BUS 375- FINAL EXAM Chapters 1,4,10,
11, 16
Chap 1. Define marketing research: - ✔✔Marketing research is the function that links
the consumer to the marketer through information. The information is used to identify
a
...
BUS 375- FINAL EXAM Chapters 1,4,10,
11, 16
Chap 1. Define marketing research: - ✔✔Marketing research is the function that links
the consumer to the marketer through information. The information is used to identify
and define marketing problems; generate, refine, and evaluate marketing actions;
monitor marketing performance, and improve understanding of marketing as a process
Discuss different kinds of firms that conduct marketing research: - ✔✔a. Producers of
products and services
b. Advertising agencies
c. Marketing research companies
Producers of products and services - ✔✔a. Producers of products and services have
marketing research departments and gather information relevant to the particular
products and services they produce and the industry in which they operate
Advertising agencies - ✔✔often conduct research, primary to test advertising and
measure its effectiveness
Marketing research companies - ✔✔are in business to conduct research; some focus
on very specific topics or aspects of the research process, while others are more
general in focus.
List some of the skills that are important for careers in marketing: - ✔✔a. Most positions
in marketing research require analytical, communication, and human relations skills
b. In addition, marketing researchers must be comfortable working with numbers and
statistical techniques, and they must be familiar with a great variety of marketing
research methods.
List three reasons for studying marketing research: - ✔✔a. Some students pursue
careers in marketing research
b. Almost everyone is a consumer of marketing research in one way or another and
needs to be able to know how to evaluate the likely validity of the research
c. Managers must understand what marketing research can and cannot do as well as
what is involved in the process of conducting research
Chap 4. Specify the key steps in problem formulation: - ✔✔1. Meet with client,
2. clarify problem/opportunity,
3.state manager's decision problem
4. develop possible research problems,
5.select research problems to be addressed,
6.Prepare and submit a research request agreement1. Meet with client: - ✔✔meet with managers requesting marketing research. The
researcher must get as much information as possible from the manager with respect to
the problem/opportunity at hand.
a. Unplanned
b. Planned changes
2. Clarify the problem/opportunity: - ✔✔helping managers get precisely to the heart of
the problem don't let a manager perform his or her own diagnosis and prescribe the
treatment. Best to conduct exploratory research at this stage to pinpoint problem
3. State the managers decision problem - ✔✔a. Decision problem: the problem facing
the decision maker for which the research is intended to provide answers
i. Discovery oriented decision problem: a decision problem that typically seeks to
answer what or why questions about a problem/opportunity.
1. The focus is generally on generating useful information.
ii. Strategy oriented decision problem: a decision problem that typically seeks to answer
how questions about a problem/opportunity. SEEKS ALTERNATIVES
1. The focus is generally on selecting alternative courses of action.
2. Exploratory and descriptive research
4. Develop full range of possible research problems - ✔✔i. Investigate current customer
satisfaction
ii. Assess target market perceptions and competitors
iii. Determine target market awareness
5. Select research problems - ✔✔a. Carefully review each identified research problem
in terms of the trade-off between the information to be obtained versus the cost of
obtaining that information. Cost may include money, time, and effort.
6. Prepare and submit a research request agreement - ✔✔a. Research request
agreement: a document prepared by the researcher after meeting with the decision
maker that summarizes the problem and the information that is needed to address it.
i. Background: the events that led to the manger's decision problem
ii. Decision problem: the underlying question confronting the manager
iii. Research problem: the range of research problems that would provide input to the
decision problem
iv. Use: the way each piece of information will be used
v. Population and subgroups: the groups from whom the information must be gathered.
vi. Logistics: approximate estimates of the time and money available to conduct the
research.
Discuss two objectives of the initial meeting with the research client: - ✔✔The two goals
are:
1. Develop rapport and open communication lines2. Obtain as much information as possible about the problem/opportunity
Discuss two general sources of marketing problems/opportunities. - ✔✔The two
sources of marketing problems are:
1. Unanticipated change (discovery)
2. Planned change (strategy)
a. Research on planned change tends to be proactive while research on unanticipated
or unplanned, change tends to be reactive.
Explain why the researcher must be actively involved in problem formulation: - ✔✔•
Researchers play a key role in problem formulation because they bring a new
perspective to the problem/opportunity situation. Managers often fall into routine ways of
seeing the business and its environment; researchers can help them get into the heart
of the problem.
Distinguish between two types of decision problems: A decision problem is the
problem/opportunity seen by managers. - ✔✔1. Discovery oriented decision problems
typically ask what or why and generate information that can be used by managers to
make important decisions.
2. Strategy oriented decision problems are usually directed at how planned change
should be implemented and focus on making decisions.
Distinguish between a decision problem and a research problem: - ✔✔A decision
problem is the problem/opportunity as seen by managers;
research problem restates the decision problem in research terms from the
researcher's perspective.
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