Marketing U4 Quiz

What is the definition of marketing research?

Market research is the process of gathering information to better understand a company’s target market

What is the purpose of Market Research?

It could be used to design better products, set at a better price, develop more engaging marketing materials —> all to increase sales

Identify 2 tasks as a market researcher

1. Devise & evaluate methods for collecting data

2. Present their findings to executives and clients through charts, graphs, and other visual means

What are the 6 benefits of market research?

1. Competitor Analysis

2. Identify trends in the market

3. Aid Pricing Strategies

4. Meeting customer needs

5. Ideas for new product development

6. Customer Feedback

Identify the 2 MAIN areas of marketing research. What is the difference between each one

Consumer Research and Competitive Research

Consumer Research - Looks at people’s buying behavior and their needs and wants

Competitive Research - What other products are competing.

What is a “pain point” and provide an example

Pain point refers to the problems your customers face and how your products or services resolve those problems. An example could be that your in a long queue just to get assistance.

Identify the 4 main common marketing research methods. For each, explain what it is.

Surveys - ask users a short series of open or close-ended questions

Interviews - are one on one conversations with members of your target market

Focus groups - bring together a carefully selected group of people who fit a company’s target market
Observations - someone from the company takes notes while they watch an ideal user engage with their product (or a similar product from a competitor)

What are the 2 main reasons why Starbucks failed in Australia?

Too many drink options, didn’t understand Australian coffee culture, Items were expensive, a lot of local competition

What are the 3 main reasons why Target failed in Canada? Be specific using examples.

1) High competition from known brands such as Walmart

2) Flawed merchandising system → products didn’t arrive →shelves empty

3) Canadians had a different consumer profile than Americans

What is the marketing research process?

1. Determine the problem / set objectives

2. Collect the information

3. Tabulate / analyze the data

4. Draw conclusions / make recommendations

What are the 4 features that make an EFFECTIVE survey. For each feature, explain why it’s important.

Sample Size - Samples are rarely 100% accurate, however, the bigger the sample, the more likely it is vaild

Sample Randomness - A sample is only an accurate representation of the whole if all parts of the whole have an equal chance of being sampled.

Questioning - A crticial part of any survey, questions must be chosen and constructed with great strategy using 2 types of questions, closed-ended or open-ended

Biases - A survey is biased if it tends to lead the respondent to select a particular opinion.

What is the difference between a open ended question and a close ended question.

Closed ended asks you to select an answer from two or more choices while Open ended allow the respondent to answer the question how they see fit.

Provide an example of a “leading question”. Why are they unpopular in surveys?

Leading questions are ones that prompt or encourage the desired answer. An example is, “Don’t you think our product is the best on the market?”

What is the Likert Scale?

A Likert Scale measures a respondent’s opinion to a statement using answer choices that range from one extreme to another

Explain what the funneling method is in surveys. Why is it used and why is it important?

The funneling method starts with general questions and moves to specific ones so that people can share their own honest opinions before being influenced by the more detailed parts of the survey.

Identify what kind of market research was used in the Undercover boss?

Observation

What does NFP stand for? Provide an example. What do they do?

It stands for “Not For Profit”. It’s an organization that uses surplus revenues to achieve its goals rather than distributing them as profit or dividends. An example is charities like the Food Banks across Canada.

What is the difference between a NFP and a charity?

Charities operate exclusively for charitable purposes (ie. relief of poverty, advancement of education or religion, or for other purposes beneficial to the community) Non-profits can operate for social welfare, civic improvement, pleasure, sport, recreation, or any other purpose except profit; any money raised must be reinvested into the organization