Marketing information and research

Marketing Research and Information - Chapter 5

1. Marketing Information and Research Chapter 5

2. WHAT IS MARKET RESEARCH?

3. WHY IS MARKET RESEARCH IMPORTANT?

4. TERMS TO KNOW: Analysis Experiments Focus Group Input Output Marketing Research Observation Survey Test Market Random Sampling Sample Simulations Storage Primary Data Secondary Data

5. Consumer Differences Page 122 All consumers have different needs and wants. How can business best meet the unique needs and wants of different market segments? How do fast food restaurants meets unique needs/wants of customers?

6. Expanding Choices Page 122-123 Consumers have many more choices of products and services, and much more information about those choices, so their decisions are more informed. When was a time that you were overwhelmed with too many choices? Or not enough choices?

7. Competition Page 123 More and more intense. Gather info about competitors products/services to determine strengths and weaknesses. How are you going to make sure your products stands out among competition?

8. Approaches to Planning Page 124-125 Read – Approaches to Planning How will each of the companies decide whether to make designs to use for the next year? Which of the companies do you believe will make decision that are most likely to be successful? What is the biggest difference in the way the companies make decisions?

9. Categories of Information Page 125 Consumers Marketing Mix Business Environment

10. 1. See problem Page 136-138 TERM - Marketing Research Define the problem. Analyze the situation. Develop a Data-Collection Procedure. Primary Data Secondary Data

11. 2. Gather Information Page 138-140 Select the participants. Sample Random Sampling Collect the data. Analyze the data. Prepare the results.

12. 3. Propose a Solution Page 140-142 Research Reports Presenting Research Results When to use Marketing Research

13. Collecting Primary Data Page 144-149 Conducting Surveys Survey Focus group Making Observations Observation Performing Experiments Experiments

14. True of False Focus groups can be composed of participants who are experts on the topic rather than a random sample of the population.

15. True of False TRUE

16. True of False Marketing research helps businesses that are involved in international competition.

17. True of False TRUE

18. True of False Surveys should only ask questions that are needed to accomplish the objectives of the research.

19. True of False TRUE

20. True of False Whether or not to use marketing research depends solely on its cost.

21. True of False FALSE

22. True of False The most precise and objective information about a potential market segment is obtained through focus groups.

23. True of False FALSE

24. True of False A great deal can be learned about purchase behavior by observing consumers.

25. True of False TRUE

26. True of False Secondary data is usually less expensive to obtain than primary data.

27. True of False TRUE