Podcast
Questions and Answers
What is the primary purpose of marketing research?
What is the primary purpose of marketing research?
- To decrease production costs
- To increase social media presence
- To improve advertising campaigns
- To assist management in decision making (correct)
Which task is NOT part of the marketing research process?
Which task is NOT part of the marketing research process?
- Defining the problem
- Conducting market surveys (correct)
- Preparing and presenting the report
- Developing an approach
Which of the following best describes problem identification research?
Which of the following best describes problem identification research?
- Research to measure consumer satisfaction
- Research to develop new marketing strategies
- Research undertaken to identify unseen problems that may arise (correct)
- Research undertaken to find and solve specific problems
Which of these is NOT a controllable marketing variable?
Which of these is NOT a controllable marketing variable?
Which is NOT included in the dissemination of information phase?
Which is NOT included in the dissemination of information phase?
Marketing managers make decisions in all of the following areas EXCEPT:
Marketing managers make decisions in all of the following areas EXCEPT:
What consequences might arise from the lack of sound information in marketing research?
What consequences might arise from the lack of sound information in marketing research?
What is the first step in the marketing research process?
What is the first step in the marketing research process?
Which factor is not under the control of the marketing manager?
Which factor is not under the control of the marketing manager?
What should guide the decision to conduct marketing research?
What should guide the decision to conduct marketing research?
When is marketing research advisable?
When is marketing research advisable?
What is the primary service offering of field services companies?
What is the primary service offering of field services companies?
How do syndicated services companies operate?
How do syndicated services companies operate?
What do customized services companies provide?
What do customized services companies provide?
Which industry includes both internal and external suppliers?
Which industry includes both internal and external suppliers?
What type of companies offer full-service marketing research?
What type of companies offer full-service marketing research?
Study Notes
Definition of Marketing Research
- Marketing research is a systematic and objective process to identify, collect, analyze, disseminate, and use information to assist management in decision making related to marketing problems and opportunities.
Marketing Research Process
- 6-step process: defining the problem, developing an approach, formulating a research design, doing field work, preparing and analyzing data, and preparing and presenting the report.
Problem Identification and Solution
- Problem identification research: identifies hidden problems that may arise in the future.
- Problem solving research: solves specific marketing problems.
Role of Marketing Research
- Provides management with relevant, accurate, reliable, valid, current, and actionable information.
- Assesses information needs and provides necessary data to make informed decisions.
Marketing Managers' Decisions
- Make strategic and tactical decisions to identify and satisfy customers' needs.
- Decisions involve target market selection, market segmentation, planning and implementing marketing programs, marketing performance, and control.
Complications in Decision Making
- Interactions between controllable marketing variables (product, pricing, promotion, distribution).
- Uncontrollable environmental factors (economy, technology, public policies, competition, social and cultural changes).
- Complexity of various customer groups (consumers, employees, channel members, shareholders, suppliers).
Conducting Marketing Research
- Decide to conduct research based on cost-benefit analysis, available resources, and management's attitude towards research.
- Conduct research when expected value of information exceeds the cost of doing the research and there are no serious constraints.
Marketing Research Industry
- Internal suppliers: marketing research departments within firms.
- External suppliers: outside marketing research companies, including full-service, customized, syndicated, internet, limited-service, field, and qualitative services.
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Description
This quiz covers the systematic and objective identification, collection, analysis, and use of information for marketing problem-solving and decision-making.
