22 Questions
What is the primary purpose of defining a marketing research problem?
To provide insightful decision-making information
What type of data is previously collected for a different purpose?
Secondary data
What is the ultimate goal of marketing research?
To support decision-making
What is essential for managers to take proper actions?
Insightful decision-making information
What is the main objective of a marketing research problem?
To provide insightful information
Why is marketing research necessary?
To support decision-making
What is the key to efficient information gathering?
Defining a marketing research problem
What is the role of marketing research in decision-making?
To support decision-making
When should marketing research be conducted?
When there is a high level of uncertainty
What is the primary goal of conducting marketing research?
To gather information that is less expensive than its value
What is competitive intelligence?
An intelligence system that helps managers assess their competitors and vendors
What can competitive intelligence help identify?
A competitor's advantage
What is one of the advantages of competitive intelligence?
Predict changes in business relationships
What is a source of competitive intelligence?
All of the above
When should marketing research be conducted according to the value of research information?
When the value of research information exceeds its cost
What is an objective of marketing research?
To make business decisions
What is the primary goal of market research?
To improve knowledge of the market and inform marketing decisions
What type of research involves the analysis of existing data?
Secondary research
What is the primary distinction between market and marketing?
Market refers to the need or want, while marketing refers to the process of satisfying that need
What is the ultimate outcome of conducting market research?
To make better marketing decisions
What is an example of primary research?
Conducting a survey to gather data on consumer preferences
Why is market research essential for large marketing decisions?
Because it ensures that marketing decisions are data-driven
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
Identify the specific information needed to solve a marketing research problem. This quiz tests your knowledge of marketing research and problem-solving techniques.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
