Introduction to Marketing Research and Insights

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Questions and Answers

What is the main purpose of marketing research?

To collect, analyze, and interpret information for decision making (correct)

To promote products and services

To conduct market surveys

To increase brand recognition

What is one of the objectives of marketing research?

Increasing social media presence

Understanding the nature and scope of marketing research (correct)

Creating new advertising campaigns

Expanding market share

What is the impact of technology on the marketing research industry?

Primarily influencing traditional advertising methods

Mainly affecting customer service

Significant impact on data collection and analysis (correct)

No impact at all

What do marketers do when they identify potential opportunities and problems?

Make decisions and devise effective solutions Signup and view all the answers

What are the types of research suppliers discussed in the text?

Internal and external, full service and limited service suppliers Signup and view all the answers

What skills will researchers need to succeed in the future of marketing research?

Appreciate the impact of technology and possess necessary skills Signup and view all the answers

What is the role of marketing research in supporting the marketing decision maker?

Remove some uncertainty by providing relevant information about marketing variables, environment, and consumers Signup and view all the answers

According to ESOMAR, what is the definition of market research?

Systematic gathering and interpretation of information about individuals or organisations using statistical and analytical methods Signup and view all the answers

What is the core function of marketing research according to the American Marketing Association?

Link the consumer, customer, and public to the marketer through information Signup and view all the answers

What are the distinct characteristics that marketers base their 'vision' of target markets on?

Environmental forces and customer groups Signup and view all the answers

What helps the marketing manager link the marketing variables with their environment and customer groups?

Marketing research Signup and view all the answers

What does marketing research specify according to the definition by AMA?

The information required to address marketing opportunities and problems Signup and view all the answers

Which forces affect the marketers’ ability to deliver experiences that will satisfy their chosen target markets?

Environmental forces Signup and view all the answers

What is the role of the researcher in supporting the marketing decision maker according to the text?

Test individual and interactive variables that shape consumer experiences Signup and view all the answers

What is not revealed to the user of information without explicit consent according to ESOMAR's definition on Market Research?

'Identity of respondents' Signup and view all the answers

Study Notes

Marketing Research Objectives

The main purpose of marketing research is to provide insights that support marketing decisions.
One of the objectives of marketing research is to identify potential opportunities and problems.

Impact of Technology

Technology has a significant impact on the marketing research industry.

Role of Marketing Research

Marketing research supports the marketing decision maker by providing insights to inform decisions.
According to the American Marketing Association, the core function of marketing research is to link the organization to its market.

Types of Research Suppliers

The text discusses different types of research suppliers, including internal suppliers, external suppliers, and syndicated research firms.

Skills for Researchers

To succeed in the future of marketing research, researchers will need skills such as data analysis, technical skills, and business acumen.

Definition of Market Research

According to ESOMAR, market research is the objective collection and analysis of data about a particular market, competitors, or consumers.

Target Markets

Marketers base their 'vision' of target markets on characteristics such as demographic, geographic, and behavioral variables.

Marketing Variables

Marketing research helps the marketing manager link the marketing variables (4 Ps: product, price, promotion, place) with their environment and customer groups.

Role of the Researcher

The researcher supports the marketing decision maker by providing insights and data to inform decisions.

Privacy

According to ESOMAR's definition of market research, personal data shall not be revealed to the user of information without explicit consent.

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Description

Test your knowledge about marketing research, its objectives, and the global marketing research industry. Explore the importance of justifying the investment in marketing research and understand the future of marketing.