Marketing Information and Research Chapter 5
Jan 20, 2015
Marketing Information and Research
Chapter 5
WHAT IS MARKET RESEARCH?
WHY IS MARKET RESEARCHIMPORTANT?
TERMS TO KNOW:
AnalysisExperimentsFocus GroupInputOutputMarketing ResearchObservation
SurveyTest MarketRandom SamplingSampleSimulationsStoragePrimary DataSecondary Data
Consumer Differences
Page 122All 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?
Expanding ChoicesPage 122-123Consumers 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?
CompetitionPage 123More 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?
Approaches to Planning
Page 124-125Read – 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?
Categories of Information
Page 125
ConsumersMarketing Mix
Business Environment
1. See problemPage 136-138
TERM - Marketing ResearchA. Define the problem.B. Analyze the situation.C. Develop a Data-Collection Procedure.• Primary Data• Secondary Data
2. Gather Information
Page 138-140
A. Select the participants.• Sample• Random Sampling
B. Collect the data.C. Analyze the data.D. Prepare the results.
3. Propose a SolutionPage 140-142
A. Research ReportsB. Presenting Research ResultsC. When to use Marketing Research
Collecting Primary Data
Page 144-149
A. Conducting Surveys• Survey• Focus group
B. Making Observations• Observation
C. Performing Experiments• Experiments
True of False
Focus groups can be composed of participants who are experts on the topic rather than a random
sample of the population.
True of False
TRUE
True of False
Marketing research helps businesses that are involved in
international competition.
True of False
TRUE
True of False
Surveys should only ask questions that are needed to accomplish the
objectives of the research.
True of False
TRUE
True of False
Whether or not to use marketing research depends solely on its
cost.
True of False
FALSE
True of False
The most precise and objective information about a potential market segment is obtained
through focus groups.
True of False
FALSE
True of False
A great deal can be learned about purchase behavior by observing
consumers.
True of False
TRUE
True of False
Secondary data is usually less expensive to obtain than primary
data.
True of False
TRUE