Mk323 Exam Chapter 8

Front 1

What is marketing research?

Back 1

1.) Defining a problem/opportunity
2.) Develop research plan
3.) Collect and analyze the research data
4.) Deliver report w/ recommended actions

Front 2

When should marketing research not be done?

Back 2

1.) When the costs exceed the benefits
2.) When different outcomes do not change the end decision

Front 3

What is secondary data?

Back 3

Data that has already been collected prior to the project.

Front 4

What is external secondary data?

Back 4

Ex: Census Bureau; collected outside the company from the past.

Front 5

What is internal secondary data?

Back 5

Ex: Sales history; collected from within the company from the past.

Front 6

Why is it a rule to obtain secondary data first and then collect primary data? (2 things)

Back 6

1.) Saves a lot of time since its already been collected
2.) Secondary data is usually much less expensive.

Front 7

What are the 2 ways to collect primary data?

Back 7

1.) Observing
2.) Asking

Front 8

What is it called when you are trying to figure out the total amount of sales in a given period?

Back 8

Sales Forecasting

Front 9

What are the 3 methods to develop Sales Forecasts?

Back 9

1.) Judgments of the Decision Maker - intuition?
2.) Surveys of Knowledgeable Gruops - asking customers or salespeople
3.) Statistical - extending past and current data into the future