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BU422 Midterm Exam Study Guide | 100% Correct Answers | Verified | Latest 2024 Version, Exams of Marketing

Sterling CollegeMarketing

Define marketing research - ✔✔The process of defining a marketing problem, systematically gathering, analyzing, reporting information and recommending actions to improve an organizations marketing activities Where does the information used to make marketing decisions come from? - ✔✔The environment What are the 4 systems of the marketing information system (MIS)? - ✔✔ -Decision support system (processes and databases for aiding decisions) -Internal report system (info from internal reports) -Marketing intelligence system (gather info from environment) -Marketing research system (gather info not available from current sources) What is market (not marketing) research? - ✔✔Studies of a specific age, demographic, customer group, etc. What is penetration rate? - ✔✔The % of households that are buying product - how many people your product gets through to What is the difference between full-service and limited-service suppliers? - ✔✔Full service - do it all

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Available from 08/30/2024

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BU422 Midterm Exam Study Guide |
100% Correct Answers | Verified | Latest
2024 Version
Define marketing research - ✔✔The process of defining a marketing problem, systematically gathering,
analyzing, reporting information and recommending actions to improve an organizations marketing
activities
Where does the information used to make marketing decisions come from? - ✔✔The environment
What are the 4 systems of the marketing information system (MIS)? - ✔✔
-Decision support system (processes and databases for aiding decisions)
-Internal report system (info from internal reports)
-Marketing intelligence system (gather info from environment)
-Marketing research system (gather info not available from current sources)
What is market (not marketing) research? - ✔✔Studies of a specific age, demographic, customer group,
etc.
What is penetration rate? - ✔✔The % of households that are buying product - how many people your
product gets through to
What is the difference between full-service and limited-service suppliers? - ✔✔Full service - do it all
limited service - specializes in a specific technique, segment, activity, etc.
What are the main concerns of research integrity? - ✔✔- Witholding info
- Falsifying data
- Making biased interpretations of findings
- Making up interviews
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Partial preview of the text

Download BU422 Midterm Exam Study Guide | 100% Correct Answers | Verified | Latest 2024 Version and more Exams Marketing in PDF only on Docsity!

BU422 Midterm Exam Study Guide |

100% Correct Answers | Verified | Latest

2024 Version

Define marketing research - ✔✔The process of defining a marketing problem, systematically gathering, analyzing, reporting information and recommending actions to improve an organizations marketing activities Where does the information used to make marketing decisions come from? - ✔✔The environment What are the 4 systems of the marketing information system (MIS)? - ✔✔

  • Decision support system (processes and databases for aiding decisions)
  • Internal report system (info from internal reports)
  • Marketing intelligence system (gather info from environment)
  • Marketing research system (gather info not available from current sources) What is market (not marketing) research? - ✔✔Studies of a specific age, demographic, customer group, etc. What is penetration rate? - ✔✔The % of households that are buying product - how many people your product gets through to What is the difference between full-service and limited-service suppliers? - ✔✔Full service - do it all limited service - specializes in a specific technique, segment, activity, etc. What are the main concerns of research integrity? - ✔✔- Witholding info
  • Falsifying data
  • Making biased interpretations of findings
  • Making up interviews
  • Taking shortcuts
  • Using RFP (request for proposals) to steal ideas What is the first step of the marketing research process? When are all 11 steps always needed? - ✔✔Determine if marketing research is needed
  • All 11 steps not always necessary
  • All 11 steps are usually necessary when collecting primary data What are some instances where marketing research would not be necessary? - ✔✔- Cost precedes value
  • Implementation is not feasible
  • Time constraints (market moving too fast)
  • Strategical reasons
  • Info already available What is the second step of the marketing research problem? - ✔✔Define the problem
  • Most important step What is the difference between a failure to meet objectives and a missed opportunity? - ✔✔FtmO - gap between what was supposed to happen and what did happen MO - Gap between what did happen and what could have happened What is the difference between a problem and a symptom? - ✔✔Problem - pertains to the causes of the symptom Symptom - changes in the level of some key measure of the objectives e.g. lowered stock price What are the 5 steps of defining the problem? - ✔✔1. Situation analysis
  1. Clarify symptoms of problem
  2. Identify likely causes
  3. Consider possible solutions

