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mkt exam 2
| Question | Answer |
|---|---|
| hollywood & mkt research | Movie title testing. Concept testing and script assessment. Test (or preview) screening. Tracking studies. Social listening |
| marketing research | The systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities |
| what can marketing research help firms do? | better understand market opportunities, ascertain the potential for success for new products. determine the feasibility of a particular marketing strategy.develop marketing mixes to match the needs of customers. Improve marketers ability to make decisions |
| 5 steps in marketing research process | define problem. develop research plan. collect relevant info. develop findings. take marketing actions |
| step 1: define problem | Set the research objectives by creating specific, measurable goals. Identify possible marketing actions. Measures of success |
| measures of success | criteria or standards used in evaluating proposed solutions to the problem |
| step 2: develop research plan | specify constraints. Identify data needed for marketing action. Determine how to collect data: concepts, methods, sampling, statistical interference |
| concepts | ideas about products |
| methods | approaches to collect data |
| sampling | asking group for input |
| statistical interference | to generalize results to larger group |
| reliability | A condition that exists when a research technique produces almost identical results in repeated trials. |
| true/false: A reliable technique is not necessarily valid | true |
| validity | A condition that exists when a research method measures what it is supposed to measure |
| step 3: collect relevant data | Start with Secondary data to save time and money |
| drawbacks of secondary data | Out of date / old information. Definitions or categories are not quite right. Not specific enough. Market is too different. Significant changes in environmental forces since research conducted |
| population | All the elements, units, or individuals of interest to researchers for a specific study |
| sample | A limited number of units chosen to represent the characteristics of a total population |
| sampling | The process of selecting representative units from a total population |
| step 3: collect primary data | Watch People (Nielsen TV Ratings, Personal Shoppers, Use technology to study the brain). Ask People (Surveys, Focus Groups). Other Sources (Social media mining, Test Markets) |
| neuromarketing research | Heat maps show where viewers spend the most time looking at an advertisement, products on a store shelf, or parts of a website |
| step 4: develop & report findings | Analyze data to find patterns and trends which could be meaningful to inform marketing strategy. Data will often be presented visually, with the aid of charts, graphic, word clouds, or infographics. Disclose deficiencies in the data or research process |
| step 5: take marketing actions | Make action recommendations. Implement the action recommendations. Evaluate the results (the decision itself & the decision process) |
| belmont report | In 1979, the Commission issued the Belmont Report, the foundational document of the current system of U.S. human subjects protections. |
| what 3 key ethical principles for conducting research with human subjects did the belmont report outline? | Respect for persons, Beneficence: Minimizing Risks of Harm and Maximizing Possible Benefits, Justice |
| primary data | Facts and figures that are newly collected for the project. |
| secondary data | Facts and figures that have already been recorded prior to the project at hand. |
| exploratory research | gain a better understanding of a problem, generate initial ideas, and develop hypotheses. flexible, informal, early stage research |
| conclusive research | To test specific hypotheses, validate findings, and reach a final conclusion for decision-making. fixed, formal, good for making decisions |
| market | a group of individuals and/or organizations that have a desire or need for products in a product class, the ability, willingness, and authority to purchase such products |
| 2 broad market categories | business to consumer (b2c) & business to business (b2b) |
| market segmentation | The process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs |
Created by:
rachelrobinson