Marketing 300 Final Exam |159 Questions with Answers
Marketing Research is: - -the voice of the consumer
the secret weapon of businesses to make better informed decisions - helps with:
product development and launc
better advertising
improved customer satisfaction
proactive vs. reactive decisions
-Purpose of Marketing Research: to plan and refine - -find opportunities vis the situation
analysis
determine what is in your target's head (needs and how to satisfy them)
plan and define your marketing mix
see the whole board
improves the odds of success
-role of the researcher - collaborative consultant - -must partner with the requestor of the
research
must help to focus and define the problem
must create a solution that is actionable, on time and on budget
-research process - -1. define the problem
2. analyze the situation
3. getting problem specific data - conducting research
4. interpretting the data
5. solving the problem
-step 1: define the problem - -tackle the problem not the symptom
perfect research on the wrong problem won;t provide a solution
-Example of defining the problem gone wrong - -Marketers for Kiwi shoe polish
encountered this situation. Marketing managers blamed sluggish sales on a lack of
innovation in shoe polish. So Kiwi managers conducted a number of consumer studies on
the problem of how to improve its polish. Yet none of the new product ideas clicked with
consumers. Things changed when a new CEO realized that the slow sales and lack of
interest in new polish products was just a symptom of the fact that today's footwear is
made less from leather and more from synthetic materials.
-step 2: analyzing the situation - -educate the researcher
determine what you already know and what you do not know
conduct analysis of secondary data and determine what additional information is needed to
solve the problem
-research proposal - -states the hypothesis and defines what, when, how, and cost
,-Step 3: Getting Problem-Specific Data - -conduct your own research
observing or questioning
primary data - stuff you get on your own
-observation techniques - -turnstiles, worn steps, structured viewing in store, data
analytics
marketing analytics: what do people's shopping patterns reveal about future purchases -
marage of technology and behavioral science
-to determine reason why... - -ask a question
many different ways to survey
understand tradeoffs of each method
-primary research question options - -qualitative
quantitative
-quantitative research - -projectable
structured questions
objective
results need to be accurate
structured responses
summarized in numbers
faster response and analysis
ex: experimental design
-qualitative research - -softer opinions
collecting, analyzing, and interpreting data by observing what people do and say
results are not projectable
subjective interpretation
most popular - focus groups
great for generating ideas
great for finding out more about an issue
no numbers
advantage - gives depth
-focus groups - -just want to get general answers
more freedom in asking questions
-quantitative methods - -process - a statistically random sample is drawn for stated levels
of accuracy
everyone is asked the same questions
all questions are worded the say
data gathered by survey via: survey method determined by the research objective, target,
time, budget, and desired response rate
, -types of quantitative research - -mail and online surveys are common and convenient
questionaire problem - many people don't complete them
telephone surveys - fast but maybe not trustworthy
personal interview surveys - can be in-depth, much more expensive
-step 4: data interpretation - -population: everyone in the relevant population
sample: random group selected
validity: does the data show what we want it to show?
confidence interval: range around a measurement that conveys how precise the
measurement is (margin of error)
-sampling error vs. non-sampling error - -sampling error: how the sample was drawn and
the size of the sample
non-sampling error: is everything else that can affect the results
ex: how questions were asked, validity, wording, question order
-validity - -asking the right questions to measure what you want to measure
missing critical question?
questions worded properly?
question order appropriate?
