MKT 574: Chapter 4: Use information to Drive Marketing Decisions

in-depth interview

an unstructured interview with an individual who has been chosen based on some characteristic of interest, often a demographic attribute

Once data are collected, coded, and verified, the next step in the market-research process is to _____ the information.

analyze

Research that tries to discover the cause and effect between variables is called:

causal research

exploratory research

discovery

In a market research report, the _____ summary presents a summation of the analysis and essential findings for managers.

executive

True or falsE: Generally, market information is specific to a particular problem or question.

false

An interview that is unstructured with an individual who has been chosen based on some characteristic of interest is a(n) ______.

in-depth interview

behavioral data

include information about when, what, and how often customers purchase products and services as well as other customer "touches"

In many companies, the chief data officer manages ______ and makes more informed decisions linking corporate stagey with customer-driven data.

information

closed ended questions

more precise and provide specific responses

In _____ sampling, the probability of everyone in the population being included in the sample is not identified.

non-probability

______ data are the behavioral patterns among the population of interest.

observational

When a market researcher wants to specifically answer a research question, he/she will collect ____ data.

primary

_____ research is used to develop a more measured understanding of the data using statistical analysis to assess and quantify the results.

quantitative

Once the management research deliverable has been identified, the next step is to define the:

research problem

______ data is collected for some other purpose than the problem currently being considered.

secondary

sample

subgroup of the population selected for participation in the research

causal research

tries to discover the cause and effect between variables

mechanical observation

uses a device to chronicle activity

Good market research enhances the ____ of the information collected.

validity

The management research ______ defines exactly what management wants to do with the results of market research.

deliverable

_______ is defined as the statistics characteristics of human populations, such as age or income, used to identify markets.

demographics

____ research seeks to describe or explain some phenomenon.

descriptive

open ended questions

encourage respondents to be expressive and offer the opportunity to provide more detailed, qualitative responses.

surveys

structured questionnaires given to a sample group of individuals representing the population of interest and are intended to solicit specific responses to explicit questions

Structured questionnaires that are given to a sample group of individuals representing the population of interest and are intended to solicit specific responses to explicit questions are called:

surveys

observational data

the behavioral patterns among the population of interest - one of the most common uses of this type of research is in retailing. Researchers watch how people move through a store, noting what aisles they go down and where they spend their time.

market research

the methodical identification, collection, and analysis and distribution of data related to discovering and then solving marketing problems or opportunities and enhancing good decision making

Which of the following are primary advantages of online sampling?

1. cost efficiency 2. convenience 3. ease of response by participants

5 common internal courses of data collected as a regular part of doing business

1. customer orders 2. customer payments 3. marketing plans 4. salesperson information systems 5. customer inquiries

Which of the following are internal sources of information? Select all that apply.

1. customer orders 2. marketing plans 3. salesperson information systems 4. customer payments 5. customer inquiries

What are the three major challenges researchers face as they collect data around the world? Select all that apply.

1. data accessibility 2. data comparability 3. data dependability

2 types of market information

1. data related 2. addresses a specific question

2 reasons demographics are important in marketing

1. demographics help define a market 2. studying demographics helps identify new opportunities

3 basic types of research

1. exploratory 2. descriptive 3. causal

A sales information system includes:

1. Formal systems for collecting data 2. Interpretation of data (analysis) 3. Distribution of data (getting the analysis to decision makers and back into the field)

Good market research follows the following:

1. a well-defined set of activities and does not happen by accident 2. enhances the validity of the information 3. is impartial and objective

Which of the following are reasons to conduct exploratory research? Select all that apply.

1. answering the research question 2. clarifying the research problem 3. gaining additional insight to help in survey development or to identify other research variables for study 4. developing hypotheses for testing in descriptive or causal research

reasons for conducting exploratory research:

1. clarifying the research problem 2. developing hypotheses for testing in descriptive or causal research 3. gaining additional insight to help in survey development or to identify other research variables for study 4. answering the research question

Data collected and analyzes in a CRM system enable companies to:

1. identify the frequency and size of customer orders 2. determine the actual cost of a customer order 3. rank customers based on established criteria like profitability 4. calculate the efficiency of the company's production and distribution system

Which of the following are specific problems of international primary data collection? Select all that apply.

