MKT 340, UKY EXAM 1 QUESTIONS WITH
ACCURATE ANSWERS
What is Marketing? - ANSWER A process to create value to customers and
manage relationships with them
What is the ultimate goal of marketing? - ANSWER To create exchanges between
customers and organizations
Why do firms conduct marketing research? - ANSWER To reduce uncertainty. It
is marketing's most critical function
Helps focus decision making.
MR is a systematic and objective process of generating info. for aid in making
marketing decisions.
What is the "right principal" that marketers use? - ANSWER Get the right
product to the right people at the right place at the right time at the right price
using the right promotion techniques
Entry Level Marketing research - ANSWER Speaking the marketing language
"data talks, fluff walks"
Better managerial recommendations - collect, understand, and communicate
data to create recommendations that reduce uncertainty
Middle and Executive Management - ANSWER Commissioning research to make
the right decisions and avoid getting "snowed"
Data collection and analysis
What is marketing Research? - ANSWER Planning, collecting and analysis of
data relevant to marketing decision making and the communication of the
results of this analysis to management
What are external forces? - ANSWER The environment -
Social, technological, natural, competitive, economic, political and legal
What are internal forces? - ANSWER Marketing management
product, place, promotion and price
target market
How are marketing decisions made? - ANSWER Intuition - faster, high quality
(experts); could be wrong, emotions, biased
, Who are the best predictors - marketing experts or novice consumers? -
ANSWER Marketing experts performed no better than novices, in part because
they were less similar to the average American
What is managerial overconfidence? - ANSWER We think we know more than we
actually do! We assume others are a lot like ourselves. Bottom line: Don't make
assumptions about consumers, instead, do research
Descriptive Role - ANSWER Gathering statements of fact(s).
Jeep Cherokee ex - use of MR to determine the demographic of Jeep Cherokee
owners and to learn consumer attractive segments. What's out there?
Diagnostic/Explanatory role - ANSWER Explaining marketing mix actions or
data.
Jeep Cherokee ex - to explain a drop in sales among an identified segment. Is
the specific demographic targeted to the right marketing mix?
WHY?
Predictive Role - ANSWER Predicting the results of a planned marketing
decision.
JC ex - To find out if more fuel efficient cars improve satisfaction
How successful?
Two types of research - ANSWER Applied and Basic (pure)
What is applied research? - ANSWER It's research conducted when a decision
MUST BE MADE about a specific pragmatic problem.
Virtually all MR studies conducted by BUSINESSES
What is Basic (pure) Research? - ANSWER Attempts to expand the limits of
KNOWLEDGE rather than solving a pragmatic problem.
Better understands the world we live in
Also done by firms
Results typically cannot be implemented directly by managers. ex. Google or
IBM
Four questions to ask yourself when deciding to use market research - ANSWER
1. Availability of data - is the data at hand inadequate?
2. Time constraint - is time available?
3. Nature of the decision - Is it important?
4. Benefits vs. costs
What is a firms goal? - ANSWER Stay competitive and avoid high costs
associated with poor decisions based on no or unsound information
ACCURATE ANSWERS
What is Marketing? - ANSWER A process to create value to customers and
manage relationships with them
What is the ultimate goal of marketing? - ANSWER To create exchanges between
customers and organizations
Why do firms conduct marketing research? - ANSWER To reduce uncertainty. It
is marketing's most critical function
Helps focus decision making.
MR is a systematic and objective process of generating info. for aid in making
marketing decisions.
What is the "right principal" that marketers use? - ANSWER Get the right
product to the right people at the right place at the right time at the right price
using the right promotion techniques
Entry Level Marketing research - ANSWER Speaking the marketing language
"data talks, fluff walks"
Better managerial recommendations - collect, understand, and communicate
data to create recommendations that reduce uncertainty
Middle and Executive Management - ANSWER Commissioning research to make
the right decisions and avoid getting "snowed"
Data collection and analysis
What is marketing Research? - ANSWER Planning, collecting and analysis of
data relevant to marketing decision making and the communication of the
results of this analysis to management
What are external forces? - ANSWER The environment -
Social, technological, natural, competitive, economic, political and legal
What are internal forces? - ANSWER Marketing management
product, place, promotion and price
target market
How are marketing decisions made? - ANSWER Intuition - faster, high quality
(experts); could be wrong, emotions, biased
, Who are the best predictors - marketing experts or novice consumers? -
ANSWER Marketing experts performed no better than novices, in part because
they were less similar to the average American
What is managerial overconfidence? - ANSWER We think we know more than we
actually do! We assume others are a lot like ourselves. Bottom line: Don't make
assumptions about consumers, instead, do research
Descriptive Role - ANSWER Gathering statements of fact(s).
Jeep Cherokee ex - use of MR to determine the demographic of Jeep Cherokee
owners and to learn consumer attractive segments. What's out there?
Diagnostic/Explanatory role - ANSWER Explaining marketing mix actions or
data.
Jeep Cherokee ex - to explain a drop in sales among an identified segment. Is
the specific demographic targeted to the right marketing mix?
WHY?
Predictive Role - ANSWER Predicting the results of a planned marketing
decision.
JC ex - To find out if more fuel efficient cars improve satisfaction
How successful?
Two types of research - ANSWER Applied and Basic (pure)
What is applied research? - ANSWER It's research conducted when a decision
MUST BE MADE about a specific pragmatic problem.
Virtually all MR studies conducted by BUSINESSES
What is Basic (pure) Research? - ANSWER Attempts to expand the limits of
KNOWLEDGE rather than solving a pragmatic problem.
Better understands the world we live in
Also done by firms
Results typically cannot be implemented directly by managers. ex. Google or
IBM
Four questions to ask yourself when deciding to use market research - ANSWER
1. Availability of data - is the data at hand inadequate?
2. Time constraint - is time available?
3. Nature of the decision - Is it important?
4. Benefits vs. costs
What is a firms goal? - ANSWER Stay competitive and avoid high costs
associated with poor decisions based on no or unsound information
