BUSML 4202 EXAM 1
QUESTIONS WITH ACCURATE
SOLUTIONS
1) What is marketing research? -- Answer ✔✔ o Set of techniques and
principles for systematically collecting, recording, analyzing, and
interpreting data that can aid decision makers
Links the market through the firm through information
Links information to actionable decisions
Continuous process and can help guide various decisions
2) When can marketing research help? -- Answer ✔✔ Research is
valuable if it is
- Relevant to the decisions
- Timely
- Accurate
- Cost effective
3) Why is marketing research so important? -- Answer ✔✔ o To
provide market intelligence
Aid decision making
Minimize risk
,4) When to (not to) conduct research? -- Answer ✔✔ - not sufficient
time
- information is already on hand
- decision is tactical (not strategical)
- value of information does not exceed the research cost
5) What are the stages in the research process? -- Answer ✔✔ 1)
define problem and research objectives 2)design research
(secondary primary)
3) implement research projects/program
4 ) collect and tabulate data
5) interpret and analyze findings
6) report findings
6) Costs of Marketing Research -- Answer ✔✔ - Research expenditures
- Delay of marketing decision and possible disclosure of
information to rivals
- Possible erroneous research results
7) Benefits of marketing research -- Answer ✔✔ -Decreased
uncertainty
-Increased likelihood of correct decision
-Improved marketing performance and resulting higher profits
8) Backward marketing research -- Answer ✔✔ Step 1 - determine
how research results will be used
Step 2 - determine what the final report should contain
Step 3 - specify the analyses necessary
Step 4 - determine the kind of data needed
, 9) What is a research design? -- Answer ✔✔ the overall plan for
addressing a research question, including strategies for enhancing
the study's integrity.
10) What are the three types of marketing research design? -- Answer
✔✔ Exploratory
Descriptive
Casual
11) Exploratory Research -- Answer ✔✔ Research conducted to
gather more information about a problem or to make a tentative
hypothesis more specific
Advantages:
- Research that can always be undertaken
- Helps guide future research
Disadvantages:
- Not conclusive
- Qualitative
- Unstructured
12) descriptive research -- Answer ✔✔ research methods that involve
observing behavior to describe that behavior objectively and
systematically
Advantages:
- Structured, conclusive
- Finds more research about what is already known
QUESTIONS WITH ACCURATE
SOLUTIONS
1) What is marketing research? -- Answer ✔✔ o Set of techniques and
principles for systematically collecting, recording, analyzing, and
interpreting data that can aid decision makers
Links the market through the firm through information
Links information to actionable decisions
Continuous process and can help guide various decisions
2) When can marketing research help? -- Answer ✔✔ Research is
valuable if it is
- Relevant to the decisions
- Timely
- Accurate
- Cost effective
3) Why is marketing research so important? -- Answer ✔✔ o To
provide market intelligence
Aid decision making
Minimize risk
,4) When to (not to) conduct research? -- Answer ✔✔ - not sufficient
time
- information is already on hand
- decision is tactical (not strategical)
- value of information does not exceed the research cost
5) What are the stages in the research process? -- Answer ✔✔ 1)
define problem and research objectives 2)design research
(secondary primary)
3) implement research projects/program
4 ) collect and tabulate data
5) interpret and analyze findings
6) report findings
6) Costs of Marketing Research -- Answer ✔✔ - Research expenditures
- Delay of marketing decision and possible disclosure of
information to rivals
- Possible erroneous research results
7) Benefits of marketing research -- Answer ✔✔ -Decreased
uncertainty
-Increased likelihood of correct decision
-Improved marketing performance and resulting higher profits
8) Backward marketing research -- Answer ✔✔ Step 1 - determine
how research results will be used
Step 2 - determine what the final report should contain
Step 3 - specify the analyses necessary
Step 4 - determine the kind of data needed
, 9) What is a research design? -- Answer ✔✔ the overall plan for
addressing a research question, including strategies for enhancing
the study's integrity.
10) What are the three types of marketing research design? -- Answer
✔✔ Exploratory
Descriptive
Casual
11) Exploratory Research -- Answer ✔✔ Research conducted to
gather more information about a problem or to make a tentative
hypothesis more specific
Advantages:
- Research that can always be undertaken
- Helps guide future research
Disadvantages:
- Not conclusive
- Qualitative
- Unstructured
12) descriptive research -- Answer ✔✔ research methods that involve
observing behavior to describe that behavior objectively and
systematically
Advantages:
- Structured, conclusive
- Finds more research about what is already known
