Progress Checks- Mark 3000 Test
1. What are the five steps in the marketing research process?: 1) Defining the objectives and research needs:
What information is needed to answer specific research questions? How should that information be obtained?
2) Designing the research: Determine type of research needed to obtain data needed. Identify type of data needed.
The objectives of the project drive the type of data needed
3) Collecting the data
Can be either Secondary Data collected prior to the start of the research project with external or internal data sources. Or
can be found with primary data collected to address specific research needs like focus groups, in-depth interviews, survey
4) Analyzing data and developing insights
Data is interpreted, becoming information. Should be thorough and methodical
5) Developing and implementing an action plan
The research is always detailed in a written report to your company management team. When you're telling a story, you
need to 1) tell the audience what will be said
2) tell them 3) tell them what you said
2. What is the difference between "data" and "information"?: Data is the num- bers that mean nothing
Information is data after analyzation
3. What is the difference between "panel" and "scanner" data?: Panel Data: Info collected from a group of
consumers, organized into panels, over time. Data collected from panelists often include: records of what they have
purchased, and responses to survey questions
Scanner Data: Data from scanner readings of UPC labels at checkout. provided and sold by IRI and Nielsen. Helps assess
what is happening in the marketplace
4. What is the difference between "qual" and "quant" research?: Qualitative: Broad open-ended questions to
understand the phenomenon of interest. more infor- mal than quantitative research, includes observations, social media
sites, in-depth interviews, and focus groups
Quantitative: Structured responses that can be statistically tested. Quantitative
, Progress Checks- Mark 3000 Test
research provides information needed to confirm insights and hypotheses generated via qualitative research or secondary
data
5. What are the difference types of qualitative and quantitative research?: -
Quantitative:Surveys or Questionnaires
Qualitative: In-Depth interviews (Expensive and time consuming) , Focus group in- terviews, experimental research
(systematically manipulates one or more variables to determine which variables have a casual effect on others)
6. Primary research advantages and disadvantages: Advantages: specific to the immediate data needs and topic at
hand. Offers behavioral insights generally not available from secondary research
Disadvantages: Costly. Time-consuming. Requires more sophisticated training and experience to design study and
collect data
7. Secondary research advantages and disadvantages: Advantages: Saves time in collecting data because they are
readily available. Free or inexpensive (except for syndicated data)
Disadvantages: May not be precisely relevant to information needs. Information may not be timely. Sources may not be
original, and usefulness is an issue. Methodolo- gies for collecting data may not be appropriate. Data sources may be
biased
8. What are the 5 Vs of big data?: Volume: Comes in large quantities
Variety: Pertains to multifaceted forms, including numeric and textual data
Velocity: How quickly the data can be gathered as well as how promptly marketers need to respond to insights
generated from data
Veracity: Data offer different levels of accuracy and reliability, so firms need to determine how trustworthy the collected
data might be
Value: Stems from the insights they provide into factors that are critical to marketers, such as consumer or purchasing
decisions
9. What decisions can be made using marketing analysis?: How to make mar- keting mix decisions
How to determine which segments to target
How to understand and manage those customer segment
1. What are the five steps in the marketing research process?: 1) Defining the objectives and research needs:
What information is needed to answer specific research questions? How should that information be obtained?
2) Designing the research: Determine type of research needed to obtain data needed. Identify type of data needed.
The objectives of the project drive the type of data needed
3) Collecting the data
Can be either Secondary Data collected prior to the start of the research project with external or internal data sources. Or
can be found with primary data collected to address specific research needs like focus groups, in-depth interviews, survey
4) Analyzing data and developing insights
Data is interpreted, becoming information. Should be thorough and methodical
5) Developing and implementing an action plan
The research is always detailed in a written report to your company management team. When you're telling a story, you
need to 1) tell the audience what will be said
2) tell them 3) tell them what you said
2. What is the difference between "data" and "information"?: Data is the num- bers that mean nothing
Information is data after analyzation
3. What is the difference between "panel" and "scanner" data?: Panel Data: Info collected from a group of
consumers, organized into panels, over time. Data collected from panelists often include: records of what they have
purchased, and responses to survey questions
Scanner Data: Data from scanner readings of UPC labels at checkout. provided and sold by IRI and Nielsen. Helps assess
what is happening in the marketplace
4. What is the difference between "qual" and "quant" research?: Qualitative: Broad open-ended questions to
understand the phenomenon of interest. more infor- mal than quantitative research, includes observations, social media
sites, in-depth interviews, and focus groups
Quantitative: Structured responses that can be statistically tested. Quantitative
, Progress Checks- Mark 3000 Test
research provides information needed to confirm insights and hypotheses generated via qualitative research or secondary
data
5. What are the difference types of qualitative and quantitative research?: -
Quantitative:Surveys or Questionnaires
Qualitative: In-Depth interviews (Expensive and time consuming) , Focus group in- terviews, experimental research
(systematically manipulates one or more variables to determine which variables have a casual effect on others)
6. Primary research advantages and disadvantages: Advantages: specific to the immediate data needs and topic at
hand. Offers behavioral insights generally not available from secondary research
Disadvantages: Costly. Time-consuming. Requires more sophisticated training and experience to design study and
collect data
7. Secondary research advantages and disadvantages: Advantages: Saves time in collecting data because they are
readily available. Free or inexpensive (except for syndicated data)
Disadvantages: May not be precisely relevant to information needs. Information may not be timely. Sources may not be
original, and usefulness is an issue. Methodolo- gies for collecting data may not be appropriate. Data sources may be
biased
8. What are the 5 Vs of big data?: Volume: Comes in large quantities
Variety: Pertains to multifaceted forms, including numeric and textual data
Velocity: How quickly the data can be gathered as well as how promptly marketers need to respond to insights
generated from data
Veracity: Data offer different levels of accuracy and reliability, so firms need to determine how trustworthy the collected
data might be
Value: Stems from the insights they provide into factors that are critical to marketers, such as consumer or purchasing
decisions
9. What decisions can be made using marketing analysis?: How to make mar- keting mix decisions
How to determine which segments to target
How to understand and manage those customer segment
