Marketing 337 EXAM REVIEW

Describe the type of research evidence that allows one to infer causality. Give an example

Managers want to know how a change in one event will change another event of interest, like sales. Causal Research attempts to establish that when we do one thing, another thing will follow. A casual inference is just a conclusion.

Marketing research can be used to support specific decisions about aspects of marketing mix, explain

Marketing Research is the pillar to benefit from using the marketing mix by prompting you to identify essential and critical information you need to use within the 4 P's

A manager is considering purchasing data from an outside vendor to get a better understanding of the target market for his firm's services. What factors should the manager consider when evaluating the data? List the factors and explain.

1. is the target market worth anything for my business, because your purpose is to figure out you can best attract those who are likely to buy your company's product 2. is the target market manageable enough, you want to sell your products to everyone with a remote interest in your company's offerings 3. who will I be fighting to attract the target market, even if your product is unique there is something out there that can accomplish a similar goal for your customers 4. what do I want out of my market research in the first place, the ultimate goal is to improve your marketing campaign, you have to think carefully 5. do I need help doing my market research, market research can quickly become an expensive.

Define a marketing orientation and a product orientation, under which strategic orientation is there a greater need for marketing research.

A product-oriented firm prioritizes decision making in a way that emphasizes technical superiority in the product. A production-oriented firm prioritizes efficiency and effectiveness of the production processes in making decisions. Marketing orientation focusing on the four P's (product, prize, place, promotion) In both of these orientations, marketing research may take a backseat. In contrast, marketing research is a primary tool enabling implementation of a marketing orientation. A marketing-oriented firm must: (1) be customer-oriented, (2) emphasize long-run profitability rather then short-term profits or sales volume, and (3) adopt a cross-functional perspective.

Explain the difference between production and marketing orientations/perspective. As a CEO of a company operating in the automobile manufacturing industry what orientation will you adopt and why?

A production-oriented firm prioritizes efficiency and effectiveness of the production processes in making decisions. In both of these orientations, marketing research may take a backseat. In contrast, marketing research is a primary tool enabling implementation of a marketing orientation. A marketing-oriented firm must: (1) be customer-oriented, (2) emphasize long-run profitability rather then short-term profits or sales volume, and (3) adopt a cross-functional perspective. The automobile company would adopt the production-oriented firm because consumers want efficiency and effectiveness of production processes because consumers want their car to be made well and efficiency.

Explain the difference between applied and basic research (Provide examples to support your explanation)

Applied marketing research is conducted to address a specific marketing decision for a specific firm or organization. It is relatively specific, and an example is Wendy's fast food restaurant trying to determine if its new veggie burger will be successful. Basic marketing research is conducted without a specific decision in mind, and it usually does not address the needs of a specific organization. It attempts to expand the limits of marketing knowledge in general, and as such is not aimed at solving a particular pragmatic problem. For example, a marketing researcher might study the effects of music on consumption in a restaurant setting.

Communication technologies have impacted marketing research greatly explain.

Communication technologies has made it possible for researchers to access respondents globally, and collect and process insights instantaneously during real-time

Compare and contrast exploratory, descriptive, and causal research., give example of each.

Exploratory research is the initial research into a hypothetical idea but isn't about making final conclusions but getting information on the general topic. Descriptive research attempts to explore and explain information often discovered in exploratory research mostly used to see which part of the marketing practices are working example: a product type, business purchase, or service offering. Causal research is also known as explanatory research, and is the attempt to understand cause and effect so researches can get to the bottom of the deeper issue like why products are returned or why a certain target market doesn't understand the service you offer.

Your marketing research company has been asked to help a business understand why their sales are decreasing. Describe the procedure you should follow to address this research request and the type of marketing research you would recommend.

If a business is decreasing in sales the procedure you should follow to address this research is Applied Research because you want to meet a specific need within the company because Basic Marketing Research does not address a specific need.

You've been hired as a research assistant in the brand management unit of a major consumer packaged-goods manufacturer. describe two types of product research you may be involved in conducting.

Product research takes many forms and includes studies designed to evaluate and develop new products and to learn how to adapt existing product lines, and students can discuss any two to answer this question. Concept testing exposes potential customers to a new product idea to judge the acceptance and feasibility of the concept. Product testing reveals a product prototype's strengths and weaknesses or determines whether a finished product performs better than competing brands or according to expectations. Brand-name evaluation studies investigate whether a name is appropriate for a product. Finally, package-testing assesses size, color, shape, ease of use, and other attributes of a package.

Define the scientific method and explain its steps

The scientific method is the way researchers go about using knowledge and evidence to reach objective conclusions about the real world. In the scientific method, there are multiple routes to developing ideas, such as through prior knowledge or observation. When the ideas can be stated in researchable terms, we reach the hypothesis stage. The next step involves testing the hypothesis against empirical evidence (facts from observation or experimentation). The results either support a hypothesis or do not support a hypothesis. From these results, new knowledge is acquired.

Marketing research is more than conducting surveys, explain

This process includes idea and theory development, problem definition, gathering information, analyzing data, and communicating the findings including potential implications. Primary research, gives you control over the type of questions you ask and information you gather. -survey -direct observations -interviews and focus groups Secondary research, gathers existing information through available sources. -information on the internet -existing market research results -existing data from your own list Quantitative Research, numerical data -sales figures -online or phone questionnaires -financial trends Qualitative Research, gathers views and attitudes -focus groups, formal and informal conversations about their satisfaction with your business -visits and reviews of competitors

Data, information, and intelligence all have the potential to create value to the firm through better decision making. explain

a lot of the time data, information, and intelligence are used to make the decisions that businesses make based on the input they receive from the data, information, and intelligence, they create value to the firm through better decision making. they create value for consumers and the business.