Chapter 5 Marketing Test

3 examples of primary data
Personal information, surveys, and agree/disagree
3 examples of secondary data
Populations, statistics, focus group findings that were not performed by you
Consumers (information needed for effective marketing decisions)
Age, gender, income, education, attitudes
Marketing mix (information needed for effective marketing decisions)
Product price, services, guarantees, discounts, basic products
Business environment (information needed for effective marketing decisions)
Tax policies, proposed laws, ethical issues, new technology, economic conditions
Most businesses no longer believe that all consumers are alike and all want the same things (T or F)
True
Effective marketing information ___ the decisions of business and ___ reduces the risk kg decision making
Improves; reduces
Steps to implementing a marketing research study
Identify the problem, analyze situation, data collecting procedure, gather/study in formation, propose a solution
What is the first step a business usually takes in the process of gathering marketing information?
Identify types of info needed
What is the most important performance measure for a company?
Comparison of yourself
What is the first step in implementing a marketing research study?
Defining the problem
What is the most important part of a marketing research?
The solution
analysis
the process of summarizing, combining, or comparing information so that decisions can be made
closed-ended questions
offers two or more choices as answers
discretionary purchases
are not essential, so consumers can decide whether or not to purchase them
experiments
carefully designed and controlled situations in which all important factors are the same except the one being studied
external information
provides an understanding of factors outside of the organization
focus group
A small number of people brought together to discuss identified elements of an issue or problem
input
the information that goes into the system that is needed for decision making
internal information
information developed from activities that occur within the organization
marketing information system
an organized method of collecting, storing, analyzing, and retrieving information to improve the effectiveness and efficiency of marketing decisions
marketing research
a procedure designed to identify solutions to a specific marketing problem through the use of scientific problem solving
observation
collects information by recording actions without interacting or communicating with the participant
open-ended questions
allow respondents to develop their own answers without additional information about possible choices
output
the result of analysis given to decision makers
primary data
information collected for the first time to solve the problem being studied
random sampling
everyone in the population has an equal chance of being selected in the sample
sample
a smaller group selected from the population
secondary data
information already collected for another purpose that can be used to solve the current problem
simulations
experiments where researchers create the situation to be studied
storage
involves the resources used to maintain information
survey
a planned set of questions to which individuals or groups of people respond
text markets
specific cities or geographic areas in which marketing experiments are conducted