MKT 291 Miami University Exam 2 Questions
With Correct Answers
Marketing Research - CORRECT ANSWER✔✔-The process of defining a
| | | | | | | | |
marketing problem and opportunity systematically collecting and
| | | | | | |
analyzing information, and recommending actions
| | | |
Five-Step Marketing Research Approach - CORRECT ANSWER✔✔-1)
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Define the problem
| |
2) Develop the research plan
| | | |
3) Collect relevant Information
| | |
4) Develop Findings
| |
5) Take Marketing Actions
| | |
Step 1) Define the problem - CORRECT ANSWER✔✔-Set the research
| | | | | | | | | |
objectives. Identify possible marketing actions
| | | |
Measures of success - CORRECT ANSWER✔✔-Criteria or standards used
| | | | | | | | |
in evaluating proposed solutions to the problem
| | | | | |
,Step 2) Develop The Research Plan - CORRECT ANSWER✔✔-1) Specify
| | | | | | | | | |
the constraints on the marketing research activity 2) Identify the data
| | | | | | | | | | |
needed for marketing actions 3) Determine how to collect the data
| | | | | | | | | |
Constraints - CORRECT ANSWER✔✔-Restrictions placed on potential
| | | | | | |
solutions to a problem | | |
New-product Concept - CORRECT ANSWER✔✔-a picture or verbal | | | | | | | |
description of a product or service the firm might offer for sale.
| | | | | | | | | | |
Methods - CORRECT ANSWER✔✔-the approaches that can be used to
| | | | | | | | | |
collect data to solve all or part of a problem. Examples are Sampling and
| | | | | | | | | | | | |
Statistical Inference
| |
Step 3) Collect Relevant Information - CORRECT ANSWER✔✔-Obtain
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Primary and Secondary Information
| | |
Data - CORRECT ANSWER✔✔-The facts and Figures related to a problem
| | | | | | | | | |
Secondary Data - CORRECT ANSWER✔✔-Facts and figures that have
| | | | | | | | |
already been recorded prior to the project at hand, can be broken into:
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INTERNAL and EXTERNAL | |
,Internal Secondary Data - CORRECT ANSWER✔✔-Published data from
| | | | | | | |
within the organization. Divided into Marketing inputs and marketing
| | | | | | | | |
outcomes. EX: (Budgets, financial statements, all inputs) (Actual sales,
| | | | | | | | |
customer communication, all outcomes) | | |
External Secondary Data - CORRECT ANSWER✔✔-Published data from
| | | | | | | |
outside the organization. EX: (US Census reports, Trade association
| | | | | | | | |
studies, business periodicals, internet-based reports)
| | | |
Do you collection secondary or primary data first? why? - CORRECT
| | | | | | | | | | |
ANSWER✔✔-secondary. 1) Huge time savings because the data has | | | | | | | | |
already been collected and published 2) the low cost, such as free or in
| | | | | | | | | | | | | |
expensive Census reports 3ish) greater level of detail often available
| | | | | | | | | |
through secondary data | |
Disadvantages of Secondary Data - CORRECT ANSWER✔✔-Secondary | | | | | | |
data may be out of date. Definitions or categories might not be 100%
| | | | | | | | | | | | |
relevant for the the project. | | | |
Primary Data/ observational Data - CORRECT ANSWER✔✔-Data
| | | | | | |
collected through mechanical, personal or neuromarketing methods.
| | | | | |
Mechanical (primary data) Methods - CORRECT ANSWER✔✔-Data being
| | | | | | |
collected by a "people meter". Nielsen using tv boxes to record data
| | | | | | | | | | | | |
about shows watched.
| |
, Personal (primary data) Methods - CORRECT ANSWER✔✔-Data being
| | | | | | | |
collected by personal methods of contact. EX: mystery shoppers that
| | | | | | | | | |
review stores by pretending to be an average customer.
| | | | | | | |
Watching/recording customers using the product to see how they really
| | | | | | | | | |
use it.
| |
Ethnographic Research (form of primary data) - CORRECT ANSWER✔✔-
| | | | | | | |
Ethnographic research is a specialized observational approach in which
| | | | | | | | |
trained observers seek to discover subtle behavioral and emotional
| | | | | | | | |
reactions as consumers encounter products in their "natural use
| | | | | | | | |
environment," such as in their home or car. | | | | | | |
Neuromarketing ( primary data ) - CORRECT ANSWER✔✔-Global brand | | | | | | | | |
expert Martin Lindstrom believes that most traditional marketing
| | | | | | | |
research—like focus groups and surveys—is wasted because consumers'
| | | | | | |
feelings toward products and brands reside deep within the
| | | | | | | | | |
subconscious part of their brains. Lindstrom used brain scanning to
| | | | | | | | | |
analyze the buying processes of more than 2,000 participants.
| | | | | | | | |
Lindstrom merged neuroscience—the study of the brain—with
| | | | | | |
marketing! His controversial findings using "neuromarketing" are
| | | | | | |
summarized in his breakthrough book Buyology.21
| | | | |
Questionnaire Data (primary data) - CORRECT ANSWER✔✔-which are
| | | | | | | |
facts and figures obtained by asking people about their attitudes,
| | | | | | | | | |
awareness, intentions, and behaviors.
