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11 Cards in this Set

  • Front
  • Back
What is a marketing information system and how can it create better value?
- MIS: a set of procedures and methods that apply to the regular, planned collection, analysis and presentation of information that then may be used in marketing decisions
- MIS can generate customized analyses or individual marketing research projects to assist with strategy
- data mining: use of variety of statistical analysis tools to uncover previously unkown patterns in the data stored in databases or relationships among variables
Elaborate on the ethics of using customer information.
- marketing researchers must not abuse their ability to access data used to build their enormous databases
- assure that there is safety measures to protect consumer's information and privacy
What are the steps in the marketing research process?
- Step 1: define the problem and objectives
- Step 2: design the research project
- Step 3: data collection
- Step 4: analyze data
- Step 5: present results
Elaborate on Step 1 of the marketing research process
Define the problem and objective:
- define the problem to avoid coming up with the wrong answer
- efforts and resources will be wasted for a poorly defined problem and objectives
Elaborate on Step 2 of the marketing research process
Design the Research Project:
- identify the type of data needed and determine the type of research necessary to collect it
- use secondary data (information that have already been collected from other sources and usually are readily available) to start to get relevant market data
- primary data (collected to address specific research needs) is typically needed to get the info required
What are the pros and cons of Primary and Secondary Research?
- Pros: saves time; reduces costs
- Cons: might not be precisely relevant; may not be as timely; may not be original and therefore may not be as useful; methodologies may not be relevant or may be biased
- Pros: specific and immediate data on topic; offers behavioural insights generally not available in secondary
- Cons: more costly; takes longer; requires more sophisticated training and experience
Elaborate on Step 3 of the marketing research process.
Data Collection Process:
- exploratory research attempts to begin to understand the phenomenon of interest, also provides initial information when the problem lacks any clear definition
- conclusive research provides the info needed to confirm prelim insights which mgmt can use to pursue appropriate action
What are some exploratory research methods?
- Observation: examining purchase and consumption behaviours through personal or video camera scrutiny; can last a variety of length in time; helps when consumers can't articulate their experience
- In-Depth Interviews: ask one-on-one questions that can provide historical context for the phenomenon and communicate how people really feel
- Focus Group: uses unstructured inquiry to gather qualitative data about initial reactions to a G/S
- Projective Technique: subjects are provided a scenario and asked to express their thoughts and feelings about it
What are some conclusive research methods?
- Survey Research: online surveys tend to have higher response rates, less lies, less expensive, processed quicker, uses more multimedia elements
- Experimental research: manipulates one or more variables to determine which variable has a causal effect on another variable
- Scanner research: uses UPC codes to get sales data
- Panel research: get info from a group of consumers
Elaborate on Step 4 of the marketing research process.
Analyze Data
- should be through and methodical to generate meaningful information
- data becomes information when organized, analyzed and interpreted
- purpose of this is to describe, explain, predict and/or evaluate a particular situation
- must be done objectively so that the wrong decision is not made
Elaborate on Step 5 of the marketing research process
Present Results:
- present to appropriate decision-makers