Answer: TRUEDifficulty: ModerateLO: 4.3: List and explain the steps and key elements of the market research process137) The most basic type of nonprobability sampling is a simple random sample. Answer: FALSEDifficulty: ModerateLO: 4.3: List and explain the steps and key elements of the market research process138) After conducting formal marketing research for your department, you summarize the data inan oral presentation to management. You are following normal marketing research steps. Answer: FALSEDifficulty: ModerateLO: 4.3: List and explain the steps and key elements of the market research processAACSB: Analytical thinking139) A researcher investigating the amount of food waste in the typical four-person family plans to sift through the garbage of a small sample of representative families. This method is an example of an unobtrusive survey.Answer: FALSEDifficulty: ModerateLO: 4.3: List and explain the steps and key elements of the market research processAACSB: Analytical thinking140) ABC Interior Designs wants to collect research data about which areas of the store attract the most customer attention through video recording devices placed throughout the store. This is an example of mechanical observation. Answer: TRUEDifficulty: ModerateLO: 4.3: List and explain the steps and key elements of the market research processAACSB: Analytical thinking141) Describe the basic market research process.
Answer: The market research process involves seven steps: defining the research problem, determining the research design, choosing the method to collect primary data, designing the sample, collecting the data, analyzing and interpreting the data, and preparing the research report. First, it must be clear what information management needs, or what problem they need to solve. The research design may rely on secondary research or primary research. The three types of primary research are exploratory, descriptive, and causal. Next, the method for collecting the primary data must be selected. Researchers can use different types of surveys or observation to collect the data that is required. Before data collection can begin, decisions about the design of the sample must be made. Researchers can use probability or nonprobability sampling. The next step is actually collecting the data as planned, which is followed by analyzing the data and then interpreting it in a research report.Difficulty: DifficultLO: 4.3: List and explain the steps and key elements of the market research processAACSB: Analytical thinking142) A catalog retailer specializes in ceramic figures, paintings, books, and other decorative items related to endangered animals. The company is considering donating 10 percent of its net profit to the World Wildlife Foundation (WWF). This idea may attract more customers who like the idea of a portion of their money supporting this charity that works to save species. Provide several examples of primary and secondary data that the retailer can use in its market research investigating the possible benefits of this plan.
- Summer '17
- Prof Farshad Salman