MKT 3356 TTU Exam 1 ANKIT ANAND
Questions & Answers (Grade A+)
Stages of marketing research process -
correct answer ✅1.Research purpose
2.Research Objectives
3.Value of the research
Research Purpose -
correct answer ✅Why should we do research?
- Investigating problems that may cause symptoms
- Exploiting potential opportunities
Example is the Slow Elevator Problem
- Solving a better problem (wait time)
Research Objectives -
correct answer ✅What Research should be done?
•A statement of what information is needed
•Research objective should be framed to ensure information
obtained will satisfy research purpose
3 components of research objectives
- Research Questions (Clear, Focused, and Complex)
- Research Hypothesis (possible answer to a research question)
,MKT 3356 TTU Exam 1 ANKIT ANAND
Questions & Answers (Grade A+)
- Research Scope (the boundaries and extent of a study, defining its
specific objective)
Value of the research -
correct answer ✅Is it Worth doing the research?
What is value of information?
Value of obtaining answers to the research questions
E.g., how much should be spent on the research?
What does this value depend upon?
Importance of decision
Uncertainty that surrounds it
Influence of research information on the decision
Which steps are more important than others in the research
process? -
correct answer ✅I think the Research objectives are more
important, but I cannot find more information on this. Sorry :/
,MKT 3356 TTU Exam 1 ANKIT ANAND
Questions & Answers (Grade A+)
Hypothesis -
correct answer ✅•It is a possible answer to a research question
•Based on secondary research, formulate a hypothesis stating what
you think is going on.
•Hypotheses should be specific and testable
Sources of information to develop hypothesis -
correct answer ✅•Theory
• Management experience
• Exploratory research
Exploratory Research (Ambiguous Problem) -
correct answer ✅•Used when seeking insights into the general
nature of a problem, the possible decision alternatives, and the
relevant variables that need to be considered
•Hypotheses - vague, ill-defined, or don't exist
Little prior knowledge
Search for interesting ideas and clues
What could be the possible causes of the problem?
Method - Flexible, Unstructured and Qualitative
, MKT 3356 TTU Exam 1 ANKIT ANAND
Questions & Answers (Grade A+)
Descriptive Research (Aware of the problem) -
correct answer ✅•Provides an accurate snapshot of some aspect
of the market environment
•Hypotheses - exists, not necessarily causal, may be tentative and
speculative
Most commonly used research approach.
More specific, requires better understanding of
What specific factors or situations are found to be useful?
How can the specific factors or situations help solving the problem?
Identify the cause of something that is happening.
Improved knowledge, convincible/concrete evidence is needed.
•Method - Well-defined, Structured and Quantitative
▫Survey; Experiment; Mathematics/Statistics
Casual Research (Problem Clearly is defined) -
correct answer ✅•Used when it is necessary to show that one
variable causes or determines the values of other variables
•Hypotheses - well-defined and very specific
Questions & Answers (Grade A+)
Stages of marketing research process -
correct answer ✅1.Research purpose
2.Research Objectives
3.Value of the research
Research Purpose -
correct answer ✅Why should we do research?
- Investigating problems that may cause symptoms
- Exploiting potential opportunities
Example is the Slow Elevator Problem
- Solving a better problem (wait time)
Research Objectives -
correct answer ✅What Research should be done?
•A statement of what information is needed
•Research objective should be framed to ensure information
obtained will satisfy research purpose
3 components of research objectives
- Research Questions (Clear, Focused, and Complex)
- Research Hypothesis (possible answer to a research question)
,MKT 3356 TTU Exam 1 ANKIT ANAND
Questions & Answers (Grade A+)
- Research Scope (the boundaries and extent of a study, defining its
specific objective)
Value of the research -
correct answer ✅Is it Worth doing the research?
What is value of information?
Value of obtaining answers to the research questions
E.g., how much should be spent on the research?
What does this value depend upon?
Importance of decision
Uncertainty that surrounds it
Influence of research information on the decision
Which steps are more important than others in the research
process? -
correct answer ✅I think the Research objectives are more
important, but I cannot find more information on this. Sorry :/
,MKT 3356 TTU Exam 1 ANKIT ANAND
Questions & Answers (Grade A+)
Hypothesis -
correct answer ✅•It is a possible answer to a research question
•Based on secondary research, formulate a hypothesis stating what
you think is going on.
•Hypotheses should be specific and testable
Sources of information to develop hypothesis -
correct answer ✅•Theory
• Management experience
• Exploratory research
Exploratory Research (Ambiguous Problem) -
correct answer ✅•Used when seeking insights into the general
nature of a problem, the possible decision alternatives, and the
relevant variables that need to be considered
•Hypotheses - vague, ill-defined, or don't exist
Little prior knowledge
Search for interesting ideas and clues
What could be the possible causes of the problem?
Method - Flexible, Unstructured and Qualitative
, MKT 3356 TTU Exam 1 ANKIT ANAND
Questions & Answers (Grade A+)
Descriptive Research (Aware of the problem) -
correct answer ✅•Provides an accurate snapshot of some aspect
of the market environment
•Hypotheses - exists, not necessarily causal, may be tentative and
speculative
Most commonly used research approach.
More specific, requires better understanding of
What specific factors or situations are found to be useful?
How can the specific factors or situations help solving the problem?
Identify the cause of something that is happening.
Improved knowledge, convincible/concrete evidence is needed.
•Method - Well-defined, Structured and Quantitative
▫Survey; Experiment; Mathematics/Statistics
Casual Research (Problem Clearly is defined) -
correct answer ✅•Used when it is necessary to show that one
variable causes or determines the values of other variables
•Hypotheses - well-defined and very specific
