Top Hat Q MKT 319 Exam 1

Open access sources of secondary data

- governmental data - blogs - social media

Which of the following is NOT a part of the definition of marketing research? A It is systematic B It is always quantitative C It involves collecting information D It involves analysis of information E Its purpose is to help managers make decisions

B It is always quantitative

A market researcher works for Kellogg's in their marketing research department. Which of the following is NOT a correct way to identify this person: A Client side researcher B Research Buyer C Research seller D Corporate researcher

C Research seller

Disadvantages of Secondary Data

May not give adequate detailed information May not be on target with the research problem Quality and accuracy of data may pose a problem

Four P's of Marketing Mix

Product, Price, Place, Promotion

Select all of the secondary data sources listed below. A Tweets B Census data C An article from The New York Times D An interview conducted 5 years ago E All of the above F None of the above

E All of the above

Report Preparation:

The final report is created and delivered. This report needs to be designed for the audience, and present the results in a clear and engaging manner. "Story telling" has become a very important part of the report presentation.

Product

What are the gaps in our product line? What new product should we develop? What are the limitations of our products, and how should they be improved? How satisfied are our customers with our products and services?

Focus Groups

group of people talking about a particular topic, with a moderator leading the discussion.

Internal data

refers to data that is collect by the client firm, often on an ongoing basis

four stages of a focus group

1. Introduction 2. Rapport building 3. In-depth discussion 4. Closure

In which focus group stage is most of the time spent?

3. In-depth discussion

Longitudinal research

A research design in which the same individuals are followed over time and their development is repeatedly assessed.

True or False: You don't need to fully understand the marketing research question(s) before designing your research.

False

Postitioning

How do consumers see our brand, compared to other brands (brand image)? and how to make our brand different than competitors

Which of the following is NOT a goal of exploratory research?

Identify who our current customers are and understand ideal price point of product.

Data Analysis

The data is prepared and analyzed in this stage. Data needs to be cleaned to ensure accuracy, and appropriate statistical analyses are conducted.

Targeting

Which segment or segments should we target?

what are the two types of qualitative research procedures

focus groups and depth interviews

market researcher will be able to work with the decision-maker to help identify the real problem, called the _____

management problem

Casual Research

research through experiments

Stages in the backward research process

1. Establish the decisions to be made and all the decision-maker's options and alternatives 2. Specify what data and information will be in the final report 3. Decide the type of analysis that will be used 4. Understand the type of data needed for the analyses 5. Review any secondary sources or syndicated data 6. Design the study 7. Collect the data 8. Analyze the data and then write the report

Problem Definition Process

1. Meeting with decision makers 2. Problem Audit 3. Interviews with Industry Experts 4. Conduct Secondary Research 5. Observation 6. Qualitative Research

steps in the marketing research process:

1. Problem definition 2. Research design 3. Data collection 4. Data analysis 5. Report preparation

Most research proposals would include the following components:

5. Data Collection: details of method of data collection, such as who will collect the data and how will the data quality be assured. 6. Analysis: the types of data analysis that will be conducted (e.g., simple cross-tabs or multivariate techniques). 7. Reporting: how will the report be structured (e.g., written report, PowerPoint) and how will it be delivered (printed or live presentation). 8. Cost and Time Schedule: the cost of the research, including options if appropriate, and a proposed schedule for the completion of the work. The principles of project management are used here to ensure that the project is planned carefully to avoid problems in completing the work.

A marketing researcher works for a firm whose business is to provide marketing research services for a variety of automotive clients like GM and Ford. Which of the following is NOT a correct way to identify this person: A Client side researcher B Supplier side researcher C Research seller D Agency researcher

A Client side researcher

Data Collection:

At this stage the researcher creates a sampling plan and actually collects the data. There are a wide variety of methods of collecting data, including: qualitative interviews; surveys conducted with in-person, paper, or online questionnaires; experiments; and observations.

Two ads have been prepared. Which of these two ads is the best (defined as the highest percentage of clicks in an email ad) way to communicate with buyers in Europe? (looking for a research method)

Descriptive Research

Research Design:

During this stage the researcher specifies the type of research that will be conducted (exploratory, descriptive, or causal), and broadly how the data will be collected (e.g., observation, survey, experiment). If a survey is to be used, the researcher will create and test a questionnaire.

promotion

Is our currently advertising campaign working (building the right brand image, driving sales, etc.) What should we say in our ads? Where and how should we advertise? How effective is sales promotion in driving sales? Should our sales people call on customers more often? Less often?

What is the most important part of the research proposal?

Objectives of the Research or Problem Statement

Syndicated data

Research that is collected by a firm with the intention of selling the data or reports to buyers. This is actually the largest area of marketing research in terms of dollars spent.

