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Questions and Answers
What is a major disadvantage of using face-to-face interviews?
What is a major disadvantage of using face-to-face interviews?
Which method is described as having a high cost per respondent?
Which method is described as having a high cost per respondent?
What is a benefit of telephone interviews?
What is a benefit of telephone interviews?
Why might respondents prefer web surveys?
Why might respondents prefer web surveys?
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What is a limitation faced by group interviewing methods?
What is a limitation faced by group interviewing methods?
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Which is a notable challenge of mail questionnaires?
Which is a notable challenge of mail questionnaires?
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What does the cost-effectiveness of electronic surveys depend on?
What does the cost-effectiveness of electronic surveys depend on?
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Why is individual interviewing considered more flexible than mail questionnaires?
Why is individual interviewing considered more flexible than mail questionnaires?
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What is the primary purpose of conducting marketing research?
What is the primary purpose of conducting marketing research?
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Which step in the marketing research process involves identifying the issue to be studied?
Which step in the marketing research process involves identifying the issue to be studied?
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Which is a challenge often faced when formulating a problem statement in marketing research?
Which is a challenge often faced when formulating a problem statement in marketing research?
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What type of research is used to generate possible explanations for a marketing issue?
What type of research is used to generate possible explanations for a marketing issue?
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What is a crucial factor marketers must consider when obtaining information?
What is a crucial factor marketers must consider when obtaining information?
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Which of the following is NOT a type of marketing research mentioned?
Which of the following is NOT a type of marketing research mentioned?
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Why is speed and agility important for marketers?
Why is speed and agility important for marketers?
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What should marketers emphasize when collecting data during the research process?
What should marketers emphasize when collecting data during the research process?
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What is the first step in the marketing research process?
What is the first step in the marketing research process?
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What are the two main types of data that can be collected in the marketing research process?
What are the two main types of data that can be collected in the marketing research process?
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Who primarily benefits from the Marketing Information System (MIS)?
Who primarily benefits from the Marketing Information System (MIS)?
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Which type of research objective focuses on identifying consumer preferences?
Which type of research objective focuses on identifying consumer preferences?
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What is the role of the MIS in the research process?
What is the role of the MIS in the research process?
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Which step comes after developing a research plan in the marketing research process?
Which step comes after developing a research plan in the marketing research process?
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What can cause the need for collecting primary data?
What can cause the need for collecting primary data?
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What is the primary focus of a Marketing Information System (MIS)?
What is the primary focus of a Marketing Information System (MIS)?
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How is the success of an MIS mainly measured?
How is the success of an MIS mainly measured?
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Which statement best describes Customer Relationship Management (CRM)?
Which statement best describes Customer Relationship Management (CRM)?
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What aspect of CRM contributes to its effectiveness in businesses?
What aspect of CRM contributes to its effectiveness in businesses?
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What is a consequence of the explosion of information technologies in marketing?
What is a consequence of the explosion of information technologies in marketing?
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How do people and procedures support the Marketing Information System?
How do people and procedures support the Marketing Information System?
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What does 'Big Data' refer to in the context of marketing?
What does 'Big Data' refer to in the context of marketing?
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What critical function must decision-makers perform in relation to the information generated by MIS?
What critical function must decision-makers perform in relation to the information generated by MIS?
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Why can't CRM alone ensure business success?
Why can't CRM alone ensure business success?
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What is the primary purpose of marketing research?
What is the primary purpose of marketing research?
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Which of the following best defines marketing research?
Which of the following best defines marketing research?
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Which step is NOT part of the marketing research process?
Which step is NOT part of the marketing research process?
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Why is marketing research essential for businesses?
Why is marketing research essential for businesses?
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Which component is included in a marketing information system?
Which component is included in a marketing information system?
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What special issues do marketing researchers often face?
What special issues do marketing researchers often face?
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What can marketing research assess regarding new products?
What can marketing research assess regarding new products?
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Which statement accurately reflects the role of marketing research in understanding customer behavior?
Which statement accurately reflects the role of marketing research in understanding customer behavior?
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What is the primary role of marketing intermediaries in the distribution process?
What is the primary role of marketing intermediaries in the distribution process?
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Which of the following is NOT a type of marketing intermediary?
Which of the following is NOT a type of marketing intermediary?
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What is a key benefit of customer relationship management (CRM)?
What is a key benefit of customer relationship management (CRM)?
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Which of the following statements about emotional connections in branding is accurate?
Which of the following statements about emotional connections in branding is accurate?
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How can small organizations conduct marketing research without significant costs?
How can small organizations conduct marketing research without significant costs?
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What is one of the functions of customer relationship management (CRM)?
What is one of the functions of customer relationship management (CRM)?
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In what way could marketing intermediaries specifically help an online business like Markwin Electronics?
In what way could marketing intermediaries specifically help an online business like Markwin Electronics?
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Which type of research focuses on collecting specific information about customer behaviors and preferences?
