Market Research & Marketing Concepts

20 Q&A flashcards covering definitions, differences, research types, segmentation, survey design, and data interpretation from the lecture notes.

What is the primary goal of marketing?

To create demand by making people want a product or service, even if they did not know they needed it.

Why must marketers conduct market research?

Because the focus of marketing is the market; research helps understand that market’s needs, behaviors, and preferences.

Differentiate primary and secondary market research.

Primary research gathers new data through surveys, interviews, or focus groups, while secondary research analyzes existing data such as articles, reports, and past records.

Give two examples of quantitative research methods.

Surveys that gather numerical responses and statistical data analysis.

Which research approach seeks opinions and feelings rather than numbers?

Qualitative research.

How does traditional marketing primarily communicate with consumers?

Through one-way communication such as TV or print advertisements aimed at getting customers’ money.

What distinguishes modern marketing from traditional marketing?

Modern marketing focuses on understanding consumer behavior, lifestyles, and building relationships through engagement.

Define the Information Age in the context of marketing.

A period starting mid-20th century characterized by rapid information growth via computers and networks, shifting marketing toward understanding users and algorithms.

List three common reasons to conduct research.

To confirm facts, discover new facts, and test hypotheses.

Name two checks that help verify if a research source is reliable.

Identify the authorship and ensure the data is reproducible under controlled conditions.

Give one reason market research is NOT considered scientific.

Results vary across people, time, and place, making replication under controlled laboratory conditions difficult.

Despite being non-scientific, how can market research still be valuable?

It can uncover actionable insights, such as consumer taste preferences found through taste tests.

What are the three main bases for segmenting consumer markets?

Geographic, demographic, and psychographic variables.

Why can no business effectively market to everyone?

Because products and services must match specific needs, locations, and purchasing power—for example, promoting LRT tickets in areas without an LRT makes no sense.

Name four common market research methods.

Reading existing data, experiments, interviews, and observations (other examples: surveys, focus groups, Delphi method).

What is the Delphi method in market research?

A technique that gathers and refines expert opinions through multiple rounds to reach a consensus.

State two guidelines for crafting clear survey questions.

Use audience-friendly words and ask one concise question at a time.

Why is a test run (pilot) of a survey important?

It identifies confusing questions and logistical issues before full deployment.

Give three types of survey questions based on structure or response format.

Structured or unstructured, rating/scaled, and ranking questions.

Why is it incorrect to conclude that 50% of respondents drink coffee and 50% drink hot chocolate when 15 of 20 drink both?

Because overlap exists; percentages of multiple responses cannot be treated as mutually exclusive categories without proper analysis.