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Test 2 Study Guide Answers

Test 2 Study Guide Answers - yr BUAD 307 Test 2 Study Guide...

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yr BUAD 307 Test 2 Study Guide Answers 1. Distinguish between marketing research and a marketing information system. Marketing research: systemic process for uncovering key knowledge needed for a specific marketing management decision. Provided based on a special request. Marketing information system: people and processes that provide needed information to marketing decision makers on an ongoing basis. Once designed, automatically provided. 2. Distinguish between primary and secondary data. Primary data: facts and figures newly collected for the project Secondary data: facts and figures that have already been recorded before the project at hand. 3. Distinguish among the different types of formal basic research. For which type of research purpose is each best suited? Direct observation: watching how people actually behave. To find out actual behavior, not just how they say they behave Experimentation: obtaining data by manipulating factors under tightly controlled conditions to test cause and effect (eg. of different marketing mix elements) Analysis of purchase data: Survey research Focus groups: to find out how consumers feel, why certain opinions are held, plan and design of further research and plan and design of marketing mix elements. Individual interviews: single researcher asking questions of one respondent. To get very direct input and to connect directly with the thoughts of consumers. 4. Distinguish between probability and non-probability samples. Probability samples: participants are randomly selected from a population Non-probability samples: participants are not randomly selected 5. Describe 2 basic ways for identifying consumer preferences (concept tests and conjoint analysis). You should be able to describe the method and how it can help marketers. Concept tests: presents product idea and then, through a survey or interview, gauges level of interest. Useful for judging how minor modifications can change consumer perceptions. Conjoint analysis: respondents are asked to provide preference judgments for different product attributes then mathematical analysis is used to “tease out” the individual’s underlying value system. Can determine the importance of different
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product attributes, aide in the selection of target markets and estimate the relative value of a product in the marketplace 6. What is a focus group and how is it used? Focus group: informal session where small group of past, present or prospective consumers answer questions on their opinions of the firm’s products, how they use these products and needs they have which the product doesn’t address Used to gain insights on how consumers feel, why certain opinions are held, plan and design of further research and plan and design of marketing mix elements 7. Describe the market research process.
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