Marketing Research Problem
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Questions and Answers

What is the primary purpose of defining a marketing research problem?

  • To avoid using marketing research
  • To gather secondary data
  • To provide insightful decision-making information (correct)
  • To take immediate action

    • What type of data is previously collected for a different purpose?

  • Qualitative data
  • Secondary data (correct)
  • Quantitative data
  • Primary data

    • What is the ultimate goal of marketing research?

  • To gather information
  • To reduce costs
  • To support decision-making (correct)
  • To solve a marketing problem

    • What is essential for managers to take proper actions?

    <p>Insightful decision-making information</p> Signup and view all the answers

    What is the main objective of a marketing research problem?

    <p>To provide insightful information</p> Signup and view all the answers

    Why is marketing research necessary?

    <p>To support decision-making</p> Signup and view all the answers

    What is the key to efficient information gathering?

    <p>Defining a marketing research problem</p> Signup and view all the answers

    What is the role of marketing research in decision-making?

    <p>To support decision-making</p> Signup and view all the answers

    When should marketing research be conducted?

    <p>When there is a high level of uncertainty</p> Signup and view all the answers

    What is the primary goal of conducting marketing research?

    <p>To gather information that is less expensive than its value</p> Signup and view all the answers

    What is competitive intelligence?

    <p>An intelligence system that helps managers assess their competitors and vendors</p> Signup and view all the answers

    What can competitive intelligence help identify?

    <p>A competitor's advantage</p> Signup and view all the answers

    What is one of the advantages of competitive intelligence?

    <p>Predict changes in business relationships</p> Signup and view all the answers

    What is a source of competitive intelligence?

    <p>All of the above</p> Signup and view all the answers

    When should marketing research be conducted according to the value of research information?

    <p>When the value of research information exceeds its cost</p> Signup and view all the answers

    What is an objective of marketing research?

    <p>To make business decisions</p> Signup and view all the answers

    What is the primary goal of market research?

    <p>To improve knowledge of the market and inform marketing decisions</p> Signup and view all the answers

    What type of research involves the analysis of existing data?

    <p>Secondary research</p> Signup and view all the answers

    What is the primary distinction between market and marketing?

    <p>Market refers to the need or want, while marketing refers to the process of satisfying that need</p> Signup and view all the answers

    What is the ultimate outcome of conducting market research?

    <p>To make better marketing decisions</p> Signup and view all the answers

    What is an example of primary research?

    <p>Conducting a survey to gather data on consumer preferences</p> Signup and view all the answers

    Why is market research essential for large marketing decisions?

    <p>Because it ensures that marketing decisions are data-driven</p> Signup and view all the answers

    Study Notes

    Marketing Research

    • Marketing research is needed to solve a specific marketing problem, and its objective should provide insightful decision-making information for managers.
    • Marketing research is a broad-based problem that requires managers to take proper actions.

    Secondary Data

    • Secondary data is previously collected data for any purpose other than the one at hand.

    Purpose of the Course

    • Marketing decisions are based on research and analysis of market researchers.
    • Improved knowledge of the market leads to better understanding of market processes and better marketing decisions.
    • Market research is broader than just conducting surveys and includes secondary research, primary research, and other research methods.

    Market Research Methods

    • Secondary research: desk research, analysis of existing data
    • Primary research: questionnaire methods, quantitative surveys, fieldwork, qualitative market research, observation, experiment, laboratory and field research

    Evaluation

    • The course is evaluated through an assignment (two parts, both graded) and a final exam.

    Market vs. Marketing

    • A market is a specific concept, whereas marketing is a broader concept that involves understanding and creating a market.

    When to Conduct Marketing Research

    • Marketing research should be conducted when there is a high level of uncertainty and when the value of the research information exceeds the cost of generating it.

    Competitive Intelligence

    • Competitive intelligence is an intelligence system that helps managers assess their competition and vendors to become more efficient and effective competitors.
    • It can help identify a competitor's advantage, determine how it was achieved, and provide insights into competitors' strategies.

    Advantages of Competitive Intelligence

    • Predict changes in business relationships
    • Identify marketplace opportunities
    • Guard against threats
    • Forecast a competitor's strategy
    • Discover new or potential competitors
    • Learn from the success or failure of others
    • Learn about new technologies and impact of government regulations

    Sources of Competitive Intelligence

    • Internet
    • UCC Filings
    • Company personnel
    • Suppliers
    • Experts
    • Newspapers/periodicals
    • CI consultants
    • Yellow Pages
    • Government agencies
    • Trade shows

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    Description

    Identify the specific information needed to solve a marketing research problem. This quiz tests your knowledge of marketing research and problem-solving techniques.

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