| Question |
Answer |
| Marketing Research |
Systematic process of planning, collecting, analysing, and communicating information relevant to making better decisions. |
| Four primary activities of marketing research |
situation analysis, strategy development, marketing plan development, monitoring plans' performance after implementation |
| Situation analysis |
Examines the changes in economy, technology, buying behaviors, legal/political env., size of markets, growth, brand loyalty, competition. |
| Strategy development |
Questions addressed by marketing research such as What business should we be in? How to compete? What are the goals for the business? |
| Marketing Plan development |
Focuses on how the elements of the marketing mix can be most effectively used + market segmentation, product differentation and positioning, target market selection. |
| Monitoring the Performance |
Following the implementation of a plan, it requires the collection of quantitative or qualitative information (sales, customer satisfaction, brand switching). |
| Marketing research process |
Designed to yield relaible and objective answers to specific marketing questions. |
| Steps of the marketing research |
Research objectives, research type, research approach, data collection method, analyse results, report findings. |
| Exploratory research type |
Identify problems or hypotheses. |
| Descriptive research type |
Information about existing market conditions. |
| Causal research type |
Identify cause and effect relationships. |
| Qualitative research approach |
Observation, in-depth interviews, focus groups. |
| Quantitave research approach |
Experiments, questionnaires. |
| Research Design |
Specify the plan for collecting and analysing data. (nature of data, procedures used, population studied) |
| Sampling |
Process of gathering data from a selected subgroup chosen from the population of interest. |
| Probability Samples |
Select persons from the designated population at random. |
| Non-probability samples |
Non random samples. |
| Primary data |
Information collected specifically for the current research study. "new" information |
| Secondary data |
Information that has already been collected for reasons not directly related to the current study. (internal if from company, external if published) |
| Survey research |
Means of systematically acquiring information from individuals by communicating directly with them. |
| Focus group research |
In-person data collection (one interviewer with five to ten persons at the same time). |
| Observation |
Unobstrusive data collection (subjects are observed without their knowledge). |
| Experimental research |
Compare the impact of marketing variables on individuals' responses in a controlled setting. |
| Simulation |
Technique that utilizes computer-based programs to assess the impact of alternative marketing strategies. |
| Marketing Information System |
People, equipment, and procedures to gather, sort, analyze, evaluate, and distribute accurate information to marketing decision makers. |
| Forecasting |
Estimate the demand for a brand or product category. |
| Qualitative forecasting methods |
Salespersons' knowledge of buyers, independant experts from outiside the company, decision trees and scenarion building. |
| Quantitative forecasting methods |
Sales forecasts based on historical data, mathematic models, multiple regression analysis, econometric modeling. |
| Short-term forecast |
Predict sales for the next month or quarter. |
| Medium-term forecast |
Provide input to annua markting plan review and revision. |
| Long-term forecast |
Forecast for strategic planning, done for a fiv-year period. |
500 Words
