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MKTG Clep

Chap 2-Marketing Research

QuestionAnswer
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.
Created by: lili8
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