Lesson 5 Marketing Quiz - Marketing Research

The steps of the Marketing research process

First Step - Locating and Defining Problems or Research Issues • Marketers must identify the specific boundaries of a problem with research related to marketing strategy or implementation. Second Step - Designing the Research Project • After the problem has been defined, a plan needs to be composed of how to gather information that will address the problem. Third Step - Collecting Data • There must be a collection of data to help prove or disprove the research hypothesis, and the research design must specify the types of data that should be collected and how those types should be collected. Fourth Step - Interpreting Research Findings • After the collection of data to test hypotheses has been completed, marketers need to interpret the research findings by drawing conclusions from the analyzation of data tables. Fifth Step - Reporting Research Findings The marketer must write a formal report where he or she must consider the gathered facts in relation to the research questions and decide if the information gathered matches the initial hypotheses.

Reliability

a condition that exists when a research technique produces almost identical results in repeated trials

Population

all the elements, units, or individuals of interest to researchers for a specific study

Random sampling

all the units in a population have an equal chance of appearing in the sample

Secondary data

are compiled inside and outside the organization for some purpose other than the current investigation

Primary data

are observed and recorded or directly collect from respondents; gathered through observation or by surveying people of interest

Focus group

brings together multiple people to informally discuss a certain topic in a group setting led by a moderator

Database

collection of information arranged for easy access and retrieval

Marketing decision support system (MDSS)

customized computer software which helps marking managers anticipate the effects of certain decisions

Stratified sampling

divides the population of interest into groups according to a common attribute, and then a random sample is chosen within each group

Probability sampling

every element in the population being studied has a known chance of being selected for study

Statistical interpretation

focuses on what is typical and what deviates from the average

Marketing information system (MIS)

framework for the day-to-day management and the structuring of information regularly fathered from sources inside and outside an organization

Quota sampling

in which researchers divide the population into groups and the arbitrarily choose participants from each group

Big data

involves massive data files that can be obtained from both structured and unstructured databases; consists of high volume data that marketers can use to discover unique insights and make more knowledgeable marketing decisions

Hypothesis

is an informed guess or assumption about a certain problem or a set of circumstances

Single-Source data

is information provided by a single firm about household demographics, purchases, television viewing behavior, and responses to promotions, such as coupons and free samples

Non probability sampling

is more subjective than probability sampling because there is no way to calculate the likelihood that a specific population element will be chosen

Sample

limited number of units chosen to represent the characteristics of a total population

Descriptive research

research conducted to clarify the characteristics of certain phenomena to solve a particular problem

Exploratory research

research conducted to gather more information about a problem or to want to make a tentative hypothesis more specific

Experimental research

research that allows marketers to make causal deductions about relationships

Customer advisory board

small groups of actual customers who offer insights into their feelings and attitudes toward a firm's products, promotion, pricing, and other elements of marketing strategy

Marketing research

systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities

Crowdsourcing

takes usually performed by a marketer or researcher and outsources them to a crowd, or potential market, through an open call; used to obtain opinions or needs of the crowd

Validity

the method must measure what it is supposed to measure, not something else

Sampling

the process of selecting representative units from a total population

Conclusive research

verifies insights through an objective procedure to help marketers make decisions; it is used when the marketer has in mind one or more alternatives and needs assistance in the final stages of decision making

qualitative data

yields descriptive non-numeral information

quantitative data

yields empirical information that can be communicated through numbers