Chapter 5 Sports Test review
List the seven steps for marketing research
Discover and define the problem Analyze current conditions develop the process for data collection Collect the data Analyze and report the data Determine a solution Implement and evaluate the results
What is big data?
Extraordinary amount of data collected and stored for marketing purposes
What shows how often each numerical value, response, item, or range of numbers in a set of data occurs
Frequency Table
Even Data-driven decisions must be balanced with common sense and ethics
True
In some businesses, gut feelings and intuitions are used in decision making
True
The process of organizing data from multiple sources into usable information
Convergence analytic
A set of procedures and methods used to systematically collect, analyze, distribute, and sort information needed by businesses to make decisions
Marketing Information System
The first step in the marketing research proccess
Discover and define the problem
Deceiving people when conducting a market research usually leads to important findings that a company can use to improve its business.
False
Once people agree to participate in market research, companies can use the data these people provide in any way they choose
False
The final step in the marketing research process is to determine a solutuion to the problem
False
There is no way for marketers to track the number of people who have seen n advertisement
False
Today, most advertisers rely on what has succeeded previously in order to determine which tv programs potential viewers will watch
False
Decision making for most companies is based on what
Feelings
Consists of a panel of people who answer market research questions related to their observations or opinions about a product or service
Focus Group
Statistics gathered through valid research
Hard
What is the final step in the marketing research process?
Implement an evaluate the results
What are client-side researchers?
In house staff researchers who also work with external research agencies
When information is gathered that is very specifically focused on a single target market
Market research
what is a shopping cart abandoner? How can businesses use data to reach these customers?
People who start to make an online purchase, but leave the website without completing it. Cart-reminder email.
Small numbers of people who are representatives of a large group
Sample
Data that is based on an educated guess
Soft data
What is the difference between soft data and hard data
Soft data is based on an educated guess where Hard data is statistics gathered through valid research
Research that is conducted by an independent company and then offered for sale in an industry
Syndicated Research
Collecting and sorting data is which step in the marketing research process?
The 4th step
A calculations of the estimated profit a business will earn from a customer is called the customers lifetime value, or CLV
True
A cart-reminder email reminds customers od incomplete purchases they have left in an online shopping cart
True
After marketing data is gathered, researchers will look for patterns in the data and draw conclusions based on those patterns
True
Marketing information collected from customers can be used by businesses to help make needed improvements
True
Research has shown that the quality of a tv advertisement is directly connected with how, memorable the ad is to the viewers
True
Revealing pattern and measuring data are apart of analytics, or finding meaning in the data
True
Some large companies have a marketing research department withing the firm but also ork with outside marketing research firms
True
To interpret data, marketers must haven knowledge to see patterns and understand what those patterns means
True
The first step in the marketing research process is to collect data
false
Price Points
the range of prices charged for a category of merchandise
