MARK 201 Exam 2 Questions with Correct Answers Latest Update 2025/2026
Marketing research - Answers The process of defining a marketing problem or opportunity,
systematically collecting and analyzing information, and recommending actions.
5-step marketing research approach - Answers 1. Define the problem → 2. Develop the research
plan → 3. Collect relevant information → 4. Develop findings → 5. Take marketing actions.
Iceberg principle - Answers The idea that most marketing problems' causes lie below the
surface—unseen without proper research.
Exploratory research design - Answers Used to gather preliminary information to help define
problems and suggest hypotheses.
Descriptive research design - Answers Describes characteristics of a population or
phenomenon (e.g., who buys, what they buy, when).
Causal research design - Answers Determines cause-and-effect relationships between variables.
Data - Answers Facts and figures related to the problem.
Primary data - Answers Data collected specifically for the current research problem.
Observational data - Answers Facts and figures obtained by watching how people actually
behave.
Questionnaire/survey data - Answers Data collected by asking people directly about their
attitudes, intentions, or behaviors.
Focus group - Answers A small group discussion guided by a moderator to gain insights into
consumer perceptions.
Likert scale - Answers Measures agreement with statements (e.g., strongly agree → strongly
disagree).
Experiment - Answers Involves changing one variable (independent) and seeing its effect on
another (dependent).
Test market - Answers Introducing a product in a limited area to gauge potential success.
Market segmentation - Answers Dividing the total market into smaller groups with common
needs and characteristics.
Market segments - Answers Groups of consumers who respond similarly to marketing actions.
Product differentiation - Answers Creating real or perceived differences between products.
Market-product grid - Answers A framework to relate market segments to products offered.
Marketing research - Answers The process of defining a marketing problem or opportunity,
systematically collecting and analyzing information, and recommending actions.
5-step marketing research approach - Answers 1. Define the problem → 2. Develop the research
plan → 3. Collect relevant information → 4. Develop findings → 5. Take marketing actions.
Iceberg principle - Answers The idea that most marketing problems' causes lie below the
surface—unseen without proper research.
Exploratory research design - Answers Used to gather preliminary information to help define
problems and suggest hypotheses.
Descriptive research design - Answers Describes characteristics of a population or
phenomenon (e.g., who buys, what they buy, when).
Causal research design - Answers Determines cause-and-effect relationships between variables.
Data - Answers Facts and figures related to the problem.
Primary data - Answers Data collected specifically for the current research problem.
Observational data - Answers Facts and figures obtained by watching how people actually
behave.
Questionnaire/survey data - Answers Data collected by asking people directly about their
attitudes, intentions, or behaviors.
Focus group - Answers A small group discussion guided by a moderator to gain insights into
consumer perceptions.
Likert scale - Answers Measures agreement with statements (e.g., strongly agree → strongly
disagree).
Experiment - Answers Involves changing one variable (independent) and seeing its effect on
another (dependent).
Test market - Answers Introducing a product in a limited area to gauge potential success.
Market segmentation - Answers Dividing the total market into smaller groups with common
needs and characteristics.
Market segments - Answers Groups of consumers who respond similarly to marketing actions.
Product differentiation - Answers Creating real or perceived differences between products.
Market-product grid - Answers A framework to relate market segments to products offered.