Focus Group Process

Step 1: The client reaches out with an RFP. Step 2: In examining the RFP and discussions with the client, the researchers determines the project purpose. Step 3: The researcher writes a proposal, specifying the purpose, costs, and schedule. Step 4: A meeting with the client is held in which all the project elements are reviewed and agreed upon. Step 5: Plan project logistics, like dates for the groups, determine who will moderate the groups, and other scheduling and personnel issues. Step 9: Conduct the groups. After each group is completed, the moderator, other researchers, and the clients do a de-brief to ensure that the key issues are being discussed, and often the moderator guide is adjusted. Step 10: Transcribe and analyze tapes. Most moderators write down the key things they learned after each group, but at Step 10 the researcher will do an in-depth analysis of the transcripts. In most cases this means watching the tapes and reviewing the transcripts multiple times. Step 11: Write the final report. Step 12: Deliver the report to the client, usually in a written and oral presentation.

Price

What prices are customers willing to pay? What do we want to communicate with our price (e.g., premium product or value product)? What will be the effect on revenue and profits if we raise prices (elasticity of demand)? How do our prices compare with competitors?

Place

Where do customers expect to find our product (e.g., general merchandise store or specialty store)? What assortments of products do consumers expect to find? What services do customers want along with the product (e.g., credit, delivery, etc.)?

Research Proposal

a plan that communicates the ability and competence of the research firm, and their estimate for the time and cost of the project. They are essentially saying "we know what you want, we know how to do this, and here is the cost and time frame."

primary advantage of secondary data

can often be accessed quickly and inexpensively, thus saving time and money

Qualitative Research

collects and analyzes unstructured data that are subjectively interpreted. Research utilizes numbers, qualitative research utilizes words or other non-numeric data

cross-sectional study

conducted at a single point in time with a single sample of respondents, and is the most common type of research conducted

descriptive research

marketing research to better describe marketing problems. Examples include surveys or some kinds of observation

Exploratory Research

marketing research to gather preliminary information that will help define problems and suggest hypotheses

RFP (Request for Proposal)

prepared by the client firm and seeks to specify the background of the study, the problem or the issue to be investigated, and the scope, timeline, and budget

The most important components of the definition of marketing research ________ is the most important one

what should the managers do

Marketing research address managerial problems such as:

1. Segmentation and targeting 2. product development 3. Pricing Decisions 4. Promotion Decisions 5. Distribution Decisions 6. customer experience 7. Purchase Journey

Characteristics of a Focus Group

1. Size 2. Respondents 3. Physical environment 4. Moderator skills

Why is the research proposal an important part of a marketing research project? A Because it ensures that the supplier does what they proposed. B Because it prevents the client from adding things as the project goes on. C Because it aligns supplier and client expectations. D Because it outlines all the components of a research project in one document. E All of the above.

E All of the above.

What are the restrictions and qualifications they must meet in these other countries? Which of Company ABC's competitors sell in Europe? (looking for a research method)

Exploratory Research

Which of the following is true about qualitative research? A Qualitative data collection is always faster than quantitative data collection. B Because it often uses large samples, researchers use statistical analyses on qualitative data. C The best sample size for a focus group is 20 respondents. D Any marketing research question can be answered using only qualitative research methods. E All of the above. F None of the above.

F None of the above.

Segmentation

How should the market be segmented (e.g., demographics, psychographics, benefits, behavioral, and geographic)? What is a description of each segment (e.g., characteristics of the segments, size, growth rate, level of competition)?

Problem Definition

In this stage the researcher specifies the nature of the problem, or decision that must be made. This is the most important part of the process, as everything else flows from the problem definition. There are two parts of this process - the managerial problem definition, and the marketing research problem definition.

Which of the following best describes the management decision problem in the above Wendy's example

Should Wendy's update their drive-through window menus?

True or false: As a student, you have free access to many published secondary research, such as ABI/Inform, LexisNexis, IBISWorld and Mintel.

True

True or false: If researchers do not fully understand the nature of the problem or the decision being made, the research project is likely to fail.

True

Marketing Research

the systematic design, collection, analysis, and interpretation of information for use in decision making

A marketing strategy is:

A target market and a marketing mix (the 4 p's)

What is the first step in designing a research study?

Decide what type of research is needed (e.g., exploratory, descriptive, or causal)

Which type of research is typically conducted before other research? A Descriptive research is typically conducted before exploratory and causal research. B Exploratory research is typically conducted before causal and descriptive research. C Causal research is typically conducted before exploratory and descriptive research.

B Exploratory research is typically conducted before causal and descriptive research.

How open are European medical device decision makers to a new brand in the market? What is Company ABC's brand reputation in Europe? (looking for a research method)

Casual Research