Podcast
Questions and Answers
What is the primary purpose of defining a marketing research problem?
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?
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?
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?
What is essential for managers to take proper actions?
What is the main objective of a marketing research problem?
What is the main objective of a marketing research problem?
Why is marketing research necessary?
Why is marketing research necessary?
What is the key to efficient information gathering?
What is the key to efficient information gathering?
What is the role of marketing research in decision-making?
What is the role of marketing research in decision-making?
When should marketing research be conducted?
When should marketing research be conducted?
What is the primary goal of conducting marketing research?
What is the primary goal of conducting marketing research?
What is competitive intelligence?
What is competitive intelligence?
What can competitive intelligence help identify?
What can competitive intelligence help identify?
What is one of the advantages of competitive intelligence?
What is one of the advantages of competitive intelligence?
What is a source of competitive intelligence?
What is a source of competitive intelligence?
When should marketing research be conducted according to the value of research information?
When should marketing research be conducted according to the value of research information?
What is an objective of marketing research?
What is an objective of marketing research?
What is the primary goal of market research?
What is the primary goal of market research?
What type of research involves the analysis of existing data?
What type of research involves the analysis of existing data?
What is the primary distinction between market and marketing?
What is the primary distinction between market and marketing?
What is the ultimate outcome of conducting market research?
What is the ultimate outcome of conducting market research?
What is an example of primary research?
What is an example of primary research?
Why is market research essential for large marketing decisions?
Why is market research essential for large marketing decisions?
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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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