Marketing Exam 2 summary notes
1. Marketing research: the process of collecting, analyzing, and interpreting data about your target market,
consumers, competitors, and the consumers and the industry itself
2. Marketing research helps companies do what...: get feedback and evaluate current marketing mix decisions•
...discover and take advantage of new opportuni- ties
3. when should research be done?: when the expected value of research informa- tion exceeds the cost of generating
the information
4. Marketing research can determine what?: if a product is still relevant
- new demand for a product
- improve customer service
- pricing
- more sales support
5. Step 1 of Marketing Research Process: Identify and formulate the problem/op- portunity
6. Step 2 of Marketing Research Process: Plan the research design and gather secondary data
7. Step 3 of Marketing Research Process: Specify the sampling procedures
8. Step 4 of the Marketing Research Process: collect primary data
9. Step 5 of the Marketing Research Process: Analyze data
10.Step 6 of the Marketing Research Process: Prepare and present the report
11.Step 7 in the Marketing Research Process: Follow up
12.7 step process of marketing research: 1. Identify
2. Plan
3. specify sampling procedure
4. collect primary data
5. analyze data
6. prepare/present report
7. follow up
13.What are the 2 types of data?: Primary and Secondary research
14.Secondary data: Data already available because it was collected for another purpose
15.Primary data: Data collected for the first time to achieve a research objective
16.Pros and Cons of Secondary data: Pros:• faster & less expensive• may clarify the problem / provide answer•
guides quant research design
Cons:• Lack of availability or relevance
17.Pros and Cons of primary data: Pros:• Data is collected directly from the source• current and confidential
, Marketing Exam 2 summary notes
Cons:• slower insights, and can be very expensive
18.Examples of secondary data: Examples: websites, annual reports, reports to shareholders, product testing reports,
social media reports
19.Examples of primary data: Examples: interviews, surveys, observations
20.Types of Survey Research: -In-Home Personal Interviews
-Mall Intercept Interviews
-Telephone Interviews
-Mail Surveys
-Executive Interviews
-Focus Groups
21.Advantages of In Home personal interviews: they tend to be very expensive because of the interviewers' travel
time and mileage costs. Therefore, they are rapidly disappearing from the American and European researchers' survey
toolbox. They are, however, still popular in many less-developed countries around the globe
22.Advantages of mall intercept interviews: One drawback is that it is hard to get a representative sample of the
population. One advantage is the ability of
the interviewer to probe when necessary—a technique used to clarify a person's response and ask for more detailed
information.
23.Advantages of telephone interviews: Telephone interviews cost less than personal interviews, but the cost is
rapidly in-creasing owing to respondent refusals to participate
24.Advantages of mail surveys: Mail surveys have several benefits:relatively low cost, elimination of interviewers
and field supervisors, centralized control, and actual or promised anonymity for respondents (which may draw more can-
did responses). A disadvantage is that mail questionnaires usually produce low response rates.
25.Advantages of Executive interviews: usually involves interviewing business- people at their offices concerning
industrial products or services, a process that
is very expensive. Long waits are frequently encountered; cancellations are not uncommon.
26.What is the impact of the internet and smart devices on marketing re- search?: - More companies
conduct some form of online research
- Reduced costs
- Improved respondent participation
- Rapid development/realtime reporting
- Personalized questions and data
- Connect with hard to reach groups
1. Marketing research: the process of collecting, analyzing, and interpreting data about your target market,
consumers, competitors, and the consumers and the industry itself
2. Marketing research helps companies do what...: get feedback and evaluate current marketing mix decisions•
...discover and take advantage of new opportuni- ties
3. when should research be done?: when the expected value of research informa- tion exceeds the cost of generating
the information
4. Marketing research can determine what?: if a product is still relevant
- new demand for a product
- improve customer service
- pricing
- more sales support
5. Step 1 of Marketing Research Process: Identify and formulate the problem/op- portunity
6. Step 2 of Marketing Research Process: Plan the research design and gather secondary data
7. Step 3 of Marketing Research Process: Specify the sampling procedures
8. Step 4 of the Marketing Research Process: collect primary data
9. Step 5 of the Marketing Research Process: Analyze data
10.Step 6 of the Marketing Research Process: Prepare and present the report
11.Step 7 in the Marketing Research Process: Follow up
12.7 step process of marketing research: 1. Identify
2. Plan
3. specify sampling procedure
4. collect primary data
5. analyze data
6. prepare/present report
7. follow up
13.What are the 2 types of data?: Primary and Secondary research
14.Secondary data: Data already available because it was collected for another purpose
15.Primary data: Data collected for the first time to achieve a research objective
16.Pros and Cons of Secondary data: Pros:• faster & less expensive• may clarify the problem / provide answer•
guides quant research design
Cons:• Lack of availability or relevance
17.Pros and Cons of primary data: Pros:• Data is collected directly from the source• current and confidential
, Marketing Exam 2 summary notes
Cons:• slower insights, and can be very expensive
18.Examples of secondary data: Examples: websites, annual reports, reports to shareholders, product testing reports,
social media reports
19.Examples of primary data: Examples: interviews, surveys, observations
20.Types of Survey Research: -In-Home Personal Interviews
-Mall Intercept Interviews
-Telephone Interviews
-Mail Surveys
-Executive Interviews
-Focus Groups
21.Advantages of In Home personal interviews: they tend to be very expensive because of the interviewers' travel
time and mileage costs. Therefore, they are rapidly disappearing from the American and European researchers' survey
toolbox. They are, however, still popular in many less-developed countries around the globe
22.Advantages of mall intercept interviews: One drawback is that it is hard to get a representative sample of the
population. One advantage is the ability of
the interviewer to probe when necessary—a technique used to clarify a person's response and ask for more detailed
information.
23.Advantages of telephone interviews: Telephone interviews cost less than personal interviews, but the cost is
rapidly in-creasing owing to respondent refusals to participate
24.Advantages of mail surveys: Mail surveys have several benefits:relatively low cost, elimination of interviewers
and field supervisors, centralized control, and actual or promised anonymity for respondents (which may draw more can-
did responses). A disadvantage is that mail questionnaires usually produce low response rates.
25.Advantages of Executive interviews: usually involves interviewing business- people at their offices concerning
industrial products or services, a process that
is very expensive. Long waits are frequently encountered; cancellations are not uncommon.
26.What is the impact of the internet and smart devices on marketing re- search?: - More companies
conduct some form of online research
- Reduced costs
- Improved respondent participation
- Rapid development/realtime reporting
- Personalized questions and data
- Connect with hard to reach groups
