22 Questions
What is the primary purpose of market research in marketing decision making?
To understand the market and resolve a research problem
Which of the following is NOT a type of force that influences marketing organizations?
Financial forces
What is the primary focus of environmental forces in marketing?
Natural disasters and climate change
What is the role of laws and regulations in marketing?
To specify what marketing organizations can and cannot legally do
What is the primary benefit of conducting market research?
To better understand the market and resolve a research problem
What is the primary focus of technological forces in marketing?
Providing better ways of doing things and changing customer expectations
What is the primary purpose of market research in market segmentation?
To inform decisions on product, price, promotion, and place
Which type of research is used to solve a particular and well-defined problem?
Descriptive research
What is the purpose of a research brief in market research?
To state the research problem, information required, and project conditions
What is the outcome of causal research?
A particular variable is proven to cause a specific outcome
What is the primary purpose of a marketing information system (MIS)?
To manage information gathered during organisational operations
What is the purpose of exploratory research?
To gather more information about a loosely defined problem
What is the purpose of defining a research problem in market research?
To guide a market research project
What is a hypothesis in market research?
A tentative explanation that can be tested
What type of data is collected specifically for the current market research project?
Primary data
What is the purpose of data mining?
To identify patterns and trends in large data sets
Which type of research collects information that can be represented numerically?
Quantitative research
What is the purpose of probability sampling?
To ensure every member of the population has an equal chance of being selected
What is the process of choosing members of the total population called?
Sampling
What is the main goal of marketing management?
To understand the market and plan market activities
What is a marketing plan?
A document communicating how to achieve marketing objectives
What is the term for the difference between the results from the sample and the results from the entire population?
Sampling error
Study Notes
Marketing Research and Planning
- Market research is the collection of data to help better understand the market to resolve a research problem and achieve the goals of the marketing plan.
Research Process
- Define the research problem to guide a market research project
- Designing the research methodology: planning how to conduct the data
- Types of research: exploratory, descriptive, and causal
- Collecting data
- Analyzing data and drawing conclusions
- Presenting the results and making recommendations
Market Information System (MIS)
- A system that manages information gathered during operations of the organization (e.g., sales, purchases, promotions, costs, accounting, etc.)
Research Problem and Brief
- Research problem: the question that the market research project is intended to answer
- Research brief: a set of instructions that states the research problem, the information required, and specifies the timeframe, budget, and other conditions of the project
Forces Affecting Market Research
- Technological forces: provide better ways of doing things, change customer expectations and behaviors
- Environmental forces: natural disasters, weather, climate change, growing ecological awareness, and social changes influence how firms operate
- Laws and regulations: govern what marketing organizations can and cannot legally do (e.g., privacy, fair trading, consumer safety, prices, contract terms, and intellectual property)
Data Collection and Analysis
- Primary data: collected specifically for the current market research project
- Secondary data: originally gathered or recorded for a purpose other than to address the current market research problem
- Data mining: processing large data sets to identify patterns and trends
- Quantitative research: collects information that can be represented numerically
- Qualitative research: obtains rich, deep, and detailed information about consumer attitudes and emotions
- Sampling: choosing members of the total population (probability and non-probability sampling)
- Sampling error: the extent to which the results from the sample differ from the results that would be obtained from the entire population
Marketing Management and Planning
- Marketing management: understanding the market, and planning, implementing, and evaluating market activities
- Marketing plan: communicates how the team plans to achieve its goals, creating value, communicating the offering, and delivering the offering to the market
This quiz covers the basics of marketing research, including defining the research problem, designing research methodology, and understanding different types of research such as exploratory and descriptive research.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
