Exploring Marketing Research 11th Edition Quiz 1 Chapters 1,3,4

Distinguish between basic and applied marketing research

-Applied Marketing Research is conducted to address a specific marketing decision for a specific firm or organization. -Basic Marketing Research doesn't address the needs of of a specific organization and doesn't typically address a specific business decision. Expands marketing knowledge in general and not at solving a particular business's problem. Tests the validity of a general marketing theory or to learn more about some market phenomenon.

Understand the rights and obligations of research participants, clients, researcher, children

-Client Researcher:Only seek legit bids, open discussion, pay for work completed, not to expect selling disguised as research, do not ask for pseudo research. -Client Participant: Open discussion, confidentiality, honest reporting, avoid conflicts of interest - Participant Researcher: Truthfulness, responsible participation -Researcher Participant: Informed Consent, privacy, avoid coercion, protection from harm, research worthy, not selling info. -Children: Under 13 can't get information without parental consent, when for mature audiences have to be over 18 otherwise need parental consent.

Discuss the 6 steps in the Marketing research process and the role each play

-Defining Research Objectives: The goals that researchers intend to achieve through this particular effort (Deliverables). Used to discover the things that he/she should research more specifically. - Research Design: Methods and procedures for collecting and analyzing the needed information for a given type of research. - Sampling: Involves any procedure that draws conclusions based on measurements of a portion of the population. -Data Collection: Started once formalized sampling plan. Gathering the data generating from sampling. -Data Analysis: Application of computation, summarizing, and reasoning to understand the gather information. -Conclusions and Reporting: Conclusions speak directly to the research questions developed in the early phases of the project and should fulfill the deliverables promised in the research proposal.

Know the terms and concepts relating to experimental design, for eg. placebo, etc.

-Experimental designs: Often involve deception and usually require a debriefing session afterwards. -Placebo: A false experimental effect used to create the perception that some effect has been administered. -Debriefing: Research subjects are fully informed and provided with a chance to ask any questions they have about the experiment.

Describe the differences among the 3 major classification of marketing research

-Exploratory: Conducted to clarify ambiguous situations or discover ideas that may be potential business opportunities. Useful in product development and problem solving. - Descriptive Research describes characteristics of objects, people, organizations, or environments, and tires to paint a pictures of a given situation. Who what where when. - Causal: Allows decisions maker to make causal inferences from cause and effect relationships.

Distinguish between a hypothesis and a research question

-Hypothesis: A formal statement, derived from theory, explaining some specific outcome. -Research Question (Theory): A formal, logical explanation of some event(s) that includes predictions of how things relate to one another. - A hypothesis is the next step after a question in the scientific formula that indicates a higher level of certainty.

Know what is ethics and the moral standards around it

-Marketing Ethics: The application of morals to business behavior related to the exchange environment. Following is "good" not is "bad." -Moral Standards are principles reflecting one's beliefs about what is ethical and what is unethical. -Relativism: The degree to which one rejects moral standards in favor of the acceptability of some action. This way of thinking rejects absolute principles in favor of situation based evaluations. -Idealism: Will try to apply ethical principles like the Golden Rule in Ethical Dilemmas

Identify the type of marketing mix research from given scenarios

-Product Research: Provides valuable input to companies, customers, and policy makers. Includes studies designed to evaluate and develop new products and to learn how to adapt existing product lines. Encompasses all applications of marketing research that seek to develop product attributes that will add value to customers. -Pricing Research: Finding the amount of monetary sacrifice that best represents the value customers perceive in a product after considering various market constraints. Involves quality perceptions. -Distributing Research: Studies aimed at selecting retail sites or warehouse locations. Is needed to gain knowledge about retailers' and wholesaler's operations and to learn their reactions to a manufacturer's marketing policies. -Promotion Research: Investigates the effectiveness of advertising, premiums, coupons, sampling, discounts, public relations, and other sales promotions.

Know the core concepts of marketing research

-Research: A systematic process of gathering, interpreting, and reporting information. -Methodology: set of principles and procedures that guides research -A constant: Characteristic or condition that is the same for all individuals in the study. - A variable: characteristic that takes on different values or conditions for different individuals. - Independent variable: Variable that influences another variable - Dependent variable: variable that is the consequence of influenced by some other variable - Causation: A situation in which one variable can produce the occurrence of another - A correlation: a statistical description of the relationship between variables. A positive correlation of 1+ is strongest with -1 being lowest. -Hypothesis: scientifically researchable suggestion/assumption about the relationship between two or more variables. Validity: Condition in which a research item accurately measures what it claims/purports to measure. -Internal validity: extent to which results can be interpreted accurately with confidence -External validity: extent to which results of a sample can be generalized to the population from which the sample is drawn or other population - Reliability: consistency in measurement- extent to which results of a sample can be generalized to the population from which the sample is drawn - Survey: Research technique that uses carefully constructed questions to obtain a variety of facts about people's thoughts -Interview: type of survey where a set of questions are delivered face to face or over the telephone - Questionnaire: instrument used to collect standardized data in a survey research - Population: entire category of people possessing the characterisitics that interest a researcher undertaking a particular study - Sample: limited number of individuals that is systematically chosen from a given population to be observed/studied -Random Sample: process of drawing a sample randomly - Stratified random sample: sample broken into segments that correspond in number to their respective proportions. - Experiment: research technique in which the investigator manipulate conditions so that the effects produced by one independent variable can be isolated and observed.

Explain the factors that influence the need for marketing research

-Time Constraints: The urgency with which managers often want to make decisions often conflicts with the marketing researcher's desire for rigor in following the scientific method. -Availability of Data: Does the manager already possess enough information to make an informed decision without additional marketing research or will the obtaining of the data come at too high of a cost for the company? -Nature of the Decision: What kind of decision is being made and how important is the decision to the company? -Benefits vs. Costs: Will the payoff be worth the investment? Will the information gained marketing research improve the quality of the marketing decision enough to warrant the expenditure? Is the proposed research expenditure the best use of available funds?

Discuss the steps in developing a marketing strategy

1. Identifying and evaluating market opportunities. Monitoring the environment for signals indicating a business opportunity. 2. Analyzing market segments and selecting target markets. Major source of information for determining which characteristics of market segments distinguish them from the overall market. 3. Planning and implementing a marketing mix that will provide value to customers and meet organizational objectives. (Reference previous card) 4. Analyzing firm performance. Serves to inform managers whether planned activities were properly executed and are accomplishing what they were expected to achieve.

Know the ethical issues in Marketing research

Confidentiality, Conflicts of interest, Privacy, etc.