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MKTG RESEARCH
CLEP PRINCIPLES OF MARKETING CH 2
| Question | Answer |
|---|---|
| marketing research | planning, collecting, analyzing, and communicating information relevant to marketing decisions |
| primary marketing research activities | sit. analysis, strategy develop, mktg plan develop, monitoring performance plans |
| what does situation analysis examine? | *econ *tech *soci, legal & poli changes *existing & potential mkt size *mkt growth *buyer behavior *brand loyalty |
| questions that strategy development addresses | what business should I be in? how will we compete? what are the goals for the business? |
| what questions does Marketing Plan Development address? | *how the 4 P's can be best used *mkt segmenting *product differentiation *product positioning *trgt mkt selection |
| how is marketing plan performance monitored | collection of qualitative or quantitative info. may include sales, cust satisfaction, brand switching etc. |
| mktg research process yields | reliable and objective answers to specific marketing questions. |
| steps of the Mktg Research Process? | *define objective *determine type *determine approach *select data collection method *analyze results *report findings |
| research objective | the question to be answered and the information needed |
| mktg research types | exploratory: identify problems descriptive: inf about existing mkt conditions causal: identify cause & effect |
| 2 research approaches in the mktg research process | qualitative: observation, in-depth interviews, focus groups - quantitative: experiments, questionnaires |
| data collection methods | mail, telephone, personal interviews |
| what does the research design specify? | the plan for collecting & analyzing data. identifies the nature of the data, the procedures, and the pop studied. |
| sampling | gathering data from a subgroup of the pop of interest. should reflect the characteristics of the whole pop. |
| what are probability samples? | samples of persons randomly selected from the population. |
| what are non-probability samples? | nonrandom samples |
| why does sample size matter? | larger samples yield more reliable results, but are more expensive than smaller samples. |
| what is Primary Data? | information collected specifically for the current research study. |
| what is Seondary Data? | information that has already been colected for reasons not directly related to the currrent study. |
| what is Survey Research? | a means of systematically acquiring info from individuals by communicating directly w/ them. |
| what is a Focus Group? | an in-person data collection procedure in which the inerviewer meets with five to ten persons at the same time. |
| what is Observation? | an unobtrusive data colleciton procedure where subjects behavior are observed w/out their knowledge. |
| what is the disadvantage of Observation? | the individuals' attitudes cannot be known from observing behavior exclusively. |
| what is Experimental Research? | a comp of the impact of mktg variables on individuals' responses in a controlled setting. |
| advantages of experimental research | advantage: indentifies cause/effect |
| what is Simulation? | a technique that utilizes computer-based programs to assess the impact of alternative marketing strategies. |
| how does simulation work? | mathe models simulate real world effects stemming from both the controllable and un controllable. |
| what are the advantages of simulation? | direct contact with the customer is unnecessary. |
| Mktg Information System (MIS) | system of pple, equip, & procedures to gather, sort, analyze, evaluate and dist info to mktg decision makers. |
| what is forecasting? | estimating the demand for a brand or product category based on either qualitative or quantitative techniques. |
| what are the qualitative techniques in forecasting? | *internal expert op *consult'g panels *scenario bldg |
| what are the quantitative forcasting methods? | analysis of hist trend data. mathe models that inc multi decision variables. multi regression anlysis |
| what term do short-term forecasts predict & how are they used? | predict sales for the next month or 1/4. used for production scheduling and evaluating the impact of short-term promotions. |
| how often & what do medium-term forecasts predict? | provide input to annual marketing plan review & revision. typically done anually. |
| how often are long-term forcasts made and how are they used? | every five years and play a significant role in strategic planning. |
| disadvantages of experimental research | disadvantage: high costs and artificial "laboratory" settings. |
Created by:
forrestree71
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