| | |
With Correct Answers
Marketing Research - CORRECT ANSWER✔✔-The process of defining a
| | | | | | | | |
marketing problem and opportunity systematically collecting and
| | | | | | |
analyzing information, and recommending actions
| | | |
Five-Step Marketing Research Approach - CORRECT ANSWER✔✔-1)
| | | | | | |
Define the problem
| |
2) Develop the research plan
| | | |
3) Collect relevant Information
| | |
4) Develop Findings
| |
5) Take Marketing Actions
| | |
Step 1) Define the problem - CORRECT ANSWER✔✔-Set the research
| | | | | | | | | |
objectives. Identify possible marketing actions
| | | |
Measures of success - CORRECT ANSWER✔✔-Criteria or standards used
| | | | | | | | |
in evaluating proposed solutions to the problem
| | | | | |
,Step 2) Develop The Research Plan - CORRECT ANSWER✔✔-1) Specify
| | | | | | | | | |
the constraints on the marketing research activity 2) Identify the data
| | | | | | | | | | |
needed for marketing actions 3) Determine how to collect the data
| | | | | | | | | |
Constraints - CORRECT ANSWER✔✔-Restrictions placed on potential
| | | | | | |
solutions to a problem | | |
New-product Concept - CORRECT ANSWER✔✔-a picture or verbal | | | | | | | |
description of a product or service the firm might offer for sale.
| | | | | | | | | | |
Methods - CORRECT ANSWER✔✔-the approaches that can be used to
| | | | | | | | | |
collect data to solve all or part of a problem. Examples are Sampling and
| | | | | | | | | | | | |
Statistical Inference
| |
Step 3) Collect Relevant Information - CORRECT ANSWER✔✔-Obtain
| | | | | | | |
Primary and Secondary Information
| | |
Data - CORRECT ANSWER✔✔-The facts and Figures related to a problem
| | | | | | | | | |
Secondary Data - CORRECT ANSWER✔✔-Facts and figures that have
| | | | | | | | |
already been recorded prior to the project at hand, can be broken into:
| | | | | | | | | | | | |
INTERNAL and EXTERNAL | |
,Internal Secondary Data - CORRECT ANSWER✔✔-Published data from
| | | | | | | |
within the organization. Divided into Marketing inputs and marketing
| | | | | | | | |
outcomes. EX: (Budgets, financial statements, all inputs) (Actual sales,
| | | | | | | | |
customer communication, all outcomes) | | |
External Secondary Data - CORRECT ANSWER✔✔-Published data from
| | | | | | | |
outside the organization. EX: (US Census reports, Trade association
| | | | | | | | |
studies, business periodicals, internet-based reports)
| | | |
Do you collection secondary or primary data first? why? - CORRECT
| | | | | | | | | | |
ANSWER✔✔-secondary. 1) Huge time savings because the data has | | | | | | | | |
already been collected and published 2) the low cost, such as free or in
| | | | | | | | | | | | | |
expensive Census reports 3ish) greater level of detail often available
| | | | | | | | | |
through secondary data | |
Disadvantages of Secondary Data - CORRECT ANSWER✔✔-Secondary | | | | | | |
data may be out of date. Definitions or categories might not be 100%
| | | | | | | | | | | | |
relevant for the the project. | | | |
Primary Data/ observational Data - CORRECT ANSWER✔✔-Data
| | | | | | |
collected through mechanical, personal or neuromarketing methods.
| | | | | |
Mechanical (primary data) Methods - CORRECT ANSWER✔✔-Data being
| | | | | | |
collected by a "people meter". Nielsen using tv boxes to record data
| | | | | | | | | | | | |
about shows watched.
| |
, Personal (primary data) Methods - CORRECT ANSWER✔✔-Data being
| | | | | | | |
collected by personal methods of contact. EX: mystery shoppers that
| | | | | | | | | |
review stores by pretending to be an average customer.
| | | | | | | |
Watching/recording customers using the product to see how they really
| | | | | | | | | |
use it.
| |
Ethnographic Research (form of primary data) - CORRECT ANSWER✔✔-
| | | | | | | |
Ethnographic research is a specialized observational approach in which
| | | | | | | | |
trained observers seek to discover subtle behavioral and emotional
| | | | | | | | |
reactions as consumers encounter products in their "natural use
| | | | | | | | |
environment," such as in their home or car. | | | | | | |
Neuromarketing ( primary data ) - CORRECT ANSWER✔✔-Global brand | | | | | | | | |
expert Martin Lindstrom believes that most traditional marketing
| | | | | | | |
research—like focus groups and surveys—is wasted because consumers'
| | | | | | |
feelings toward products and brands reside deep within the
| | | | | | | | | |
subconscious part of their brains. Lindstrom used brain scanning to
| | | | | | | | | |
analyze the buying processes of more than 2,000 participants.
| | | | | | | | |
Lindstrom merged neuroscience—the study of the brain—with
| | | | | | |
marketing! His controversial findings using "neuromarketing" are
| | | | | | |
summarized in his breakthrough book Buyology.21
| | | | |
Questionnaire Data (primary data) - CORRECT ANSWER✔✔-which are
| | | | | | | |
facts and figures obtained by asking people about their attitudes,
| | | | | | | | | |
awareness, intentions, and behaviors.
| | |
