Marketing Research Process: Defining the Problem Quiz

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What is the most important step in the marketing research process?

Recognizing the problem failure to meet an objective

Defining the problem (correct)

Identification of an opportunity

Decrease in sales

What occurs when there is a gap between what did happen and what could have happened?

Identification of an opportunity (correct)

Defining the problem

Decrease in sales

Failure to meet an objective

What does KPI stand for in the context of marketing?

KPIs does not stand for anything

Knowledgeable Performance Indicators

Key Performance Indicators (correct)

Key Positioning Indicators

What represents a failure to realize a "favorable circumstance or chance for progress or advancement?"

Marketing opportunity Signup and view all the answers

Which step is crucial to ensure that opportunities are found and evaluated?

Recognition of the problem Signup and view all the answers

What happens if the problem is defined incorrectly in the marketing research process?

The rest of the steps in the research process will be fundamentally flawed Signup and view all the answers

What are examples of key performance indicators (KPIs)?

"All of the above" Signup and view all the answers

What is the purpose of Step 1 in the marketing research process?

To establish the need for marketing research Signup and view all the answers

Why might the cost of information outweigh its value?

Managers may already have adequate information for decision-making Signup and view all the answers

Which step involves determining the methods of accessing data?

Step 6 Signup and view all the answers

In which step is the sample plan and size determined?

Step 8 Signup and view all the answers

What is a caveat mentioned in the text regarding the marketing research process?

Not all studies use all 11 steps Signup and view all the answers

When might marketing research not be needed according to the text?

When managers already have sufficient information for decision-making Signup and view all the answers

What is the main reason for establishing the need for marketing research?

To ensure that decisions are based on adequate information Signup and view all the answers

What is the purpose of undertaking validation in a marketing research study?

To ensure that fieldworkers are accurately collecting data Signup and view all the answers

What is the primary objective of data analysis in marketing research?

To present data using statistical tools Signup and view all the answers

What is the industry standard for validation in a marketing research study?

10% of all respondents Signup and view all the answers

Why is communicating the results considered one of the most important phases of marketing research?

To properly communicate the results to the client Signup and view all the answers

What does the term 'validation' refer to in marketing research?

Randomly selecting and re-contacting 10% of respondents Signup and view all the answers

What is the main reason for using statistical tools in data analysis in marketing research?

To present data in a form that fulfills the research objectives Signup and view all the answers

What aspect of marketing research aims to minimize the possibility of fraudulent data collection by fieldworkers?

Validation Signup and view all the answers

What is the purpose of a situation analysis?

To gather background information and data Signup and view all the answers

What is the first step in a situation analysis according to the text?

Learning about the industry Signup and view all the answers

Which method involves discussions with knowledgeable persons inside and outside the firm?

Experience surveys Signup and view all the answers

What is the purpose of clarifying symptoms in problem diagnosis?

To avoid confusion between symptoms and problems Signup and view all the answers

What should a researcher consider when conducting a situation analysis for declining sales?

Target markets and major competitors Signup and view all the answers

What type of research is a situation analysis considered to be?

Exploratory research Signup and view all the answers

What does a situation analysis reveal about declining sales?

It is due to a combination of factors Signup and view all the answers

What is the main focus of conducting case analyses during a situation analysis?

Reviewing examples of former, similar situations Signup and view all the answers

What should be the researcher's next step after learning about the industry in a situation analysis for declining sales?

Moving to the company itself Signup and view all the answers