Podcast
Questions and Answers
What is a primary function of marketing research?
What is a primary function of marketing research?
Which of the following aspects does NOT contribute to the reasoning behind conducting market research?
Which of the following aspects does NOT contribute to the reasoning behind conducting market research?
Which of the following best describes exploratory research within the context of marketing research?
Which of the following best describes exploratory research within the context of marketing research?
What is considered a hallmark of good research that ensures results are consistent across different target markets?
What is considered a hallmark of good research that ensures results are consistent across different target markets?
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Which technique is uniquely suited for establishing causal relationships in marketing research?
Which technique is uniquely suited for establishing causal relationships in marketing research?
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What is the primary distinction between primary and secondary data sources in marketing research?
What is the primary distinction between primary and secondary data sources in marketing research?
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In the research process, what step follows the conclusion?
In the research process, what step follows the conclusion?
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Which type of validity is concerned with the question of whether research findings can be generalized to broader contexts?
Which type of validity is concerned with the question of whether research findings can be generalized to broader contexts?
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Study Notes
Marketing Research Functions
- Connects consumers and marketers
- Links environmental scans, risk analysis, and marketing program monitoring
Why Conduct Marketing Research?
- Forecasting
- Product development
- Strategy development
- Competitor analysis
- Segmentation
- Consumer behavior analysis
- Pricing
Two Main Aspects of Marketing Research
-
Why?
- Exploratory research: Used when the right questions are unknown
- Descriptive research: Provides detailed information about a topic
- Causal research: Investigates cause-and-effect relationships
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How?
- Surveys
- Experiments
- Observation
Hallmarks of Good Research
- Reliability: Consistency of research results across target markets
-
Validity:
- Internal Validity: Measuring what is intended to be measured.
- External Validity: Generalizability - It is possible to have internal validity without external validity, but external validity requires internal validity.
Research Process
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Problem Definition:
- Critical step in research
- Exploratory research helps define the problem
- Secondary vs. Primary data sources
- Focus groups: Participants should be current or future users of the product
- Depth interviews
- Open-ended questionnaires
Data Sources
-
Primary:
- Informal (e.g., customer feedback)
- Quantitative (e.g., surveys)
- Qualitative (e.g., focus groups)
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Secondary:
- Internal (e.g., company sales data)
- External (e.g., industry reports)
Research Design
- Not representative
- Aims to find solutions to the identified problem
Basic Techniques (Methods): Central Component of the Research Plan
-
Surveys:
- What?: Asks questions about specific topics
- How?: Uses dichotomous questions (yes/no)
- Provide incentives to encourage participation
- Panel data: Data collected from the same group over time
-
Experiments:
- The only method to check causal relationships
- Involves independent and dependent variables
- Manipulating the independent variable to observe its effect on the dependent variable
- Example: The impact of product placement on purchase likelihood
- Dependent Variable: Purchase likelihood
- Independent Variable: Placement height (high, medium, low)
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Approaches:
- Personal interviews
- Online surveys
- Mail surveys
-
Evaluation: Consider cost, time, response rate, and potential biases
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Description
This quiz explores key functions and aspects of marketing research, including its importance, methodologies, and hallmarks of good research. Test your knowledge on how effective marketing research connects consumers with marketers and aids in strategic decision-making.
