MBA 661 - Marketing Final Exam - Study Guide (part
1) With Complete Solutions
Qualitative vs. Quantitative Research - ANSWER Qualitative data is descriptive data that
can be recorded but is not numerical. Example include in-depth interviews, written
documents, open-ended questions, and direct or unstructured observation.
Conceptually, this type of data is used to understand human behavior from a first person
point of view.
Quantitative data is numeric in natural and can be divided into categories, ranks,
orders, or measured in different units (i.e. feet, lbs., grams, importance etc....). This
data is typically used to create tables and graphs of raw data.
Qualitative Research - ANSWER descriptive data that can be recorded but is not
numerical. Example include in-depth interviews, written documents, open-ended
questions, and direct or unstructured observation. Conceptually, this type of data is
used to understand human behavior from a first person point of view.
Quantitative Research - ANSWER numeric in natural and can be divided into categories,
ranks, orders, or measured in different units (i.e. feet, lbs., grams, importance etc....).
This data is typically used to create tables and graphs of raw data.
Types of research tools/methods that can be utilized - ANSWER Surveys
One-on-one Interviews
Focus Groups
Blogs and Social Network
Surveys - ANSWER commonly used market-research tool used to collect information,
ideas and opinions from consumers. They can be distributed in person, by mail or
online. When completed in person, respondents generally do not include their names on
surveys to preserve anonymity.
One-on-one Interviews - ANSWER can be held over the phone or through web video
conferencing software. A company representative speaks with a customer to get honest
, feedback about everything from product pricing to product design.
Focus Groups - ANSWER Companies use focus groups to help determine the most
effective marketing messages to send to potential customers, select flavors for
products, develop pricing, select packaging and even to assist with naming products
and services.
Blogs and Social Network - ANSWER Give consumers an opportunity to express their
opinions without a survey or interview. Customers are more willing to share their true
feelings about brands, products and ideas through these networks, so it's important that
businesses use these sites as a tool for market research. Company blogs provide
consumers with a way to provide businesses with immediate feedback on the
information they post by leaving comments or replying to polls.
Secondary vs. Primary Data - ANSWER Primary data are facts and figures that are newly
collected for the project.
Secondary data are facts and figures that were already recorded before the current
project began.
Steps in the research process - ANSWER
1. Research Question/Topic - ANSWER The first step is to define the problem. The
researcher should account for the reason for the data collection, background
information, listing what is information is required, and how the information will be used
to make decisions.
Define the problem. Set research objectives then identify potential marketing actions.
2. Plan/Design - ANSWER The next step is to design a theoretical framework to
approach the problem. This involved developing an objective and research hypothesis.
Specify the plan's constraints, identify required data for proposed marketing actions,
1) With Complete Solutions
Qualitative vs. Quantitative Research - ANSWER Qualitative data is descriptive data that
can be recorded but is not numerical. Example include in-depth interviews, written
documents, open-ended questions, and direct or unstructured observation.
Conceptually, this type of data is used to understand human behavior from a first person
point of view.
Quantitative data is numeric in natural and can be divided into categories, ranks,
orders, or measured in different units (i.e. feet, lbs., grams, importance etc....). This
data is typically used to create tables and graphs of raw data.
Qualitative Research - ANSWER descriptive data that can be recorded but is not
numerical. Example include in-depth interviews, written documents, open-ended
questions, and direct or unstructured observation. Conceptually, this type of data is
used to understand human behavior from a first person point of view.
Quantitative Research - ANSWER numeric in natural and can be divided into categories,
ranks, orders, or measured in different units (i.e. feet, lbs., grams, importance etc....).
This data is typically used to create tables and graphs of raw data.
Types of research tools/methods that can be utilized - ANSWER Surveys
One-on-one Interviews
Focus Groups
Blogs and Social Network
Surveys - ANSWER commonly used market-research tool used to collect information,
ideas and opinions from consumers. They can be distributed in person, by mail or
online. When completed in person, respondents generally do not include their names on
surveys to preserve anonymity.
One-on-one Interviews - ANSWER can be held over the phone or through web video
conferencing software. A company representative speaks with a customer to get honest
, feedback about everything from product pricing to product design.
Focus Groups - ANSWER Companies use focus groups to help determine the most
effective marketing messages to send to potential customers, select flavors for
products, develop pricing, select packaging and even to assist with naming products
and services.
Blogs and Social Network - ANSWER Give consumers an opportunity to express their
opinions without a survey or interview. Customers are more willing to share their true
feelings about brands, products and ideas through these networks, so it's important that
businesses use these sites as a tool for market research. Company blogs provide
consumers with a way to provide businesses with immediate feedback on the
information they post by leaving comments or replying to polls.
Secondary vs. Primary Data - ANSWER Primary data are facts and figures that are newly
collected for the project.
Secondary data are facts and figures that were already recorded before the current
project began.
Steps in the research process - ANSWER
1. Research Question/Topic - ANSWER The first step is to define the problem. The
researcher should account for the reason for the data collection, background
information, listing what is information is required, and how the information will be used
to make decisions.
Define the problem. Set research objectives then identify potential marketing actions.
2. Plan/Design - ANSWER The next step is to design a theoretical framework to
approach the problem. This involved developing an objective and research hypothesis.
Specify the plan's constraints, identify required data for proposed marketing actions,
