Podcast
Questions and Answers
Why is the statement 'The problem with this company is declining sales' considered shortsighted?
Why is the statement 'The problem with this company is declining sales' considered shortsighted?
- The sales manager is not in a position to make such a statement
- The sales manager has not performed research to prove that sales are declining
- The sales manager has not been shortsighted, but has identified the problem
- The sales manager has identified only a symptom of a deeper problem (correct)
What is an example of a statement that could be an objective statement?
What is an example of a statement that could be an objective statement?
- We need to figure out why our advertising investment is not yielding results.
- Our competitors have launched a new product line.
- Our sales have been declining for the past two months.
- Our company aims to increase market share by 15% in the next quarter. (correct)
What is the main advantage of using secondary data in research?
What is the main advantage of using secondary data in research?
- Secondary data may actually provide the solution to the problem (correct)
- Takes more time to collect than primary data
- Secondary data helped to clarify the problem
- Secondary data can never substitute for primary data
Which of the following is NOT a limitation of secondary data?
Which of the following is NOT a limitation of secondary data?
What is the most common type of qualitative marketing research?
What is the most common type of qualitative marketing research?
What is the term for the group from which information is required in order to address specific research objectives?
What is the term for the group from which information is required in order to address specific research objectives?
Which of the following is NOT typically part of the definition of marketing?
Which of the following is NOT typically part of the definition of marketing?
In marketing research, which of the following can a marketing manager control and change?
In marketing research, which of the following can a marketing manager control and change?
Which of the following is NOT typically done by marketing research?
Which of the following is NOT typically done by marketing research?
Determining consumer attitudes towards a product and its advertising is part of which function in marketing research?
Determining consumer attitudes towards a product and its advertising is part of which function in marketing research?
When a company collects customer satisfaction measures each quarter for improvement strategies, they are using which type of applied research?
When a company collects customer satisfaction measures each quarter for improvement strategies, they are using which type of applied research?
What type of research is conducted to increase understanding of a concept or identify important variables to be studied?
What type of research is conducted to increase understanding of a concept or identify important variables to be studied?
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Study Notes
Business Analysis
- Declining sales as a standalone problem lacks depth, ignoring underlying causes such as market trends, customer preferences, or competition.
- An objective statement could be: "Sales decreased by 15% in the last quarter compared to the previous quarter."
Research Methods
- Secondary data usage in research is advantageous due to cost-effectiveness and time savings, allowing for faster data collection.
- A limitation not typically associated with secondary data is that it lacks trustworthiness; secondary data can often be credible and valid.
Marketing Research
- The most common type of qualitative marketing research is focus groups, where group discussions help unveil consumer insights.
- The target group from which information is sought for research is known as the "sample population."
Marketing Definitions
- Marketing typically involves activities aimed at promoting and selling products or services; objectives like profit maximization or being solely product-focused are not core definitions.
Managerial Control
- Marketing managers can control and adjust elements like pricing, promotions, and product features in their research initiatives.
- Marketing research does not typically involve creating media content but focuses on understanding market dynamics and consumer behavior.
Functions of Marketing Research
- Evaluating consumer attitudes towards products and their advertising relates to the assessment function in marketing research.
- Regular quarterly customer satisfaction measures are examples of applied research, aimed at improving customer experiences and strategies.
Research Types
- Exploratory research is aimed at deepening understanding of concepts or identifying significant variables for further study.
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