Which type of research focuses on collecting specific information about customer behaviors and preferences?
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Study Notes
Marketing Research and Managing Marketing Information
- Marketing research is a systematic process of designing, collecting, interpreting, and reporting information to help marketers address specific problems or capitalize on opportunities.
- Marketing research is a process that collects information which isn't readily available to decision-makers.
- Purpose of marketing research includes understanding customer needs, desires, opportunities for goods & services, and changing attitudes/purchasing behaviors.
- Importance of marketing research: understanding marketing opportunities, evaluating success potential for new products, and assessing the viability of marketing strategies.
- Marketing research is needed to develop marketing mixes to meet customer needs.
- The value of marketing research is measured by improvements in a marketer's capability to make decisions.
- Marketers should weigh the cost of obtaining information against the potential benefits.
- Information is considered worthwhile if it improves the ability to satisfy customers, increases sales and profits, or achieves other desired company goals.
Marketing Research Process
- Defining the problem and research objectives.
- Designing the research plan.
- Implementing the research plan.
- Interpreting and reporting findings.
Defining the Problem & Research Objectives
- The initial step is crucial; it involves recognizing the problem and defining research objectives
- Difficulty in identifying problems, recognizing them, and developing precise problem statements common.
- A tendency to confuse problems with symptoms is common.
- Problems and symptoms should be distinguished; a problem demands action, whilst a symptom is evidence of a problem.
Types of Research
- Exploratory research: used to uncover ideas and insights, identify areas for further clarification, and gather preliminary information to define the problem area more precisely.
- Descriptive research: used to describe the characteristics of the population or a phenomenon, and to estimate the proportion of a population that exhibits a certain behavior or characteristic; it aims to identify and articulate relationships between or among variables, such as frequency of purchase or relationship between variables
- Causal research: used to determine cause-and-effect relationships between variables, such as the impact of a new advertising campaign on sales or the effect of price changes on consumer purchasing behavior.
Designing the Research Plan
- Determining the specifics of the information required, outlining data gathering methods, outlining sampling plans, and measuring tools are key components.
- Two types of data: primary (obtained directly from respondents) and secondary (already collected by third parties; used initially to guide primary data collection and for exploratory inquiries).
- Sources of data can be internal (company records) or external (market research firms).
Methods of Data Collection
- Questionnaires (open-ended and closed-ended questions).
- Observations (observe consumer behavior).
- Experiments (test cause-and-effect relationships).
- Mediums used for questionnaires: mail, telephone, face-to-face, and online.
Sampling Design
- Probability sampling methods: Simple random sampling, systematic sampling, Cluster sampling, Stratified sampling.
- Non-probability sampling methods: Judgement sampling, convenience sampling, quota sampling.
Research Instruments
- Questionnaires, mechanical devices (e.g., barcode scanners in retail settings), and other methods to capture and monitor consumer behavior.
Implementing The Research Plan
- Marketing research proceeds to action based on the plan, involving data collection, processing, and analysis.
- Errors during data collection can impact the analysis.
- Analyzing collected data and separating findings is needed.
- Checking the accuracy of data, its completeness, and coding it for analysis.
- Tabulating data and computing statistical measures for analysis
Interpreting and Reporting Findings
- Findings are interpreted and conclusions drawn, to be reported to management.
- Important research findings are presented for major decisions.
- Research findings need to be discussed with marketing managers to determine how to best interpret them; this aids in developing optimal interpretations and maximizing outcomes.
- Conclusions and recommendations for management need to be communicated in the findings.
Marketing Information Systems (MIS)
- A framework managing information for day-to-day management.
- Sources include firm's internal databases, market intelligence, and market research
- Provides continuous updates on sales, prices, and distribution expenses.
Customer Relationship Management (CRM)
- System for managing customer data for improved customer loyalty.
- CRM is more than just technology; it necessitates appropriate use and application of data to determine its success.
Big Data and Marketing Analytics
- The explosion of data offers opportunities but also overwhelm management.
- Gathering and managing massive datasets (big data) is an essential business task
- Analytical tools and methods are applied to gain customer insights (marketing analytics).
Issues in Marketing Research
- Small businesses may struggle with budget constraints for conducting substantial research.
- International marketing research requires additional considerations in dealing with varied cultures and markets when gathering market information and executing strategic business plans; information isn't as readily available in foreign markets.
Defining Marketing Information System (MIS) & Its Parts
- A structured system for gathering, organizing, and distributing information in support of daily management and decision-making within a specific organization.
- Sources of information include internal databases, market intelligence, and market research.
- The system's purpose is to collect, analyze, and deliver information to aid in customer insights and better business decisions.
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Description
This quiz focuses on the systematic process of marketing research and the management of marketing information. It covers the significance of understanding customer needs, evaluating marketing strategies, and the value of research in decision-making. Test your knowledge on how marketing research aids in developing effective marketing mixes.
