Marketing Final Exam

Marketing Final Exam

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Unformatted text preview: OOMS Synthesis 2. What is marketing research? Name and briefly describe the three functional roles of marketing research. ANS: Marketing research is the process of planning, collecting, and analyzing data relevant to marketing decision making and then communicating results of this analysis to management. Marketing research provides decision makers with data on the effectiveness of current marketing strategies. Marketing research is a main data source for the marketing decision support system. The three functional roles of marketing research are descriptive, diagnostic, and predictive.The descriptive role of marketing research includes gathering and presenting factual statements. The diagnostic role of research explains the data. The predictive role addresses “what if” questions such as how the researcher can use the descriptive and diagnostic research to predict the results of a planned marketing decision. PTS: 1 REF: 140 Communication KEY: CB&E Model Research OBJ: 09-2 TOP: AACSB MSC: BLOOMS Synthesis 3. List in order the seven steps of the marketing research process. ANS: 1. 2. 3. 4. 5. 6. 7. PTS: 1 REF: 140 Communication KEY: CB&E Model Research Identify and formulate the problem/opportunity. Plan the research design and gather primary data. Specify the sampling procedures. Collect the data. Analyze the data. Prepare and present the report. Follow up. OBJ: 09-3 TOP: AACSB MSC: BLOOMS Synthesis 4. What are secondary data? List four major sources of secondary data and discuss why most research efforts rely on secondary data and usually collect secondary data before primary data are collected. ANS: Secondary data are data that have been previously collected for any purpose other than the one at hand. Secondary data can be either external or internal. Major sources of secondary data include historical internal information, market research firms, trade associations, university research bureaus, professional associations, foundations, commercial publications, and government agencies. Secondary data can ordinarily be obtained quickly and at relatively low cost. Secondary data can serve as a basis of comparison for other data. PTS: 1 REF: 141-142 Communication KEY: CB&E Model Research OBJ: 09-3 TOP: AACSB MSC: BLOOMS Synthesis 5. Discuss two advantages and two disadvantages of using secondary data. ANS: There are several advantages and disadvantages, and students can discuss any two for each: ADVANTAGES OF SECONDARY DATA: (1) saving time, (2) saving money, (3) assisting in problem statement formulation, (3) providing suggestions for research methods and other types of data needed for solving the problem, (4) pinpointing people and locations to approach, and (5) serving as a basis of comparison for other data. DISADVANTAGES OF SECONDARY DATA: (1) mismatch between the researcher’s unique problem and the purpose for which the secondary data were originally gathered, (2) inability to answer specific questions relevant to the problem at han...
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This document was uploaded on 09/29/2013.

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