Marketing 101 Test 2

Front 1

Strategic Implications of Marketing Research

Back 1

To reduce risk; development of effective marketing strategies; decrease high failure rate of new products and businesses

Front 2

Difficulties faced by market researchers

Back 2

consumers knowledge base; consumers willingness to participate; match between intentions and behaviors

Front 3

Marketing Research Process Steps 1-3

Back 3

1-Defining Objects
2-Designing the research project
3-Data Collection

Front 4

Marketing Research Process 4-5

Back 4

4-Analyzing data
5-Presenting results

Front 5

Step 1 - Defining the Problem

Back 5

-problem written down, agreed upon, and distributed to all concerned parties
-seeking to discover the cause of a problem by discussing it with informed internal and external sources

Front 6

Step 2-The Research Plan

Back 6

-research design: a series of decisions that comprise a master plan for conducting marketing research
-hypothesis: a tentative explanation for some specific event

Front 7

Step 3-Relevant Information - Collecting Data

Back 7

-secondary data is previously published or compiled sources
-syndicated data can be obtained through research firms
-primary data is data collected for the first time specifically for a marketing research study

Front 8

Population

Back 8

total group that researchers want to study

Front 9

Census

Back 9

a collection of data on all possible members of a population or universe

Front 10

Sampling

Back 10

the process of selecting survey respondents or other research participants

Front 11

Probability samples

Back 11

-simple random
-stratified
-clusters

Front 12

Non-probability samples

Back 12

-convenience
-quota

Front 13

Types of Research

Back 13

-exploratory
-conclusive

Front 14

Exploratory

Back 14

-observation
-interviews
-focus groups
-projective techniques

Front 15

Conclusive

Back 15

-casual
-experimental
-surveys
-panel data
-scanner data

Front 16

Step 4-Analyzing Data

Back 16

Converting data into information to explain, predict and/or evaluate a particular situation

Front 17

Step 5-Interpreting and Presenting Information

Back 17

-format to aid and allow effective judgments