MRKT 345 EXAM 1 STUDY GUIDE
marketing research definition - Answers -the systematic & objective
-identification
-collection
-analysis
-dissemination
- and use of information
what is the purpose of marketing research - Answers -improving decision making
related to identification and solution of problems and opportunities in marketing
3 functional role of marketing research - Answers -1. descriptive
2. diagnostic
3. predictive
descriptive - Answers -who, what, where, how
*gathering and presentation of statements of fact
ex: what is the historic sales trend in the industry? what are consumers attitudes toward
x product?
diagnostic - Answers -why
*the explanation of data or actions
predictive - Answers -what if
*specification of how to sue descriptive and diagnostic research to predict the results of
a planned marketing decision
marketing strategy - Answers -a plan to guide the long-term use of a firm's resources
based on its existing and projected internal capabilities and on projected changes in the
external environment
2 types of research - Answers -1. basic
2. applied
basic research - Answers -general/expand knowledge
ex: UNL
applied research (3 types) - Answers -solve a specific problem
, 1. programmatic
2. selective
3. evaluative
ex: P&G
programmatic research (applied) - Answers -develop marketing options
ex: ebook -- research found ppl don't distinguish between independent or traditional
publishers and ppl will pay more to bundle an ebook and real book
selective research (applied) - Answers -test decision alternatives
ex: flavor contest for lays & doritos commercial competition
**type of research can backfire (naming of the boat)
evaluative research (applied) - Answers -assess program performance
ex: satisfaction survey
when do you not conduct research? - Answers -1. resources are lacking
2. results would not be useful
3. too late --- decision already made
4. disagreement - what is needed amongst decision makers
5. necessary info already exists
6. costs > benefits
7. consumers don't know the answer
2 determinants of potential benefits for market research - Answers -1. profit margin
2. market size
should you conduct research if:
small market size - small profit margin - Answers -no
***cost>benefit
should you conduct research if:
small market size - large profit margin - Answers -maybe
***learn what you can from existing information prior to making decision to conduct
research
marketing research definition - Answers -the systematic & objective
-identification
-collection
-analysis
-dissemination
- and use of information
what is the purpose of marketing research - Answers -improving decision making
related to identification and solution of problems and opportunities in marketing
3 functional role of marketing research - Answers -1. descriptive
2. diagnostic
3. predictive
descriptive - Answers -who, what, where, how
*gathering and presentation of statements of fact
ex: what is the historic sales trend in the industry? what are consumers attitudes toward
x product?
diagnostic - Answers -why
*the explanation of data or actions
predictive - Answers -what if
*specification of how to sue descriptive and diagnostic research to predict the results of
a planned marketing decision
marketing strategy - Answers -a plan to guide the long-term use of a firm's resources
based on its existing and projected internal capabilities and on projected changes in the
external environment
2 types of research - Answers -1. basic
2. applied
basic research - Answers -general/expand knowledge
ex: UNL
applied research (3 types) - Answers -solve a specific problem
, 1. programmatic
2. selective
3. evaluative
ex: P&G
programmatic research (applied) - Answers -develop marketing options
ex: ebook -- research found ppl don't distinguish between independent or traditional
publishers and ppl will pay more to bundle an ebook and real book
selective research (applied) - Answers -test decision alternatives
ex: flavor contest for lays & doritos commercial competition
**type of research can backfire (naming of the boat)
evaluative research (applied) - Answers -assess program performance
ex: satisfaction survey
when do you not conduct research? - Answers -1. resources are lacking
2. results would not be useful
3. too late --- decision already made
4. disagreement - what is needed amongst decision makers
5. necessary info already exists
6. costs > benefits
7. consumers don't know the answer
2 determinants of potential benefits for market research - Answers -1. profit margin
2. market size
should you conduct research if:
small market size - small profit margin - Answers -no
***cost>benefit
should you conduct research if:
small market size - large profit margin - Answers -maybe
***learn what you can from existing information prior to making decision to conduct
research
