Marketing Research - Chapter 7

Question 1

What is

Marketing research

Answer 1

Set of techniques & principles for systemically collecting, recording, analyzing I interpreting data that can aid decision makers involved in marketing goods prices, or ideas.

Provides info for when marketing managers attempt to develop strategies

Question 2

Why do marketers find research valuable?

Answer 2

1. Helps reduce some of the uncertainty under which they currently operate.
2. Marketing research provides a crucial link between firms & their environments, which enables firms to be consumer-oriented
3. Respond quickly to competitive moves
4. Identify emerging opportunities and new & improved ways of satisfying consumer needs/wants from changes in the external environment.

Question 3

What is CLV short for?

Answer 3

Customer Lifetime Value

Question 4

What is CLV

Answer 4

Metric to determine customer’s value to a firm

Question 5

What is the Marketing Research Process

Answer 5

1. Define research problem & objectives
2. Design the research plan
3. Collect data
4. Analyze data and develop insights
5. Determine action plan

Question 6

What is

Data mining

Answer 6

Uses variety of statistical analysis tools to uncover previously unknown patterns in the data or relationships among variables

Question 7

What is

Big data

Answer 7

Data sets that are too large and complex to analyze w conventional data management software

Question 8

What is

Volume of big data

Answer 8

An inherent quality of big data that infers that big data contain a large amt of data

Question 9

What is

Variety of big data

Answer 9

An inherent quality of big data that infers that big data contain both numeric and textual data and r obtained from diff media formats

Question 10

What is

Velocity of big data

Answer 10

An inherent quality of big data that infers that data are collected and can be analyzed and accessed quickly

Question 11

What is

Veracity of big data

Answer 11

An inherent aspect of big data that infers that big data users must evaluate the accuracy and reliability of the collected data

Question 12

What is

Syndicated data

Answer 12

Data available for a fee from commercial research firms such as Symphony IRI Group, National Diary Panel, etc

Question 13

What is

Scanner data

Answer 13

A type of quantitative research that uses data obtained from scanner readings of UPC codes at checkout counters

Question 14

What is

Panel Data

Answer 14

Info collected from a group of consumers over time

Question 15

What are

Focus groups

Answer 15

Small groups of consumers who are asked to meet and discuss a product

Question 16

What does analysis of primary data require

Answer 16

Very experienced and knowledgeable market researchers to make sense of hrs of video tapes, audio tapes or a volume of notes from the researcher’s diary

Question 17

What does Quantitative research provide?

Answer 17

Mathematical info needed to confirm insights, allowing manageers to pursue appropriate course of action

Question 18

Wjat are

External secondary data

Answer 18

Info bits that have already been collected from other sources before

Question 19

What is a

Survey

Answer 19

Systemic means of collecting info from people that generally uses a questionnaire

Question 20

Areas in which laws are yet to catch up with protecting consumers from “questionable” marketig research is

Answer 20

• Facial recognition software
• Neuromarketing
• Social media

Question 21

Characteristics of structured questions

Answer 21

Close-ended
Have specific answers

Question 22

Marketing research consists of:

Answer 22

• Collecting data
• Recording data
• Analyzing data
• Interpreting data

Question 23

What is

Data

Answer 23

The raw numbers that have limited value to marketers on their own

Question 24

Advantages of secondary data

Answer 24

• Often inexpensive
• Obtained quickly
• Sometimes obtained by the company itself

Question 25

Why do we define the research problem and objectives?

Answer 25

Since research is both expensive and time consuming. Correctly defining the problem is one of the most important elements of the marketing research process

Question 26

What do researchers do when designing the research plan?

Answer 26

They identify the type of data needed and determine the type of research necessary to collect it

Question 27

What do researchers do when collecting data

Answer 27

They collected data from secondary and primary data sources

Question 28

# What is Primary Data

Answer 28

Data collected to address specific research needs. Methods to collect primary data are focus groups, in-depth interviews and surveys

Question 29

What do researchers do when analyze data and developing insights

Answer 29

They analyze the data It should be thorough and methodical

Question 30

# What is Information

Answer 30

Data that has been organized, analyzed , interpreted, and converted into a useful form for decision makers

Question 31

What do researchers do in determing the action plan?

Answer 31

The analyst prepares the results and presents them to decision makers, who undertake appropriate marketing actions and strategies

Question 32

# What is Reliability

Answer 32

The extent to which the same result is achieved when a study is repeated in identical situations

Question 33

# What is validity

Answer 33

The extent to which a study measures what it is supposed to measure

Question 34

# What is a Sample

Answer 34

A segment or subset of the population that adequately represents the entire population of interest

Question 35

# What is a Hypothesis

Answer 35

A statement or proposition predicting a particular relationship among multiple variables that can be tested through research

Question 36

# What is a observation

Answer 36

A qualitative research method that entails examining purchase and consumption behaviours through personal or video camera scrutiny

Question 37

# What is ethnography

Answer 37

An observational method that studies people in their daily lives and activities in their homes, work, and communities

Question 38

Characteristics of unstructured questions

Answer 38

Open-ended Allows respondents to answer in their own words