Podcast
Questions and Answers
A company notices a decline in sales and conducts initial research to understand the potential reasons before launching a large-scale study. Which type of research is most suitable for this initial phase?
A company notices a decline in sales and conducts initial research to understand the potential reasons before launching a large-scale study. Which type of research is most suitable for this initial phase?
- Causal Research
- Exploratory Research (correct)
- Predictive Research
- Descriptive Research
A marketing team wants to understand the demographic characteristics of their customer base and how these characteristics correlate with product usage. Which research method would be most appropriate?
A marketing team wants to understand the demographic characteristics of their customer base and how these characteristics correlate with product usage. Which research method would be most appropriate?
- Ethnographic Research
- Focus Group Interviews
- Experimental Research
- Descriptive Research (correct)
A company wants to determine if a new advertising campaign directly leads to an increase in product sales. Which type of research is most suitable to establish this?
A company wants to determine if a new advertising campaign directly leads to an increase in product sales. Which type of research is most suitable to establish this?
- Causal Research (correct)
- Exploratory Research
- Correlational Research
- Descriptive Research
A researcher is using social media data to understand consumer sentiment towards a new product launch. This research approach falls under which category?
A researcher is using social media data to understand consumer sentiment towards a new product launch. This research approach falls under which category?
Which research approach is best suited for generating an initial, in-depth understanding of consumer motivations behind purchasing luxury goods?
Which research approach is best suited for generating an initial, in-depth understanding of consumer motivations behind purchasing luxury goods?
A company wants to understand consumer sentiment towards a new product line using open-ended questions to allow respondents to freely express their thoughts. Which data collection method aligns with this objective?
A company wants to understand consumer sentiment towards a new product line using open-ended questions to allow respondents to freely express their thoughts. Which data collection method aligns with this objective?
Which of the following analysis approaches is most suitable for interpreting unstructured data collected from customer interviews regarding their experiences with a service?
Which of the following analysis approaches is most suitable for interpreting unstructured data collected from customer interviews regarding their experiences with a service?
A marketing team aims to gather customer feedback on a new advertising campaign. Considering the need for quantifiable results and structured data, which method is most appropriate?
A marketing team aims to gather customer feedback on a new advertising campaign. Considering the need for quantifiable results and structured data, which method is most appropriate?
A company is deciding between conducting market research with a small group of participants and a large sample size. Which scenario would benefit more from using a small number of participants?
A company is deciding between conducting market research with a small group of participants and a large sample size. Which scenario would benefit more from using a small number of participants?
A retail company uses surveys to gather customer feedback. Which of the following actions would best address the common mistake of 'asking questions that customers can’t answer'?
A retail company uses surveys to gather customer feedback. Which of the following actions would best address the common mistake of 'asking questions that customers can’t answer'?
Which of the following best exemplifies integrated marketing?
Which of the following best exemplifies integrated marketing?
What is the primary goal of relationship marketing?
What is the primary goal of relationship marketing?
Which of the following scenarios illustrates internal marketing?
Which of the following scenarios illustrates internal marketing?
In the strategic planning process, at which level does marketing strategy primarily reside?
In the strategic planning process, at which level does marketing strategy primarily reside?
Which activity is most closely associated with offering planning in the strategic planning process?
Which activity is most closely associated with offering planning in the strategic planning process?
A company is deciding whether to invest more in digital marketing or traditional advertising. According to holistic marketing concepts, what should guide their decision?
A company is deciding whether to invest more in digital marketing or traditional advertising. According to holistic marketing concepts, what should guide their decision?
A car manufacturer collaborates closely with a tire company, offering co-branded promotions and integrated product development. Which aspect of relationship marketing does this best represent?
A car manufacturer collaborates closely with a tire company, offering co-branded promotions and integrated product development. Which aspect of relationship marketing does this best represent?
A software company trains its sales team not only on product features, but also on active listening and understanding customer pain points to build rapport. This initiative primarily reflects which aspect of holistic marketing?