-what determines your research method? - -nature of the problem
time available to conduct the research
risk of wrong information
-brand equity is... - -tangible: product features, logo, packaging
intangible: awareness, loyalty, satisfaction, experiences, image, memories, emotion
-brand equity - -the added value endowed on products and services
brand elements (tangible): those trade-markable devices that service to identify and
differentiate the brand such as brand name, logo, and character
brand image and knowledge (intangible): the perceptions and beliefs the thoughts and
feelings, images experiences associated with the brand that are held by consumers, as
reflected in the associations held in consumer memory
-overcoming selective exposure - -we notice things vis our senses
we notice things because they trigger emotions, memories
-building brand identity - -logo, trademark, product features and benefits, promotion,
price, place
ex: seeing the Target logo and knowing it stands for Target
-branding extends beyond the logo - -total customer experience: services, prices, warranty
-brand recognition: aided vs. unaided - -unaided: stronger, consumers can remember the
brand without prompting
Marketing Research is: - -the voice of the consumer
the secret weapon of businesses to make better informed decisions - helps with:
product development and launc
better advertising
improved customer satisfaction
proactive vs. reactive decisions
-Purpose of Marketing Research: to plan and refine - -find opportunities vis the situation
analysis
determine what is in your target's head (needs and how to satisfy them)
plan and define your marketing mix
see the whole board
improves the odds of success
-role of the researcher - collaborative consultant - -must partner with the requestor of the
research
must help to focus and define the problem
must create a solution that is actionable, on time and on budget
-research process - -1. define the problem
2. analyze the situation
3. getting problem specific data - conducting research
4. interpretting the data
5. solving the problem
-step 1: define the problem - -tackle the problem not the symptom
perfect research on the wrong problem won;t provide a solution
-Example of defining the problem gone wrong - -Marketers for Kiwi shoe polish
encountered this situation. Marketing managers blamed sluggish sales on a lack of
innovation in shoe polish. So Kiwi managers conducted a number of consumer studies on
the problem of how to improve its polish. Yet none of the new product ideas clicked with
consumers. Things changed when a new CEO realized that the slow sales and lack of
interest in new polish products was just a symptom of the fact that today's footwear is
made less from leather and more from synthetic materials.
-step 2: analyzing the situation - -educate the researcher
determine what you already know and what you do not know
conduct analysis of secondary data and determine what additional information is needed to
solve the problem
-research proposal - -states the hypothesis and defines what, when, how, and cost
,-Step 3: Getting Problem-Specific Data - -conduct your own research
observing or questioning
primary data - stuff you get on your own
-observation techniques - -turnstiles, worn steps, structured viewing in store, data
analytics
marketing analytics: what do people's shopping patterns reveal about future purchases -
marage of technology and behavioral science
-to determine reason why... - -ask a question
many different ways to survey
understand tradeoffs of each method
-primary research question options - -qualitative
quantitative
-quantitative research - -projectable
structured questions
objective
results need to be accurate
structured responses
summarized in numbers
faster response and analysis
ex: experimental design
-qualitative research - -softer opinions
collecting, analyzing, and interpreting data by observing what people do and say
results are not projectable
subjective interpretation
most popular - focus groups
great for generating ideas
great for finding out more about an issue
no numbers
advantage - gives depth
-focus groups - -just want to get general answers
more freedom in asking questions
-quantitative methods - -process - a statistically random sample is drawn for stated levels
of accuracy
everyone is asked the same questions
all questions are worded the say
data gathered by survey via: survey method determined by the research objective, target,
time, budget, and desired response rate
, -types of quantitative research - -mail and online surveys are common and convenient
questionaire problem - many people don't complete them
telephone surveys - fast but maybe not trustworthy
personal interview surveys - can be in-depth, much more expensive
-step 4: data interpretation - -population: everyone in the relevant population
sample: random group selected
validity: does the data show what we want it to show?
confidence interval: range around a measurement that conveys how precise the
measurement is (margin of error)
-sampling error vs. non-sampling error - -sampling error: how the sample was drawn and
the size of the sample
non-sampling error: is everything else that can affect the results
ex: how questions were asked, validity, wording, question order
-validity - -asking the right questions to measure what you want to measure
missing critical question?
questions worded properly?
question order appropriate?
-what determines your research method? - -nature of the problem
time available to conduct the research
risk of wrong information
-brand equity is... - -tangible: product features, logo, packaging
intangible: awareness, loyalty, satisfaction, experiences, image, memories, emotion
-brand equity - -the added value endowed on products and services
brand elements (tangible): those trade-markable devices that service to identify and
differentiate the brand such as brand name, logo, and character
brand image and knowledge (intangible): the perceptions and beliefs the thoughts and
feelings, images experiences associated with the brand that are held by consumers, as
reflected in the associations held in consumer memory
-overcoming selective exposure - -we notice things vis our senses
we notice things because they trigger emotions, memories
-building brand identity - -logo, trademark, product features and benefits, promotion,
price, place
ex: seeing the Target logo and knowing it stands for Target
-branding extends beyond the logo - -total customer experience: services, prices, warranty
-brand recognition: aided vs. unaided - -unaided: stronger, consumers can remember the
brand without prompting