What is experimental (causal) research? - ✔✔Used to determine if X causes Y What are some methods of experimental research? - ✔✔Con- Experiments or test marketing What are some components of experimental research? - ✔✔- Concomitant variation (x and y occur together or vary together in a predicted way)

  • If X causes Y, X typically proceeds Y
  • Elimination of extraneous factors (changes in Y caused by nothing else but X) What is backward market research? - ✔✔Start where the process usually ends and work your way up from there What are the advantages/disadvantages of backward market research? - ✔✔Adv - Cost/time
  • Gain support from management Dis - Assumptions of problems
  • Biased questions/design
  • Miss out on bigger picture What is the procedure for a 'true' experiment design? - ✔✔- Randomly divide subjects into groups (control + experimental)
  • Pretest measurement of DV is taken on all groups
  • Change IV only in experimental groups
  • Post-test all groups What is pluralistic research? - ✔✔A mix of quantitative and qualitative research
  • usually qualitative first

What are the main types of qualitative research? - ✔✔Naturalistic observation Interviews Focus Groups Social media research Protocol analysis Projective techniques Ethnographic research What are the advantages to focus groups? What are the 3 techniques? - ✔✔Adv - generate ideas, reveal insights, understand quantitative findings

  1. Want impulsive reaction to question
  2. Write down answers so there is no starting point for answers (Anchoring effect)
  3. Pre-production editing What are the advs/disadvs of social media research? - ✔✔Adv - low cost, can listen/participate in customer conversation Disadv - May not represent population What is protocol analysis? - ✔✔Have participants verbalize every step of their thinking process Name several types of projective techniques - ✔✔Word-association Sentence-completion Picture test Balloon tests Role play What are the 4 divisions of segmentation? - ✔✔Demographics Psychographics Behavioural

What are the two sources of secondary data? - ✔✔Internal and external What are the 3 types of external data retrieval? - ✔✔Published - data prepared for public distribution Syndicated - data primarily provided by external sources for multiple companies Standardized - provided by firms that collect data in a standard format What is customer relationship management (CRM)? - ✔✔Using internal databases for the purpose of direct marketing or to strengthen relationships with customers What is data mining? - ✔✔Process of finding hidden relationships among variables contained in data stored in very large data warehouses What is big data? - ✔✔Extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behaviour and interactions What is text mining? - ✔✔Deriving high-quality info from text, often involving turning the text into data suitable for statistical analysis What are several methods of quantitative data collection? - ✔✔- Person-administered surveys

  • Computer assisted surveys
  • Self-administered surveys
  • mixed-mode surveys What are several types of person-administered surveys - ✔✔- In-home interview
  • In-office interview
  • Central location interview
  • 'traditional' telephone interview
  • mall-intercept interview

What are the main types of response formats? - ✔✔- Open-ended

  • Categorical
  • Metric (synthetic or natural) What are the two types of open-ended response? - ✔✔Unaided (no prompt) aided (prompt provided) What is a categorical response format? what are several types? - ✔✔Provides answer on questionnaire
  • Dual-choice (T/F)
  • Multiple choice
  • 'check all that apply' What is the difference between natural metric and synthetic metric? - ✔✔Natural - Respondent asked to give a number that measures the property being investigated e.g. age, # of visits, # of $, etc. (usually has a true zero point) Synthetic - Uses artificial number to measure property (usually no true zero) What are the four kinds of scale characteristics? - ✔✔Origin (ratio) Distance (interval) Order (ordinal) Descriptor (nominal) What are the types of scales? - ✔✔Paired comparison Rank-ordering Constant sum Likert Semantic differential (aka bipolar)
  • Loaded questions
  • Double-barrelled questions
  • Overstated questions What is the general flow of a questionnaire? - ✔✔- Screens
  • Warm-up questions
  • Transitions
  • Complicated & difficult to answer questions (want these towards end)
  • Classification or demographic questions What are some aspects of the layout of a questionnaire? - ✔✔- Clustering: divide questionnaire into sections with separate area for each topic
  • Numbering: Questions in each part should be numbered
  • Precoding - The code to enter in the computer are printed on the questionnaire