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MRT Chapter 5
Terms in this set (15)
What is marketing research?why is it important
Marketing research is the systematic design collection intrepretation and reporting of information to help marketers solve specific problems or take advantage or oppertunities. It is important because it can help a firm better understand market opportunities, ascertain the potential success for new products and determind the feasibilty of a particular marketing strategy
Describe the 5 steps in marketing research process
1) locate and define problem 2) design the research project 3) collect data 4) interpret research findings 5) report findings
What is the difference in defining research problem and developing a hypothesis
Research problem is the question to be answered. Hypothesis is an assumption or supposition about solution
Describe the different types of approaches to marketing research and indicate when each should be used.
Exploratory research is conducted to gather more information about a problem or to make a tentative hypothesis more specific. Conclusive research is designed to verify insights through an objective procedure to help marketers in making decisions; it is used when the marketer has in mind one or more alternatives and needs assistance in the final stages of decision making. Conclusive research may be descriptive or experimental. Descriptive research is conducted to clarify the characteristics of certain phenomena to solve a particular problem. Experimental research allows marketers to make causal deductions about relationships. It is used when information is needed on causal relationships and more complex hypotheses are required.
Where are data for marketing research obtained? Give examples of internal and external data.
Data for marketing research can come from internal or external sources. Internal sources may include the company's financial and operational records or customer contacts. Examples of internal data are advertising expenses, sales figures, and customer complaints. External sources may include government publications, trade associations, marketing research companies, and business magazines. Examples of external data would be census information, consumer trends, or competitors' prices.
What is the difference between probability sampling and nonprobability sampling? In what situation would random sampling be best? Stratified sampling? Quota sampling?
In probability sampling, every element in the population being studied has a known chance of being selected for study. In nonprobability sampling, there is no way to calculate the likelihood of choosing a specific element of the population being studied. Random sampling works best when it is easy to number or identify all units in a population and give each unit a known or equal opportunity of appearing in the sample. Stratified sampling is useful when units such as individuals are not available on a list but geographic areas such as blocks or census tracts can be used. Then researchers use a random selection process to pick out units or individuals to be sampled. Quota sampling differs from the other sampling techniques because it is judgmental. Quota samples are often used in exploratory research not projected to the total population
Suggest some ways of encouraging respondents to cooperate in mail surveys
Understand the growing challenges of nonresponse in marketing research. Consider incentives such as premiums be offered to those who participate. A wellwritten letter stating the importance of the survey can be helpful. Sampling from a population interested in the topic under investigation will increase responses. Using a short, easy-to-fill-out questionnaire is also helpful
If a survey of all homes with listed telephone numbers is conducted, what sampling design should be used?
A simple random probability sample of phone numbers should be acceptable in this case.
Describe some marketing problems that could be solved through information gained from observation
Personal observation can be used to solve problems such as shoplifting, spoilage, and breakage. Also, demographic characteristics can be observed and classified. One could observe and plot license plates on a map to obtain a geographic market profile. Other examples in which observation is important are television ratings (such as Nielsen's) and traffic flow
What is a marketing information system, and what should it provide?
A marketing information system is a framework for the day-to-day management and structure of regularly gathered information from sources inside and outside an organization. A marketing information system should provide information about prices, advertising expenditures, sales, competition, consumer behavior, and distribution expenses. The value of a marketing information system is measured by the improvements it makes in the marketer's ability to make decisions.
. Define a database. What is its purpose, and what does it include
A database is a collection of information arranged for easy access and retrieval, usually stored in a computer. A database allows a marketer to retrieve information to be used in making marketing decisions. A database may include newspaper articles, company news releases, government reports, and economic data
What is big data? Why is it important to marketing research?
Big data involves massive data files that can be obtained from both structured and unstructured databases. Big data is important because marketers can look at patterns of consumption behavior and discover trends that predict future buying behaviors that might not necessarily be visible using traditional marketing research techniques.
How can marketers use online services and the internet to obtain information for decision making?
Through online services and the internet, marketers can access databases, send e-mail, and create and peruse web pages. They also can communicate with other marketers and customers.
. What role do ethics play in marketing research? Why is it important that marketing researchers be ethical?
It is essential that professional standards be established by which research may be judged reliable because marketing managers and other professionals increasingly rely on marketing research, marketing information systems, and new technologies to make decisions. Without clear understanding and agreement among all parties, including mutual adoption of standards, ethical conflict can lead to mistrust and questionable research results.
How does marketing research in other countries differ from marketing research in the United States?
Marketing research in other countries uses the same five-step process described in this chapter. However, modifications may be necessary to allow for differences in sociocultural, economic, political, legal, and technological forces of the marketing environment in other countries
THIS SET IS OFTEN IN FOLDERS WITH...
MRT ch 7
MRT ch 8
Mrt Ch 9