A software company trains its sales team not only on product features, but also on active listening and understanding customer pain points to build rapport. This initiative primarily reflects which aspect of holistic marketing?
A company aiming to establish itself in the eco-friendly cleaning products market decides to focus on offering highly concentrated, refillable solutions to reduce plastic waste. Which of the following accurately describes this approach in terms of marketing strategy and tactics?
A company aiming to establish itself in the eco-friendly cleaning products market decides to focus on offering highly concentrated, refillable solutions to reduce plastic waste. Which of the following accurately describes this approach in terms of marketing strategy and tactics?
A marketing team is developing a marketing plan for a new line of organic baby food. Which of the following components would be LEAST likely to be found in the executive summary?
A marketing team is developing a marketing plan for a new line of organic baby food. Which of the following components would be LEAST likely to be found in the executive summary?
Imagine a consumer purchases a high-end electric vehicle. Which of the following scenarios best illustrates post-purchase cognitive dissonance?
Imagine a consumer purchases a high-end electric vehicle. Which of the following scenarios best illustrates post-purchase cognitive dissonance?
Which of the following best describes the key difference in marketing approach between business-to-consumer (B2C) and business-to-business (B2B) markets?
Which of the following best describes the key difference in marketing approach between business-to-consumer (B2C) and business-to-business (B2B) markets?
A software company needs to upgrade its internal communication system. They've used the same system for years, but are now considering a new approach. Which of the following buying situations does this represent?
A software company needs to upgrade its internal communication system. They've used the same system for years, but are now considering a new approach. Which of the following buying situations does this represent?
In a B2B context, which of the following roles within a buying center is MOST likely to set the product specifications?
In a B2B context, which of the following roles within a buying center is MOST likely to set the product specifications?
A company is considering launching a new energy drink and wants to understand consumer preferences. They start by reviewing existing market reports on energy drink consumption and trends. What type of data are they initially collecting?
A company is considering launching a new energy drink and wants to understand consumer preferences. They start by reviewing existing market reports on energy drink consumption and trends. What type of data are they initially collecting?
A company wants to assess the impact of a new advertising campaign on sales. To do this, they divide their customer base into two groups: one group sees the new ad, and the other does not. They then compare the sales between the two groups. What type of research is this?
A company wants to assess the impact of a new advertising campaign on sales. To do this, they divide their customer base into two groups: one group sees the new ad, and the other does not. They then compare the sales between the two groups. What type of research is this?
Flashcards
Exploratory Research
Exploratory Research
Focuses on discovering initial ideas and insights; often the first step in research.
Descriptive Research
Descriptive Research
Aims to describe or explain a phenomenon by answering who, what, where, when, and how questions.
Causal Research
Causal Research
Investigates cause-and-effect relationships between variables.
Qualitative Research
Qualitative Research
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Quantitative Research
Quantitative Research
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Unstructured Data Collection
Unstructured Data Collection
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Structured Data Collection
Structured Data Collection
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Data Analysis (Non-Statistical)
Data Analysis (Non-Statistical)
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Data Analysis (Statistical)
Data Analysis (Statistical)
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Mistake: Over-Surveying
Mistake: Over-Surveying
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Marketing Strategy
Marketing Strategy
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Marketing Tactics
Marketing Tactics
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Post-Purchase Dissonance
Post-Purchase Dissonance
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High Involvement Product
High Involvement Product
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Low Involvement Product
Low Involvement Product
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Secondary Data
Secondary Data
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Primary Data
Primary Data
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Relationship Marketing
Relationship Marketing
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Integrated Marketing
Integrated Marketing
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Internal Marketing
Internal Marketing
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Strategic Planning
Strategic Planning
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Strategic Business Unit (SBU)