1. inaccurate language translation and insufficient comprehension 2. unreliable sampling procedures 3. unwillingness to respond

two key issues drive marketers' need to know about the natural world

1. individuals, governments, and business all recognize the need to manage the available resources well 2. pollution

Which of the following play a role in a company's choice to either collect data using its own resources or hire a market research firm to administer the data collection? Select all that apply.

1. internal expertise in market research 2. resources required to complete the job

Which of the following are disadvantages of online focus groups?

1. it is not possible to verify who is actually responding to the questions 2. participants are limited to those with access to a computer.

primary advantages of secondary data

1. its a fast way to get information 2. cost 3. secondary data will, almost by definition, not fit the research problem exactly 4. secondary data are not current

Which of the following are advantages of secondary data sources? Select all that apply.

1. less expensive 2. fast way to get information

defining the management problem involves two distinct steps

1. management, working with researchers and marketing decision makers defined the management research deliverable 2. define the research problem

Which of the following are secondary sources of information? Select all that apply.

1. market research organizations 2. government sources 3. the internet

2 types of economic knowledge

1. microeconomics: the study of individual economic activity 2. macroeconomics: the study of economic activity in terms of broad measures of output and input as well as the interaction among various sectors of an entire economy.

External forces affecting marketing decisions

1. political/legal environment 2. economic conditions 3. technology transformations 4. natural world 5. demographics 6. competition

2 approaches to sampling

1. probability sampling: uses a specific set of procedures to identify individuals from the population to be included in the research 2. non probability sampling: the probability of everyone in the population being included in the sample is not identified. This type of sampling is often done when time and or financial constraints limit the opportunity to conduct probability sampling

approaches for collecting primary data

1. qualitative research: less structured and can employ methods such as surveys and interviews to collect the data. Employs small samples and is not meant to be useful for statistical analysis. 2. quantitative research: used to develop a more measured understanding using statistical analysis to assess and quantify the result.

stages or processes within marketing planning

1. situation analysis 2. selection of a target market 3. plan of the marketing mix 4. price 5. distribution 6. promotion 7. marketing control

5 Research Design Activities

1. type of research: What kind of research needs to be done? 2. nature of data: What kind of data do we need? 3. nature of data collection? How should we collect the data? 4. information content: What do we need to know? 5. Sampling plan: Who should be included in the research?

3 factors in creating and MIS

1. what information should the system collect? 2. what are the information needs of each decision maker? 3. how does the system maintain the privacy and confidentiality of sensitive information?

demographics

the statistical characteristics of human populations, such as age or income, used to identify markets. They provide a statistical description of a group of people and are extremely useful in marketing for two reasons.

census

a comprehensive record of each individual in the population of interest

Market information system (MIS)

a continuing process of identifying, collecting, analyzing, accumulating, and dispensing critical information to marketing decision makers. - an information bank

focus group

a meeting of 6 to 10 people that is moderated by a professional who carefully moves the conversation through a defined agenda in an unstructured, open format

______ data include information about when, what, and how often customers purchase products and services as well a other customer "touches."

behavioral

A(n) _____ is a comprehensive record of each individual in the population of interest.

census

Questions that are more precise and provide specific responses are called:

closed-ended

market intelligence

collecting, analyzing, and storing data from the macro environment on a continuous basis

secondary data

data collected for some other purpose than the problem currently being considered --- be sufficient?

primary data

data collected specifically for this research question

online database

data stored on a server that is accessed remotely over the internet or some other telecommunications network

The process of collecting, allaying, and storing data from the macro environment on a continuous basis is known as marketing ________.

intelligence

data collection

involves the access and distribution of the survey to the respondent, then recording the respondent's responses and making the data available for analysis

The methodical identification, collection, analysis, and distribution of data related to discovering and then solving marketing problems or opportunities and enhancing good decision making is called:

market research

A(n) _____ ______ ______ is a continuing process of identifying, collecting, analyzing, accumulating, and dispensing critical information to marketing decision makers.

marketing information system

The observation data that comes from a device used to chronicle activity is called:

mechanical data

Data stored on a server that are accessed remotely over the internet or some other telecommunications network is a(n) ______.

online database

Questions that encourage respondents to be expressive and offer the opportunity to provide more detailed, qualitative responses are called:

open-ended

A ________ is a subgroup of the population selected for participation in the research.

sample

descriptive research

seeks to describe or explain some phenomenon - identifies associations between variables