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Exam (elaborations)

Marketing 415 Exam 1 All Answers Correct

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  • MKT 415 Exm 1

Marketing 415 Exam 1 All Answers Correct formulate the problem or question ️1st step in marketing research process determine the sources of information and design a research process ️2nd step in marketing research process choose the most appropriate data collection method ️3rd step in...

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  • September 27, 2024
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  • 2024/2025
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  • MKT 415 Exm 1
  • MKT 415 Exm 1
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Marketing 415 Exam 1 All Answers Correct
formulate the problem or question ✔️1st step in marketing research process



determine the sources of information and design a research process ✔️2nd step in marketing research
process



choose the most appropriate data collection method ✔️3rd step in marketing research process



collect the data ✔️4th step in marketing research process



analyze and interpret the data ✔️5th step in marketing research process



Conjoint analysis ✔️strengths: the product or service is a complex bundle of attributes



there is need to test a company's value attributes



you need to understand which combination of attributes will appeal most to customers



Conjoint analysis ✔️weaknesses: useful only when the product can be viewed as a bundle of attributes



limited to informing product-design decisions



focus groups ✔️Strength: the issues are not well understood



attitudes and motivations must be uncovered



there is a need to generate ideas to be studies through quantitative research

, the subject would make group interaction useful



focus groups ✔️Weaknesses: expensive and time-consuming



does not provide a representative sample



the moderator and group dynamics can skew results



In-depth interview ✔️strengths: the issues are not well understood



attitudes and motivations must be uncovered



there is a need to generate ideas to be studies through quantitative research



a focus group would be difficult to conduct



in-depth interview ✔️weaknesses: expensive, especially face-to-face



does not provide a representative sample



results may not be easy to interpret or tabulate and may be vulnerable to interviewer bias



Internal data ✔️strength: budget is small or nonexistent



data are available in the company's information systems



internal data ✔️weaknesses: useful in describing what has happened, but not what might happen

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