Podcast
Questions and Answers
What was the purpose of Mastercard's marketing research in rural Thailand?
What was the purpose of Mastercard's marketing research in rural Thailand?
What is the role of marketing research?
What is the role of marketing research?
To link the consumer, customer, and public to the marketer through information.
Which of the following is NOT one of the steps in the marketing research process?
Which of the following is NOT one of the steps in the marketing research process?
Marketing research has become increasingly local in focus.
Marketing research has become increasingly local in focus.
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Match the types of research with their characteristics:
Match the types of research with their characteristics:
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The advancement in __________ has changed the way people connect with one another.
The advancement in __________ has changed the way people connect with one another.
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What is the function of marketing research?
What is the function of marketing research?
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What are the key aspects of the marketing research process? (Select all that apply)
What are the key aspects of the marketing research process? (Select all that apply)
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Marketing research is not necessary for effective marketing management.
Marketing research is not necessary for effective marketing management.
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Match the following types of research with their purposes:
Match the following types of research with their purposes:
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How has marketing research changed in the twenty-first century?
How has marketing research changed in the twenty-first century?
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The systematic process of generating information to aid decision-making is called ______.
The systematic process of generating information to aid decision-making is called ______.
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Study Notes
Role of Marketing Research
- Essential for effective marketing management.
- Links consumers, customers, and the public to marketers through crucial information.
- Identifies marketing opportunities and problems, refines marketing actions, and monitors performance.
- Enhances understanding of the marketing process.
Marketing Research Process
- Systematic and objective approach to generate information for decision-making.
- Involves specifying information needs, designing data collection methods, managing data processing, and analyzing results.
- Communicates findings and implications to inform marketing strategies.
Managerial Value of Marketing Research
- Identifies and evaluates market opportunities.
- Analyzes market segments for targeted marketing.
- Aids in planning and implementing a marketing mix.
- Analyzes market performance to refine strategies.
When Marketing Research is Needed
- Essential when making decisions that require specific information.
- Helps understand market dynamics and challenges before implementing actions.
Dynamic Nature of Marketing Research
- Increasingly global due to globalization.
- Companies must adapt to various foreign market nuances.
Basic vs. Applied Research
- Basic Research: Expands knowledge and conceptual understanding; not aimed at solving specific problems.
- Applied Research: Conducted to make decisions on real-life issues; seeks answers to specific questions.
- Both types contribute to verifying theories and understanding market needs for strategic decision-making.
Communication Technologies
- Advances in technology have transformed how individuals share and acquire information.
- Digital tools play a central role in the evolution of marketing research practices and consumer connections in the 21st century.
The Role of Marketing Research
- Effective marketing management relies heavily on research to guide strategies and decisions.
- Mastercard's marketing research enabled the successful introduction of PromptPay in rural Thailand, fostering trust and adoption of new payment technology.
Marketing Research Definition and Importance
- Acts as a bridge between consumers, customers, the public, and marketers through valuable insights.
- Identifies marketing opportunities and challenges, improving market understanding and outcomes.
- Systematic and objective process that facilitates decision-making by gathering necessary information.
Managerial Value of Marketing Research
- Identifies and evaluates business opportunities.
- Analyzes market segments and determines appropriate target markets.
- Assists in planning and implementing effective marketing mixes.
- Evaluates market performance to refine marketing strategies.
When is Marketing Research Needed?
- Essential for informed decision-making and strategy implementation.
- Helps in collecting relevant data to address managerial questions.
The Dynamic Nature of Marketing Research
- Marketing research is continuously evolving, adapting to changes in the market environment.
Marketing Research in the Twenty-First Century
- Globalization: Marketing research has a growing global presence as companies operate in international markets.
- Understanding local market characteristics is critical for global business success.
Basic vs. Applied Research
- Basic Research: Aims to expand knowledge and understanding of concepts without focusing on specific problems.
- Applied Research: Conducted to resolve specific issues and guide decisions in real-life contexts.
Communication Technologies Impact
- Advances in technology have transformed how individuals connect, impacting information acquisition and dissemination.
- Essential for the improvement and efficiency of marketing research methodologies.
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Description
This quiz covers Chapter 1 of the Marketing Management course, focusing on the role of marketing research and the research process. Understand how effective marketing strategies are developed through research practices. Key concepts will include examples like Mastercard's use of marketing research.
