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Marketing 396 Midterm+Final OSU questions and answers.
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Marketing 396 Midterm+Final OSU questions and answers.
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Marketing 396Midterm+Final OSU
questions and answers
What is marketing - answer The action or business of selling and
promoting products or services, including marketing research and
advertising.
Marketing Research - answer short: The function that links the
consumer, the customer, and the public to the marketer through
INFORMATION
long: Marketing research is the systematic and objectification
identification, collection, analysis, dissementation, and use of
information for the purpose of improving decision-making related to
the identification and solution of problems and opportunities in
marketing.
Applied vs Basic Research - answer - Applied: To better understand
the market, solve a problem
- Basic: To expand the frontiers of knowledge
Role of Market Research - answer To identify problems in the
market or identify how to create a solution to an existing problem.
Types of Market Research (examples) - answer - Problem
identification research (market potential, share, characteristics,
sales analysis, forecasting, business trends)
,- Problem solving research
(segmentation, product, pricing, promotion, distribution)
Market Research Process - answer - Problem Definition
- Development of an approach to the problem
- Research design formulation
- Fieldwork or data collection
- Data preparation and analysis
- Report preparation and presentation
Problem Definiton - answer A broad statement of the general
problem and identification of the specific components of the
marketing research problem. (management decision and marketing
research problem)
Environmental context of the problem includes factors that have an
impact on the market research. (where to look)
Problem Audit - answer A comprehensive examination of a
marketing problem to understand its origin and nature
Characteristics taken into account when engaging in problem
development - answer - Past information and forecast
- Resources and constraints
- Objectives
- Buyer behavior
- Legal environment
- Economic environment
- Marketing and technological skills
,Management vs Marketing research problems - answer
Management: The problem confronting the decision maker, how
should the problem be addressed (would a new product be
introduced?)
Marketing research: Problem that entails determining what
information is needed and how it may be obtained in the most
feasible way. (to determine consumer preferences and purchase
intentions for the proposed new product)
Mistakes that can be made in defining the research problem and
how to avoid them - answer - Problem is differed too broad and
provided too much info
- Problem is too narrow and does not provide enough info
- To avoid both issues it is recommended to create a BROAD
STATEMENT then create SPECIFIC COMPONENTS to help define key
aspects of the problem (narrow and broad)
What are the steps in developing an approach - answer - Theory
- Analytical model
- Research questions
- hypothesis
- Info needs to test hypothesis
How can a theory help you - answer Helps provide a conceptual
scheme based on foundational statements. Typically found in
SECONDARY SOURCES and can be assumed TRUE.
What is an analytical model - answer Helps show relationships
between variable and come in different models such as VERBAL,
GRAPHICAL, and MATHEMATICAL.
, RQ vs Hypothesis - answer Research questions: Refined statements
of the specific components that help aid the researcher in
answering any and all questions
Hypothesis: An unproven (overall) statement about a factor that is
of the interest of the researcher.
Secondary Data (advantages/disadvantages) - answer Research
that has been conducted for the purpose of something other than
the topic at hand (always start with secondary data)
- Advantages: Can be useful to help aid research and saves time of
researcher
- Disadvantages: Often times does not provide specific research for
topic or is skewed for another topic. or may be poorly done
Primary Research (advantages/disadvantages) - answer Research
that is done specifically for the topic at hand.
- Advantages: Is done specifically for issues at hand and is directed
for the projects audience
- Disadvantages: Time consuming and can have errors such as too
narrow/broad
How do you evaluate the quality of secondary data - answer -
Credibility
- Key components
- Publisher
- Objective of collection
- Time collected
- Collection method
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