session 3: choosing when to start a business

Question 1

what are customer insights used for?

Answer 1

Understanding of customers and the marketplace

creating customer value and relationships

Develop competitive advantage

Question 2

what are customer insight teams replacing?

Answer 2

traditional market research departments

Question 3

what is the marketing information system?

Answer 3

dedicated to assessing information needs

developing the needed information

helping decision makers use the information to generate and validate actionable customer and market insights

Question 4

what does the marketing information system balance?

Answer 4

the information users would like to have against what they really need and what is feasible to offer

Question 5

can too much info be as har maul as too little?

Answer 5

yeeee

Question 6

what must you consider with MIS?

Answer 6

return on investment

Question 7

what are the three main aspects necessary to develop marketing information?

Answer 7

internal databases

marketing intelligence

marketing research

Question 8

what are internal databases?

Answer 8

Information from sources within the company (customer database)

Question 9

what is a pro of internal databases?

Answer 9

Accessed more quickly and cheaply

Question 10

what is a con of internal databases?

Answer 10

May be incomplete

Question 11

what is marketing intelligence?

Answer 11

Environmental analysis of publicly available information of consumers, competitors and the market

annual reports, brand discussions on blogs

Question 12

true or false?

all techniques of marketing intelligence are considered ethical

Answer 12

false boooy

Question 13

what is marketing research?

Answer 13

The systematic design, collection, analysis, and reporting of data

must be relevant to a specific marketing situation facing an organization

Question 14

name the steps of the marketing research process

Answer 14

1. defining the problem and research objectives
2. developing the research plan for collecting info
3. implementing the research plan and collecting and analyzing data
4. interpreting and reporting the findings

Question 15

what are the three types of objectives in the first step of the marketing research process

Answer 15

exploratory

descriptive

causal

Question 16

exploratory objective

Answer 16

gathers preliminary information to help define the problem

e.g. how can we improve customer relationships

Question 17

descriptive objective

Answer 17

describes marketing problems or situations

market potential or the demographics and attitudes of consumers

e.g. what are the characteristics of our largest customer base?

Question 18

causal objective

Answer 18

test hypotheses of cause-and-effect relationships

e.g.: would a 10% tuition decrease be offset by the increase in the amount of student enrollment?

Question 19

what does the research plan outline?

Answer 19

Sources of existing data

Specific research approaches

Contact methods and sampling plans

Instruments for data collection

Question 20

Research objectives must be translated into specific information needs, which might include?

Answer 20

Detailed customer characteristics

Usage patterns

Sales forecasts

Question 21

what is primary data

Answer 21

Information collected for a specific problem

Data that you gather with your own research such as surveys and shiiid <3

Question 22

what is secondary data?

Answer 22

Existing already on the internet

Question 23

what are the advantages of secondary data?

Answer 23

Available more quickly and cheaply than primary

Question 24

what are the disadvantages of secondary data?

Answer 24

May not be relevant, current, accurate or impartial

Rarely provides all necessary information

Question 25

what are the types of research approaches for primary data

Answer 25

observation survey experiment

Question 26

what are is the contact method, sampling plan and research instruments for the observation approach

Answer 26

mail sampling unit questionnaire

Question 27

what are is the contact method, sampling plan and research instruments for the survey approach

Answer 27

telephone sample size mechanical instruments

Question 28

what are is the contact method, sampling plan and research instruments for the experiment approach

Answer 28

personal or online sampling procedure tkttt

Question 29

what is the observational approach

Answer 29

Gathers data by observing relevant people, actions, situations Suited for gathering exploratory information

Question 30

what is impossible to observe using the observational approach?

Answer 30

feelings attitudes motives long-term or infrequent behaviour

Question 31

what is ethnographic research

Answer 31

Form of observational research trained observers watch and interact with consumers in their “natural habitat” yields richer understanding of consumers

Question 32

what is a survey

Answer 32

Gathers data by asking people questions about their knowledge, attitudes, preferences, and buying behaviour Most used method for primary data Suited for gathering descriptive information

Question 33

what is the experimental approach?

