MKTG 409 EXAM 2 QUESTIONS AND ANSWERS
what is marketing research? why is it important? - Answers - Marketing research is the
systematic design, collection, interpretation, and reporting of information to help
marketers solve specific marketing problems or take advantage of marketing
opportunities.
its important to inform an organization about customers needs and desires, marketing
opportunities for products, and changing attitudes and purchase patterns of customers.
Describe the 5 steps in the marketing research process - Answers - 1) locating and
defining problems or issues,
2) designing the research product,
3)collecting data,
4) interpreting research findings,
5)reporting research findings
what is the difference between defining a research problem and developing a
hypothesis? - Answers - Defining a research problem: focuses on uncovering the nature
and boundaries of a situation or question related to marketing strategy or
implementation.
developing a hypothesis: an informed guess or assumption about a certain problem or
set of circumstances
describe the different types of approaches to marketing research, and indicate when
each should be used - Answers - 1) finding a way to adjust for the biases uncovered
when gathering data from existing customers
2) developing methods for gathering information to help find new customers.
where are data for marketing research obtained? give examples of internal and external
data - Answers - Data collection comes from primary and secondary sources.
Primary: are observed and recorded or collected directly from the respondents.
observing phenomena or surveying people of interest.
secondary: compiled both inside and outside the organization for some purpose other
than the current investigation.
- internatal --> organizations own database
- external --> trade associations, periodicals, government publications, unpublished
sources, and online databases.
what is the difference between probability sampling and nonprobability sampling? in
which situation would sampling be best? stratified? quota sampling? - Answers -
sampling: the process of selecting representative units from a total population
non-probability sampling: sampling technique in which there is no way to calculate the
likelihood that a specific element of the population being studied will be chosen
- sampling would best be used when trying to gauge response of a general population
, - stratified sampling would best be used when focusing a product on a specific group of
people
- quota sampling would best be used when you need an equal representation from all
sides (eye glasses for both men and women)
If a survey of all homes with listed telephone numbers is to be conducted, what
sampling design should be used? - Answers - telephone survey
stratified since it is biased to homes who have telephones
what is a marketing information system and what should it provide? - Answers - MIS is a
framework for the day-to-day management and structuring of information gathered
regularly from sources both inside and outside the organization.
provides a continuous flow of information about prices, advertising expenditures, sales,
competition, and distribution expenses
define database. What is its purpose, and what does it include? - Answers - a collection
of information arranged for easy access and retrieval.
allows marketers to tap into an abundance of information useful in making marketing
decisions (internal sales report, newspaper articles, company news releases, etc)
what is big data? why is it important to marketing research? - Answers - Involves
massive data files that can be obtained from both structural and unstructured databases
consists of high volume data that marketers can use to discover unique insights and
make more knowledgeable marketing decisions
how can marketers use online services and the internet to obtain information for
decision making? - Answers - MDSS is customized computer software that aids
marketing managers in decision making by helping them anticipate the effects of certain
decisions. Linked to the availability of big data and marketing analytics
is a personal computer sold at a retail store a consumer product or a business product?
- Answers - business product, because it is being resold
business product: bought to use in a firms operations, to resell, or to make other
products
how do convenience products and shopping products differ? what are the distinguishing
characteristics of each type of product? - Answers - convenience products: relatively
inexpensive, frequently purchased items for which buyers exert only minimal purchasing
effort.
Shopping products: items for which buyers are willing to expend considerable effort in
planning and making the purchase.
how does an organizations product mix relate to its development of a product line? -
Answers - a product mix is the composite, or total, group of products that an
what is marketing research? why is it important? - Answers - Marketing research is the
systematic design, collection, interpretation, and reporting of information to help
marketers solve specific marketing problems or take advantage of marketing
opportunities.
its important to inform an organization about customers needs and desires, marketing
opportunities for products, and changing attitudes and purchase patterns of customers.
Describe the 5 steps in the marketing research process - Answers - 1) locating and
defining problems or issues,
2) designing the research product,
3)collecting data,
4) interpreting research findings,
5)reporting research findings
what is the difference between defining a research problem and developing a
hypothesis? - Answers - Defining a research problem: focuses on uncovering the nature
and boundaries of a situation or question related to marketing strategy or
implementation.
developing a hypothesis: an informed guess or assumption about a certain problem or
set of circumstances
describe the different types of approaches to marketing research, and indicate when
each should be used - Answers - 1) finding a way to adjust for the biases uncovered
when gathering data from existing customers
2) developing methods for gathering information to help find new customers.
where are data for marketing research obtained? give examples of internal and external
data - Answers - Data collection comes from primary and secondary sources.
Primary: are observed and recorded or collected directly from the respondents.
observing phenomena or surveying people of interest.
secondary: compiled both inside and outside the organization for some purpose other
than the current investigation.
- internatal --> organizations own database
- external --> trade associations, periodicals, government publications, unpublished
sources, and online databases.
what is the difference between probability sampling and nonprobability sampling? in
which situation would sampling be best? stratified? quota sampling? - Answers -
sampling: the process of selecting representative units from a total population
non-probability sampling: sampling technique in which there is no way to calculate the
likelihood that a specific element of the population being studied will be chosen
- sampling would best be used when trying to gauge response of a general population
, - stratified sampling would best be used when focusing a product on a specific group of
people
- quota sampling would best be used when you need an equal representation from all
sides (eye glasses for both men and women)
If a survey of all homes with listed telephone numbers is to be conducted, what
sampling design should be used? - Answers - telephone survey
stratified since it is biased to homes who have telephones
what is a marketing information system and what should it provide? - Answers - MIS is a
framework for the day-to-day management and structuring of information gathered
regularly from sources both inside and outside the organization.
provides a continuous flow of information about prices, advertising expenditures, sales,
competition, and distribution expenses
define database. What is its purpose, and what does it include? - Answers - a collection
of information arranged for easy access and retrieval.
allows marketers to tap into an abundance of information useful in making marketing
decisions (internal sales report, newspaper articles, company news releases, etc)
what is big data? why is it important to marketing research? - Answers - Involves
massive data files that can be obtained from both structural and unstructured databases
consists of high volume data that marketers can use to discover unique insights and
make more knowledgeable marketing decisions
how can marketers use online services and the internet to obtain information for
decision making? - Answers - MDSS is customized computer software that aids
marketing managers in decision making by helping them anticipate the effects of certain
decisions. Linked to the availability of big data and marketing analytics
is a personal computer sold at a retail store a consumer product or a business product?
- Answers - business product, because it is being resold
business product: bought to use in a firms operations, to resell, or to make other
products
how do convenience products and shopping products differ? what are the distinguishing
characteristics of each type of product? - Answers - convenience products: relatively
inexpensive, frequently purchased items for which buyers exert only minimal purchasing
effort.
Shopping products: items for which buyers are willing to expend considerable effort in
planning and making the purchase.
how does an organizations product mix relate to its development of a product line? -
Answers - a product mix is the composite, or total, group of products that an
