Understanding the Need for Marketing Research
Types of purchases that satisfy wants but are not essential.
What are Discretionary Purchases?
An organized method of collecting, storing, analyzing, and retrieving information to improve the effectiveness and efficiency of marketing decisions.
What is Marketing Information System (MkIS)?
First step in implementing a marketing research study.
What is Define the Problem?
A carefully designed and controlled situation in which all important factors are the same except the one being studied.
What is Experiment?
Information already collected for another purpose that can be used to solve the current problem.
What is Secondary Data?
Gender and occupation are examples of which one of the 3 general categories of information needed by businesses for making effective marketing decisions?
What is Consumer Information?
Type of information that provided an understanding of factors outside of an organization.
What is External Information?
Two factors managers consider in deciding whether to use research to study a problem.
What are
How much risk is the business facing from the problem?
How much time and money is needed to gather the information?
Small number of people brought together to discuss identified elements of an issue or problem.
What is Focus Group?
The Wall Street Journal is the main source of what kind of information for most businesses.
What is External?
Three general categories of information needed by businesses for making effective marketing decisions.
What is Consumer Information, Marketing Mix Information, and Information About Business Environment?
Three sources of internal information that can be useful for marketing decision making.
What are Customer Records and Sales Information, Production and Operations Reports, and Performance Information?
Three things a marketer should identify once a problem has been clearly defined.
What are What is already known about the problem, What information is currently available, and What possible solutions have already been attempted?
Collects information by recording actions without interacting or communicating with the participant.
What is Observation?
Three major credit reporting agencies for consumer credit.
What are Experian, Equifax, and TransUnion?
Type of competition and economic conditions are examples of which one of the 3 general categories of information needed by businesses for making effective marketing decisions?
What is Business Environment?
Five elements of an effective marketing information system (MkIS).
What are Input, Storage, Analysis, Output, and Decision Making?
Two important things to remember when preparing a research report.
What is
Know the person receiving it.
Clearly describe the purpose of the study and the research procedures used.
The result of analysis given to decision makers.
What is Output?
For managers and other decision makers, which of the five elements of an MkIS is the most important?
What is Output?
Two major reasons a business should collect information about its market.
What are
Improves the decisions of the businesses
Reduces the risk of decision making
Customers were asked to rate a product on a scale of 1 (terrible) to 5 (perfect). The following results were obtained:
20 people rated the product a 1
45 people rated the product a 2
30 people rated the product a 3
35 people rated the product a 4
15 people rated the product a 5
What is the product's mode rating?
What is 2?
The mode is the number that occurs most frequently.
A research company selects a sample of 510 people out of a population of 7,500. What percentage of the population makes up the sample?
What is 6.8%?
510/7500 = .068
5 people rated the product a 1
30 people rated the product a 2
55 people rated the product a 3
45 people rated the product a 4
20 people rated the product a 5
What is the product’s average rating? (Round your answer to one decimal place.)
What is 3.3?
510 rating responses/155 people = 3.29
The four solutions Nielsen offers customers.
What are Audience measurement; Media planning; Market optimization; and Gracenote content metadata?