Marketing Test 2 Study Guide

Marketing Test 2 Study Guide - Marketing Research...

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Marketing Research Importance Improve decision making quality Understand why Trace problems Understand changes in the marketplace The Marketing Research Process 1. Define Problem – translate a broader management decision problem into a marketing research problem in which information can be attained efficiently and effectively 2. Plan research design and gather data – involves data type, data collection method, and statistical analysis a. Primary data advantages usually outweigh disadvantages b. Surveys most popular data collection method c. Likert scale – Stongly Agree, Agree, Uncertain, Disagree, Strongly Disagree d. Semantic Differential – Excellent vs. Awful, Fresh vs. Old e. Projective Technique – if this product could talk, what would it say? f. Ethnographic research – the observation of human behavior in its natural context g. Experiments often change one of 4 P’s and watch effect on sales and awareness 3. Specify Sampling Procedure a. Sample – subset of population of interest 4. Collect Data – often outsourced 5. Analyze Data – often outsourced 6. Prepare and Present Report a. Statement of objectives b. Explanation of research design c. Summary of findings d. Conclusions and recommendations 7. Follow Up – were recommendations implemented and successful
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Competitive intelligence – legally finding out what competing companies are doing Product – tangible good, service, or idea; starting point of the 4 P’s Product Line Depth - # of products in a product line Product Mix Width - # of product lines an organization offers Brand Mark – elements of a brand that cannot be spoken Brand Equity – financial value of a firm’s brand name Global Brand – a brand where at least 20% of the product is sold outside the home country The Lanham Act – protects brand names
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Marketing Test 2 Study Guide - Marketing Research...

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