Marketing Research Flashcards

1
Q

Purpose of Marketing Research

A

Reduction of uncertainty about market needs and the responiveness of customers to market actions of potential action

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Applications of Marketing Research

A

To collect background data
To generate hypotheses
To gather impressions on new product concepts
To stimulate new ideas about older products
To interpret previously obtained quantitative results

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Common Problems addressed by Marketing Research

A
Potential demand for a new product
Sales forecasting
Buyer Analysis
Segmentation
Choice processes and information processing
Selecting proper marketing mix
Customer satisfaction levels
Optimal product features
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Valid Market Research qualifications:

A

Valid
Reliable
Representative

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Five Steps Approach to MR

A
Defining the Problem
Analyzing the Problem
Getting problem specific data
Interpreting the data
Solving the problem
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Defining the Problem

A

Specify the problem and set research objectives

Most difficult step

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Management Decision Problem

A

General
Dicision oriented
Diffused

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Marketing Research Problem

A

Specific
Data oriented
Focused

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Analyzing the Situation

A

Informal study of information already available

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Primary Data Sources

A

Observation

Questioning

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Observation

A

Equipment, Website analysis, personal approaches

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Questioning

A

In-depth and focus group interviews, online mail, phone, personal surveys

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Secondary Data Sources

A

Inside Company

Outside Company

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Inside Company

A

Company files, intranet, reports, marketing information system, people, sales, cost data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Outside Company

A

Internet, libraries, government, trade associations, universities, private research organizations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Types of Secondary Data

A
Scanner Data
Store Level Data
Discussion groups or newsgroups
Competitor's press release
Government data
Summary publications
17
Q

Advantages of Secondary Data

A

Readily available and often cheaper
Identify potential problems
Provide data research method alternatives
Provide possible solutions to marketing problems

18
Q

Disadvantages of Secondary Data

A

Data may be too old
Insufficient information
Units of measurement are different
Reliability and validity of the date may be in question

19
Q

Purpose of Experiments

A

Who are our customers?
Where do they live?
What are their needs?
Why do they buy our brand?

20
Q

Two categories of experiments

A

Qualitative Research

Quantitative Research

21
Q

Qualitative Research

A

Seeks in depth, open ended questions with few directions and guidlines
Major advantage is depth
Not yes or no questions
Costly, difficulty of analysis, hard to measure results

22
Q

Quantitative Research

A

Seeks structured respones that can be summarized in numbers
Adavantages: Simplified analysis, cost
Disadvantages: lack of depth, low response rates

23
Q

Qualitative Types of Experiments

A

Focus Group Interview

Online Focus Group

24
Q

Focus group internew

A

Very expensive

Overly positive response

25
Q

Online focus groups

A

Increasing in popularity

People feel more free to express negatively

26
Q

Types of Quantitative Experiments

A

Online Surveys
Telephone Surveys
Personal Interview surveys
Mail surveys

27
Q

Online Surveys

A

Cost effective, fast, easy access

Biased to younger and tech savvy people

28
Q

Telephone Surveys

A

Better depth than mail or online

Negative reception is common

29
Q

Personal Interview Surveys

A

Interviewer can influence results

30
Q

Other types of data collection

A

Become the customer
Consumer Panels
Website analysis
Checkout Scanners

31
Q

Common Issues with Experiments

A

Study conducted at a supermarket

Experiment was only conducted once

32
Q

Tools for Interpreting the Data

A
Statistical Packages
Technical specialist
Diagrams and charts
Industry experts
Confidence Intervals
Validity
33
Q

Cross Tabulation

A

Shows the relationship of answers to two different questions

Frequently used for analyzing data

34
Q

Solving the Problem

A

Managers used the research results to make a business decision