MRKT 301 Chp. 7

Specifying constraints, identifying data needed for marketing actions, and determining how to collect data would take place during which step of the five-step marketing research approach.
collect relevant information
Grape-Nuts was one of the first cereals Post Cereal Company ever marketed. It scores well in brand awareness studies, but recently its sales have been steadily declining. Rather than assume the product was a “dog,” the Grape-Nuts marketing manager decided Post should first.
do marketing research to identify what needs were not being satisfied
Set during the marketing research process,________ are the specific, measurable goals the decision maker seeks to achieve in conducting the marketing research.
research objectives
After defining the problem, the next step in the five-step marketing research approach is to
develop the research plan
The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions is referred to as __________.
marketing research
There are two key elements when defining a marketing research problem. One of these is __________.
set the research objectives
Analyzing data and presenting the results of this analysis would take place during which step of the five-step marketing research approach?
develop findings
Obtaining primary and secondary data would take place during which step of the five-step marketing research approach?
collect relevant information
The first step of the marketing research approach is to __________.
define the problem
The fourth step of the marketing research approach is to __________.
develop findings
the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions
marketing research
a conscious choice for among two or more alternatives
decision
the act of consciously choosing from among alternatives
decision making
criteria or standards used in evaluating proposed solutions to a problem
measure of success
restrictions placed on potential solutions to a problem
constraints
ideas of products or services
concepts
approaches that can be used to collect data to solve all or part of a problem
methods
the facts and figures related to a project
data
facts and figures that have already been recorded prior to the project at hand
secondary data
facts and figures that are newly collected for a project
primary data
Marketing inputs (budgets, financial statements, sales call reports)
AND
marketing outcomes (actual sales and customer communications)
Secondary Data: Internal
U.S. Census reports, trade associations studies, business periodicals, internet-based reports.
Secondary Data: External
Saves time
low cost
Advantages of Secondary Data
Data could be outdated, might not fit a researcher’s project just right, might not be specific enough
Disadvantages of Secondary Data
facts and figures obtained by watching, either mechanically or in person, how people behave
observational data
facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors
questionnaire data
a sample of consumers or stores from which researchers take a series of measurements
(switching form one brand of breakfast cereals to another)
panel
test cause and effect
experiment
Independent variable (a cause) in an experiment.
Examples: Price, Features, Promotion
market drivers
More flexible and more specific to the problem being studied
Advantages of Primary Data
Expensive and time consuming
Disadvantages of Primary Data
involves operating computer networks that can store and process data
information technology
The extraction of hidden perspective information from large data-bases to find statistical links between consumer purchasing patterns and marketing actions
data mining
the total sales of a product that a firm expects to sell during a specified time period under specified conditions and its own marketing efforts
sales forecast
Involves asking prospective customers if they are likely to buy the product during some future period
Survey of buyers forecast
Involves asking the firm’s sales people to estimate sales during a coming period. These people are in contact with customers and are likely to know what customers like and dislike.
Salesforce survey forecast