros: require only a limited number of
participants or observations
Cons: verbal or observational data is often hard to interpret and summarize
Quantitative Methods: - CORRECT ANSWER - Pros: measurable¾and thus easier to
interpret and summarize
Cons: need to be able to select specific measures, requires a larger number of participants to be
able to generalize beyond the sample
comparing Qualitative and Quantitative methods - CORRECT ANSWER - Quantitative is
numeral while qualitative is words. qualitative could be collecting only 50 different interviews
but can't take those interviews to generalize to the general population hard to analyze and
summarize qualitative data. Quantitative data is easier to work with
Research Methods - CORRECT ANSWER - Depth interviews, focus groups, observation,
and experimental, and survey research
Depth interviews - CORRECT ANSWER - - interviews with people knowledgeable about
the general subject being investigated.
the researcher and the interviewee, its kinda a conversation, have a lot to ask you tell me what
you think, usually audio and video tape it because its hard to write everything down. make sure
for all of these that they are all a part and represent your target market
-Talk to people, usually one on one
(Exploratory-->generate ideas; qualitative)
focus groups - CORRECT ANSWER - - have people talk to each other
-Usually more than one usually not bigger than 10. Sometimes one or two researchers. They have
questions they throw out to the focus group to discuss, give a question and then the focus group
to discuss and talk about it. People can those their focus during conversations though which is a
weakness, also peer pressure of not wanting to give their actual thoughts, can give screwed info
because someone was afraid to speak up. "Real people not actors advertisement"
- Group of respondents discuss a marketing problem by responding and reacting to each other
ACTUAL Questions and CORRECT
Answers
Marketing Research - CORRECT ANSWER - - Collecting, analyzing, and interpreting
data about customers, competitors, and the business environment to improve marketing
effectiveness
(Doing good marketing research will alleviate stress of a product failure)
-Knowledge is Power
-Accurate, Up to Date, Relevant Information to AID Marketing Decision Makers
-Should be conducted in an ethical manner
-Recall....8% of new product concepts actually reach the market
What are the types of research marketing - CORRECT ANSWER - Basic and Applied
research
basic research - CORRECT ANSWER - - Research to understand consumer behavior or
marketing in general
- Academic research
--Information disclosures on consumer decision making
--Advertising repetition on consumer memory
--Pricing changes on sales
applied research - CORRECT ANSWER - - Research directed at a specific problem at a
specific organization
- Corporate research
-- Designing ad campaigns
-- Designing products
-- Segmenting consumers
,Types of Data about Consumers - CORRECT ANSWER - primary and secondary
Primary data - CORRECT ANSWER - -Collected specifically for current purpose
-Could be internally or externally collected
-Examples: Experiments, Test Markets, Focus Groups, Surveys, Observations
(collected from your data you have, you are gathering data, or you are hiring someone to collect
data for you, data being collected for the question you have)
Secondary data - CORRECT ANSWER - - Collected for some other purpose
--External (census, Gallup poll, etc.)
--Internal (company records, sales data)
(collected from an outside source but still helps, using old data to see if you can use it to apply to
your question)
General Rule of Thumb when collecting data - CORRECT ANSWER - - Collect secondary
data first, then turn to primary data
(Primary data is expensive takes a lot of time to do everything, secondary is already available.)
- Advantages of secondary data:
--Time savings, Low costs
- Disadvantages of secondary data:
--May be out of date
--Definitions or categories might not be what you're looking for
--Might not be specific enough for your project
Primary data is typically collected used two types of methods: - CORRECT ANSWER -
Qualitative and Quantitative
, Qualitative Methods - CORRECT ANSWER - Pros: require only a limited number of
participants or observations
Cons: verbal or observational data is often hard to interpret and summarize
Quantitative Methods: - CORRECT ANSWER - Pros: measurable¾and thus easier to
interpret and summarize
Cons: need to be able to select specific measures, requires a larger number of participants to be
able to generalize beyond the sample
comparing Qualitative and Quantitative methods - CORRECT ANSWER - Quantitative is
numeral while qualitative is words. qualitative could be collecting only 50 different interviews
but can't take those interviews to generalize to the general population hard to analyze and
summarize qualitative data. Quantitative data is easier to work with
Research Methods - CORRECT ANSWER - Depth interviews, focus groups, observation,
and experimental, and survey research
Depth interviews - CORRECT ANSWER - - interviews with people knowledgeable about
the general subject being investigated.
the researcher and the interviewee, its kinda a conversation, have a lot to ask you tell me what
you think, usually audio and video tape it because its hard to write everything down. make sure
for all of these that they are all a part and represent your target market
-Talk to people, usually one on one
(Exploratory-->generate ideas; qualitative)
focus groups - CORRECT ANSWER - - have people talk to each other
-Usually more than one usually not bigger than 10. Sometimes one or two researchers. They have
questions they throw out to the focus group to discuss, give a question and then the focus group
to discuss and talk about it. People can those their focus during conversations though which is a
weakness, also peer pressure of not wanting to give their actual thoughts, can give screwed info
because someone was afraid to speak up. "Real people not actors advertisement"
- Group of respondents discuss a marketing problem by responding and reacting to each other