Strategic Business Unit (SBU)
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Corporate Planning
Corporate Planning
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Business Unit Planning
Business Unit Planning
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Offering Planning
Offering Planning
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Study Notes
- Exam Review 1 includes Chapters 1-5
- The Exam is not comprehensive
- Exam is 100 points total
- Multiple choice questions are worth 2 points each
- The exam will include short answer/essay questions
- The concepts and topics highlighted in yellow have a high possibility of being essay questions
- Exam time is 90 minutes with 70% essay questions
Chapter 1
- Needs to know the new marketing realities
- Understand and explain each of the following holistic marketing concepts with examples
- Integrated marketing
- Internal marketing
- Relationship marketing
- Performance marketing
- Relationship Marketing entails establishing long-term, mutually beneficial relationships with key stakeholders to retain and grow businesses
- Key constituents include customers, employees, partners (suppliers, distributors, dealers, agencies), members of financial community (shareholders, investors)
- Integrated Marketing involves creating, communicating, and delivering value by designing and implementing marketing activities with all other activities in mind
- Integration entails seamlessness of all marketing activities, illustrated by the MRI machine example
- Integration includes features (manufacture), communication, installation, services through TV, radio, print, PR, website, social media, sales personnel for consistent brand image
- Internal Marketing includes hiring, training, and motivating able employees, and ensuring marketing occurs within the company and across different departments
Chapter 2
- Must know strategic planning process, and the meaning of SBU (Strategic Business Unit)
- Corporate planning oversees corporate level strategy
- Business unit planning oversees (strategic) business unit planning
- Marketing is a functional level strategy
- Offering planning is about developing marketing offerings
Marketing Strategy and Tactics
- Strategy involves selecting a well-defined market, specifying the target market, and determining the value to create in that market
- Tactics, (a marketing mix), translate strategy into action, making the strategy a reality in the chosen market through specific activities
Marketing Value Map
- It details the specific aspects that need closer inspection
- It looks at Target Market, Customer, Market Offering, and Product
Marketing Plan Components
- What needs to be included in the plantive Summary for components
Five-Stage Model of the Consumer Buying Process
- Must be able to explain each stage with one marketing example
- Must remember ever single stage without missing any components
- Purchase decision stage requires what, when, where, and how decisions with product or service examples
- Post-purchase behavior includes post purchase cognitive dissonance and the uneasy or uncomfortable feeling after a decision
- High involvement decisions are houses
- Low involvement decisions are pencils
Chapter 4
- Must understand differences between B2C (business-to-consumer) and B2B (business-to-business) markets
- Types of buying situations include three different types
- Need a concept of a buying center
Chapter 5
- Differentiate between primary and secondary data
- Primary data should be gathered through exploratory, descriptive, and causal research
- Start with secondary data and then move to primary data
- Ways to collect primary data are exploratory, descriptive, and causal research
- Clarify the importance of watching videos in the research process
Exploratory Research
- Focuses on the discovery of ideas and insights
- It is usually the first step
- Clarifies research problems and identifies variables for later research
- Prioritizes research questions
- Examples include focus groups and interviews
Descriptive Research
- Aims at describing or explaining a phenomenon including who, what, where, when, and how
- Examples include identifying target market characteristics, customer uses of offerings demographics and surveys, and observational research in Marketing
Causal Research
- Discovers the cause and effect between variables
- Conduct experimental research to answer why is this happening
- Qualitative research gains an initial understanding of the underlying reasons and motivations of consumers
- Qualitative doesn't recommend actions the company should take
- Small sample sizes with unstructured questions and non-statistical analysis
- Quantitative research generalizes results to the target market, recommending actions for the company
- Large sample sizes with structured questions and Statistical analysis is used
Data Collection
- Unstructured data allows open-ended responses for thoughts and opinions
- Structured data offers set answer choices, use a survey: yes/no, strongly disagree- strongly agree: 5-7 choices
Articles
- Study “The Uncertain Future of Market Research" and it's key points
- Study “The five biggest mistakes companies make with customer surveys" and it's five mistakes with one example
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Description
Review of marketing exam covering chapters 1-5. Focus on holistic marketing concepts like integrated, internal, relationship, and performance marketing. Pay special attention to relationship marketing and integrated marketing.
