Unit 8

Question 1

what is the market research process

Answer 1

process of collecting and analyzing information in order to recommend actions to improve marketing activities

Question 2

what are the types of market research

Answer 2

exploratory research, descriptive research, causal research

Question 3

what is exploratory research

Answer 3

preliminary research conducted to verify the scope or nature of a marketing problem

Question 4

what is descriptive research

Answer 4

research designed to describe the basic characteristics of variables

Question 5

what is causal research

Answer 5

research designed to identify the cause and effect relationship between variables

Question 6

what are the steps in the market research process

Answer 6

problem awareness, exploratory research, data collection, analyze and interpret, recommend and implement

Question 7

what is a research question

Answer 7

turning research objectives into a specific answerable question

Question 8

what is a hypothesis

Answer 8

statement of predicted outcomes based on available information

Question 9

what is a population and a sample

Answer 9

population is all individuals making up a group of interest
sample is a subset of individuals making up a group of interest

Question 10

what is probability sampling

Answer 10

when participants are randomly selected from the population. all population members have an equal chance of being selecte

Question 11

what is non probability sampling

Answer 11

when participants are selected on non-scientific criteria. population members do not have an equal chance of being selected

Question 12

what are focus groups

Answer 12

small group of 8-10 people that meet with a trained moderator for interactive discussion of predetermined topics. taxing on time and resources, limited sample size. often recorded to catch both verbal and non verbal cues after.

Question 13

what is social listening

Answer 13

monitoring social media channels for content relevant to a brand/product
helpful in gauging image/reputation
organized and analyzed on metrics and social media sentiment

Question 14

what is social media monitoring

Answer 14

this is watching the orgs own social media accounts whereas social media listening is watching for content made by other people

Question 15

what are observational methods

Answer 15

watching how people behave in relevant situations. can be natural or contrived. goal is to track key behaviours customers are exhibiting

Question 16

what are the different types of surveys`

Answer 16

in person, telephone, mail, online, survey panel

Question 17

what is longitudinal data collection and cross sectional data collection

Answer 17

longitudinal is getting data over various points in time and cross sectional is getting data at just one point in time

Question 18

what is attrition

Answer 18

when you lose participants each time you run a training session

Question 19

what are experiments and how do they work

Answer 19

they assess whether one variable has a causal effect on another variable
participants randomly assigned to groups, each group receives different treatment representing a level of the independent variable, dependant variables are compared between groups.

Question 20

what is test marketing

Answer 20

introducing products or campaigns to limited groups to assess viability
taxing on time and resources but better than a full launch
competitors can take advantage

Question 21

what is the process of analyzing and interpreting results

Answer 21

statistically analyze the collected data, synthesize and simplify, address the guiding hypothesis to see whether or not it was supported

Question 22

what is the process of recommendation and implementation

Answer 22

prepare a report to communicate the research and findings, include recommendations that address the marketing problem and research objectives, continue to monitor

Question 23

what is segmentation and targeting

Answer 23

process of dividing potential customers into segments based on shared characteristics
goal is to identify high yield segements

Question 24

what is demographic segmetnation

Answer 24

people grouped based on demographics: age, gender, ethnic background, religion, socioeconomic status, family status

Question 25

what is psychographic segmentation

Answer 25

people grouped based on psychographics: personality traits, values, interests, lifestyle

Question 26

what is behaviour response segmentation

Answer 26

people grouped based on behaviouristics: benefits sought, frequency of use, occasions for use, loyalty response

Question 27

what are marketing segments

Question 28

what is geographic segmentation

Answer 28

people are grouped based on geographic characteristics: country, province, city, region, population density, climate

Question 29

what is mass marketing

Answer 29

using one marketing strategy to appeal to all customers goal is to reach largest audience possible

Question 30

what is niche marketing

Answer 30

marketing to a small subset of a larger segment with specific needs little competition customers may be willing to pay more

Question 31

what is individual marketing

Answer 31

marketing to a segment of one deliver individualized messages and product offerings to customers create more personal relationship between customers and the brand

Question 32

what is product positioning

Answer 32

the impression of the product you want to establish in a customers mind clarification of how product/brand stand apart from competitors

Question 33

what makes a good positioning statement

Answer 33

clear, focus, concise how you want your product/brand to be perceived clarifies name, category, benefits, target market, differentiation

Question 34

what is problem awareness

Answer 34

properly understanding the marketing problem at hand often what appears to be the problem is actually a symptom of a bigger problem

Question 35

what is funneling

Answer 35

part of exploratory research where a subject is divided into more manageable variables so specifically directed research can be done

Question 36

what is situation analysis

Answer 36

collecting info from people inside and outside the org and from secondary sources

Question 37

what are some examples of internal data sources

Answer 37

sales reports, customer profiles, inventory reports

Question 38

what are the main external data sources

Answer 38

government, academia, business

Question 39

what are the steps in sample design

Answer 39

define the population, identify the sampling frame, determine the type of sample, determine the sample size

Question 40

what is qualitative data

Answer 40

data collected from small samples in a controlled environment resulting from questions about why consumers behave as they do typically collected using focus groups

Question 41

what is quantitative data

Answer 41

collected using a structured procedure and large sample size focused on how, what when, who, and how many interpretation is based on numbers and not judgment of researchers

Question 42

what are the five main geographic segments in canada

Answer 42

maritimes, quebec, Ontario, prairies, BC

Question 43

what is geodemographic segmentation

Answer 43

a mix of geographic and demographic segmentation and refers to the isolation of dwelling areas where people who share demographic characteristics tend to live

Question 44

what is micro marketing

Answer 44

the development of marketing strategies based on small regions

Question 45

what are the types of market positioning

Answer 45

head on positioning, brand leadership positioning, product differentiation positioning, technical innovation positioning, lifestyle positioning, repositioning