Podcast
Questions and Answers
Which type of research is most suitable when an organization seeks to gain initial insights into a market with which it has limited familiarity?
Which type of research is most suitable when an organization seeks to gain initial insights into a market with which it has limited familiarity?
- Observational research
- Descriptive research
- Exploratory research (correct)
- Experimental research
A company aims to understand the demographic characteristics of its customer base. Which research method is most appropriate?
A company aims to understand the demographic characteristics of its customer base. Which research method is most appropriate?
- Descriptive research (correct)
- Exploratory research
- Observational research
- Experimental research
What is the primary focus of 'marketing research' as defined in the content?
What is the primary focus of 'marketing research' as defined in the content?
- Resolving specific marketing problems (correct)
- Improving internal communications
- Optimizing supply chain logistics
- Analyzing broad economic trends
A marketing team is examining data about competitor strategies. Which aspect of business intelligence does this align with most closely?
A marketing team is examining data about competitor strategies. Which aspect of business intelligence does this align with most closely?
In marketing research, what does 'sample size' primarily determine?
In marketing research, what does 'sample size' primarily determine?
Why is a high 'response rate' important in survey-based marketing research?
Why is a high 'response rate' important in survey-based marketing research?
A research firm concentrates solely on coding data collected by other companies. Which type of research service does this describe?
A research firm concentrates solely on coding data collected by other companies. Which type of research service does this describe?
What is the primary purpose of 'experimental research' in marketing?
What is the primary purpose of 'experimental research' in marketing?
A company is compiling information about their customer's purchase history, demographics, and online behavior. Which of the following would classify as an internal source of information?
A company is compiling information about their customer's purchase history, demographics, and online behavior. Which of the following would classify as an internal source of information?
Which of the following is NOT typically a stage in the marketing research process?
Which of the following is NOT typically a stage in the marketing research process?
Flashcards
External data
External data
Information originating from outside the company.
Internal data
Internal data
Information originating from within the organization.
Marketing research
Marketing research
Studies focused on solving specific marketing problems of current interest to a business
Business intelligence
Business intelligence
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Observational research
Observational research
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Exploratory research
Exploratory research
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Descriptive research
Descriptive research
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Experimental research
Experimental research
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Marketing research stages
Marketing research stages
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Response rate
Response rate
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Study Notes
- Managers plan data, which includes external and internal sources.
- External sources of information originate outside the company.
- Internal information originates within the organization.
- Marketing research focuses on studies of a specific marketing problem of current interest.
- Information systems are used by large enterprises with complex information needs in different departments.
Business Intelligence Includes
- Tracking the risks and performance of suppliers and distributors
- Finding new sales development opportunities
- Acting in response to competitors
- Planning for the future
- Responding quickly
- Improving organizational planning and decision making
Types of Research
- Observational research records facts, actions, and behaviors of consumers.
- Exploratory research is used when an organization has very little knowledge about a particular market or consumers.
- Descriptive research describes the characteristics of customer groups.
- Experimental research tests relationships and causal factors to determine and predict effects.
Marketing Research Stages Include
- Defining the problem
- Selecting hypotheses and research design
- Collecting and analyzing data
- Drawing conclusions
Statistical Methods and Controls
- Surveys are often used in marketing for descriptive purposes, to describe characteristics of a market under study.
- The sample size predicts within a certain margin of error.
- The response rate is defined as the percentage of people who actually complete the survey.
- A biased sample refers to a sample of population in which some members of the entire population are less likely to be included than others.
Research Services
- Custom service research firms work with individual clients.
- Syndicated service firms collect information to firms that subscribe to their services.
- Field firms concentrate on collecting data to support company-generated research projects.
- Selective firms specialize in one or two aspects of marketing research, such as coding data.
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