MKTG 409 Chapter 8 MindTap Study Guide – Pricing Strategies, Costs & Break-Even Analysis
Review
marketing research - ANS ✔✔the systematic design, collection, interpretation, and reporting of
information to help marketers solve specific marketing problems or take advantage of marketing
opportunities.
qualitative data - ANS ✔✔yields descriptive, nonnumerical information
quantitative data - ANS ✔✔yields information that can be communicated through numbers or
metrics.
exploratory research - ANS ✔✔research purpose: general (generate insights about a situation)
data needs: vague
data sources: ill-defined
data collection form: open ended, rough
sample: relatively small, subjectively selected to maximize generalization of insights
data collection: flexible, no set procedure
data analysis: informal, usually not quantitative
inferences/recommendations: more tentative than final
conclusive research - ANS ✔✔research purpose: specific (to verify insights)
data needs: clear
data sources: well defined
data collection form: usually structured
sample: relatively large, objectively selected to permit generalization of findings
data collection: rigid, well laid out procedure
, data analysis: formal, usually quantitative
inferences/recommendations: more final than tentative
customer advisory boards - ANS ✔✔small groups of actual customers who serve as sounding
boards for new product ideas and offer researchers insights into their feelings and attitudes
toward a firm's marketing strategy, including products, pricing, distribution, and promotion.
focus group - ANS ✔✔brings together multiple people to discuss a specific topic in a group
setting facilitated by a moderator.
conclusive research - ANS ✔✔designed to verify insights through an objective procedure to help
marketers make decisions. It is helpful in reaching conclusions and provides quantitative
information.
exploratory research - ANS ✔✔When marketers need more information about a problem or
want to make a tentative hypothesis more specific, they conduct ___
descriptive research - ANS ✔✔If marketers need to understand the characteristics of certain
phenomena to solve a particular problem
descriptive research - ANS ✔✔may range from general surveys of customers' educations,
occupations, or ages to seeking out specific information on how often teenagers consume
sports drinks or how often customers buy new shoes.
experimental research - ANS ✔✔allows marketers to make these causal deductions about
relationships between variables. The experiment controls one variable and randomizes one or
more other variables.
5 steps of marketing research process - ANS ✔✔1. locating and defining problems or issues,
2. designing the research project,
Review
marketing research - ANS ✔✔the systematic design, collection, interpretation, and reporting of
information to help marketers solve specific marketing problems or take advantage of marketing
opportunities.
qualitative data - ANS ✔✔yields descriptive, nonnumerical information
quantitative data - ANS ✔✔yields information that can be communicated through numbers or
metrics.
exploratory research - ANS ✔✔research purpose: general (generate insights about a situation)
data needs: vague
data sources: ill-defined
data collection form: open ended, rough
sample: relatively small, subjectively selected to maximize generalization of insights
data collection: flexible, no set procedure
data analysis: informal, usually not quantitative
inferences/recommendations: more tentative than final
conclusive research - ANS ✔✔research purpose: specific (to verify insights)
data needs: clear
data sources: well defined
data collection form: usually structured
sample: relatively large, objectively selected to permit generalization of findings
data collection: rigid, well laid out procedure
, data analysis: formal, usually quantitative
inferences/recommendations: more final than tentative
customer advisory boards - ANS ✔✔small groups of actual customers who serve as sounding
boards for new product ideas and offer researchers insights into their feelings and attitudes
toward a firm's marketing strategy, including products, pricing, distribution, and promotion.
focus group - ANS ✔✔brings together multiple people to discuss a specific topic in a group
setting facilitated by a moderator.
conclusive research - ANS ✔✔designed to verify insights through an objective procedure to help
marketers make decisions. It is helpful in reaching conclusions and provides quantitative
information.
exploratory research - ANS ✔✔When marketers need more information about a problem or
want to make a tentative hypothesis more specific, they conduct ___
descriptive research - ANS ✔✔If marketers need to understand the characteristics of certain
phenomena to solve a particular problem
descriptive research - ANS ✔✔may range from general surveys of customers' educations,
occupations, or ages to seeking out specific information on how often teenagers consume
sports drinks or how often customers buy new shoes.
experimental research - ANS ✔✔allows marketers to make these causal deductions about
relationships between variables. The experiment controls one variable and randomizes one or
more other variables.
5 steps of marketing research process - ANS ✔✔1. locating and defining problems or issues,
2. designing the research project,
