Marketing Research Overview

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Questions and Answers

What is marketing research?

An analysis of competitors

The process of planning, collecting, and analyzing data relevant to a marketing decision (correct)

A method for predicting future sales

A technique to enhance customer service

What are the three roles of marketing research?

Descriptive, diagnostic, predictive

What does descriptive research include?

Gathering and presenting factual statements.

What is the purpose of diagnostic research?

To explain data and determine impacts on sales. Signup and view all the answers

What are 'what if' questions addressed in marketing research?

Predictive research. Signup and view all the answers

How does marketing research help managers?

Improves quality of decision-making, helps trace problems, and understands relationships. Signup and view all the answers

What role does research enable decision makers to do?

Gather data on the current marketing mix Signup and view all the answers

What is scanner-based research?

A system for continuously monitoring buying behaviors. Signup and view all the answers

What is 'infoscan'?

A scanner-based sales-tracking service for the consumer packaged-goods industry. Signup and view all the answers

What does neuromarketing study?

The body's responses to marketing stimuli. Signup and view all the answers

What is the first step in the marketing research process?

Identify and formulate the problem/opportunity to be studied. Signup and view all the answers

What kind of data is secondary data?

Data previously collected for other purposes Signup and view all the answers

What is primary data?

Information collected for the first time for a specific research purpose. Signup and view all the answers

What type of research determines the market for a new product?

Survey research Signup and view all the answers

Which data gathering technique involves in-depth interviews?

Qualitative data gathering Signup and view all the answers

Survey research is the least popular technique for gathering primary data.

False Signup and view all the answers

What is competitive intelligence?

An intelligence system that helps managers assess their competition. Signup and view all the answers

Match the following research types with their definitions:

Ethnographic = Study of human behavior in its natural context Survey = Technique for gathering primary data through interactions Neuromarketing = Studies bodily responses to marketing stimuli Secondary Data = Data previously collected for other purposes Signup and view all the answers

Study Notes

Marketing Research Overview

Marketing research involves planning, collecting, and analyzing data relevant to marketing decisions.
The primary roles of marketing research are descriptive, diagnostic, and predictive.

Types of Market Research

Descriptive Research: Gathers and presents factual statements, such as sales trends and consumer attitudes.
Diagnostic Research: Explains data, helping determine factors impacting sales, like changes in packaging.
Predictive Research: Addresses "what if" scenarios, aiding in forecasting outcomes based on current data.

Benefits for Managers

Enhances quality of decision-making by providing detailed insights and tracing problems.
Facilitates understanding complex relationships among market factors.
Aids in effectively serving current and future customer needs.

Research Process

Identifying and formulating the problem or opportunity is the first step in the marketing research process.
Research design specifies questions to be answered, data gathering methods, and analysis timelines.
Steps include collecting secondary data before progressing to primary data collection.

Data Types

Primary Data: Information collected for the first time to address specific research problems.
Secondary Data: Previously collected data for different purposes, useful for background information.
Big Data: Rapidly growing data in various formats requiring advanced analysis tools.

Research Methods

Survey Research: Major technique for gathering primary data, involving direct interaction with respondents.
Scanner-Based Research: Monitors purchasing behavior through continuous analysis of sales data.
Ethnographic Research: Observes human behavior in natural settings for qualitative insights.

Sampling Techniques

Probability Sample: Ensures every population element has a known chance of selection.
Nonprobability Sample: Lacks random selection, potentially yielding bias.

Common Challenges

Types of errors in research include measurement, sampling, frame, and random errors.

Additional Concepts

Neuromarketing: Analyzes biological responses to marketing stimuli.
Competitive Intelligence: Assesses competition to improve strategic positioning and efficiency.
Web Community: Engages consumers in ongoing dialogue with brands, fostering loyalty and feedback.

Qualitative vs Quantitative Data

Quantitative Data: Captures "what" through numerical data, suitable for statistical analysis (e.g., online surveys).
Qualitative Data: Explores "why" through in-depth opinions and attitudes, gathered via focus groups and interviews.

Practical Applications

Example: The Atlanta Falcons used marketing research to identify factors behind poor game attendance, illustrating the descriptive role of research.
The Boston Symphony Orchestra used predictive research to assess the potential success of targeting a younger audience through social media.

Online Survey Conduct

Methods include web survey systems and online panel providers, facilitating broad data collection efficiently.

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Description

This quiz covers the essential concepts of marketing research, including its purpose, types, and the benefits it offers to managers. You'll explore descriptive, diagnostic, and predictive research, and understand how these elements enhance decision-making strategies. Test your knowledge on the marketing research process and its implications for business.