Answer 33

Match groups of people, give them different treatments and then look for differences in responses Best suited for explaining cause-and-effect relationships

Question 34

what are mail questionnaires | and what are they used for?

Answer 34

used to collect large amounts of information at a low cost per respondent

Question 35

what are cons of mail questionnaires?

Answer 35

not very flexible; all respondents answer the same questions in a fixed order. Take longer to complete and the response rate is very low

Question 36

name the pros of telephone interviewingcompared to mail questionnaires

Answer 36

Gathers information quickly provides greater flexibility than mail questionnaires

Question 37

what are the two types of personal interviewing

Answer 37

individual interviewing Focus group interviewing

Question 38

individual interviewing

Answer 38

talking with people in their homes or offices, on the street, or in shopping malls Excellent flexibility

Question 39

Focus group interviewing

Answer 39

6 to 10 people meet with a trained moderator to talk about a product, service, or organization They are normally paid a small sum for attending

Question 40

what is Online Marketing Research

Answer 40

collecting primary data through: Internet surveys online focus groups web based experiments tracking consumers’ online behavior

Question 41

Online behavioural targeting

Answer 41

Using online consumer tracking data to target advertisements and marketing offers to specific consumers e.g. placing a mobile phone in your Amazon shopping cart, not buying it but seeing an ad for that same phone the next time you visit your favourite sports website

Question 42

Online social targeting

Answer 42

Mines an individual’s social connections and conversations from social networking sites places ads of brands that their friends buy

Question 43

what are the requirements of the sampling plan

Answer 43

Who to survey: sampling unit How many to survey: sample size

Question 44

what is a pro and con of a larger sample size?

Answer 44

large is more reliable but more expensive

Question 45

what are the two main types of samples?

Answer 45

Probability Sample Nonprobability Sample

Question 46

what is a brief description of a probability sample

Answer 46

random can measure sampling error more expensive

Question 47

what are the types of probability samples

Answer 47

simple random sample stratified random sample cluster (Area) sample

Question 48

simple random sample

Answer 48

Every member of the population has a known and equal chance of selection

Question 49

stratified random sample

Answer 49

The population is divided into mutually exclusive groups (such as age groups) random samples are drawn from each group

Question 50

cluster (Area) sample

Answer 50

The population is divided into mutually exclusive groups (such as blocks) researcher draws a sample of the groups to interview

Question 51

what is a Nonprobability Sample

Answer 51

nonrandom cannot measure sampling error

Question 52

what are the three types of nonpronabiltity sample

Answer 52

convenience sample judgment sample quota sample

Question 53

convenience sample

Answer 53

researcher selects the easiest population members from whom to obtain information

Question 54

judgment sample

Answer 54

researcher uses his or her judgment to select population members who are good prospects for accurate information

Question 55

quota sample

Answer 55

researcher finds and interviews a prescribed number of people in each of several categories

Question 56

what are the two types of questions in a questionnaire

Answer 56

open ended questions close ended questions

Question 57

open ended questions

Answer 57

allow respondents to answer in their own words

Question 58

close ended questions

Answer 58

multiple choice, rating scale etc

Question 59

what do mechanical instruments do?

Answer 59

Monitor consumer behaviour

Question 60

what do mechanical instruments include

Answer 60

biometric measures (heart rate) checkout scanners eye tracking devices neuro marketing (measuring brain activity to learn how consumers feel and respond).

Question 61

what are the three phases of data analyzing

Answer 61

1. collecting the data 2. processing the data 3. analyzing the data

Question 62

what data analysis phase is the most expensive and subject to error?

Answer 62

collecting the data

Question 63

what must you do when processing data?

Answer 63

Check for accuracy Code for analysis

Question 64

what must you do when analyzing the data?

Answer 64

Tabulate results Compute statistical measures

Question 65

describe the last step of the marketing research process

Answer 65

Interpret the findings Draw conclusions Report to management