Marketing Research Methodology

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

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?

Defining the problem

Conducting market surveys (correct)

Preparing and presenting the report

Developing an approach

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?

Consumer behavior Signup and view all the answers

Which is NOT included in the dissemination of information phase?

Data collection Signup and view all the answers

Marketing managers make decisions in all of the following areas EXCEPT:

Product manufacturing Signup and view all the answers

What consequences might arise from the lack of sound information in marketing research?

Incorrect management decisions Signup and view all the answers

What is the first step in the marketing research process?

Defining the problem Signup and view all the answers

Which factor is not under the control of the marketing manager?

general economic conditions Signup and view all the answers

What should guide the decision to conduct marketing research?

Costs versus benefits Signup and view all the answers

When is marketing research advisable?

When the value of information exceeds the cost Signup and view all the answers

What is the primary service offering of field services companies?

Collecting data for research projects Signup and view all the answers

How do syndicated services companies operate?

They collect and sell common pools of data Signup and view all the answers

What do customized services companies provide?

Tailored research procedures Signup and view all the answers

Which industry includes both internal and external suppliers?

Marketing research industry Signup and view all the answers

What type of companies offer full-service marketing research?

Full-service suppliers Signup and view all the answers

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.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

This quiz covers the systematic and objective identification, collection, analysis, and use of information for marketing problem-solving and decision-making.