Market Research MKT 343 exam 1

What is Marketing Research?

A systematic process of collecting, analyzing, and interpreting information to support managerial decision making.

What does the GIGO Principle stand for?

Garbage In, Garbage Out; it means poor research design leads to useless results.

What are the steps in the Marketing Research Process?

1. Define the problem 2. develop research design 3. collect data 4. analyze data 5. communicate results.

Decision makers vs. marketing researchers

decision makers - use results to make strategic or tactical decisions (focused on bottom line, cost, and time)

marketing researchers - design and conduct the research objectively (likes surprise, doesn't care about logistics like cost)

What is the Iceberg Principle in marketing research?

Observable symptoms are just the tip; true problems lie beneath the surface.

When should research be conducted?

When existing information is insufficient, benefits outweigh costs, and results will meaningfully influence decisions.

When should research NOT be conducted?

When a decision must be made immediately, cost exceeds expected value, or research would reveal strategy to competitors.

What are the 4 Ps in Marketing Research?

Product, Price, Place (Distribution), Promotion.

How does marketing research impact the Product variable in the marketing mix?

Marketing research helps identify consumer needs and preferences, guiding product development and modifications.

How does marketing research influence Place (Distribution) decisions?

It identifies the most effective distribution channels and locations based on consumer behavior and preferences.

What role does marketing research play in determining Pricing strategies?

It provides insights into consumer price sensitivity and competitive pricing, helping to set optimal prices.

What is the impact of marketing research on Promotion strategies?

It helps in understanding the effectiveness of different promotional tactics and messages, allowing for better targeting and communication.

What are some ethical issues faced by research providers?

Unethical pricing, black-box methodologies, curbstoning.

black box methodologies

methodologies offered by research firms that are branded and do not provide information about how the methodology works

What is curbstoning in marketing research?

Data collection personnel filling out surveys for fake respondents.

What are some ethical issues faced by research clients?

overstating results, misleading research firms, lying to firms for discounts

What are some ethical issues faced by research respondents?

dishonest responses and lying for incentives

Why do respondents lie?

they might not have enough information on a topic to explain how they really feel, to feel better about themselves, or to follow the group norm/group think

Abuse of respondents

Deception without debriefing - not fully explaining to respondents any deception that was used

Snugging/frugging - claiming a survey is for research but asking for sale or donation

De-anonymizing data - using public information to determine consumer identities

What is the difference between Quantitative and Qualitative Research?

Quantitative uses structured surveys and large samples for generalizable results; Qualitative uses open-ended questions and small samples for deep insights.

What is the goal of Qualitative Research?

To understand customers and their motivations through deep insights.

Which is faster for researchers (qualitative or quantitative?)

qualitative data is faster for researchers

What are the advantages of In-Depth Interviews?

They allow for more information through follow-up questions and may encourage honesty in a personal setting.

What is a Focus Group?

A discussion with 8-12 participants led by a moderator to generate ideas and foster understanding of consumer behavior.

What are Projective Techniques in qualitative research?

Indirect questioning methods that reveal subconscious thoughts, such as word association, sentence completion, or ZMET.

What is Observation Research?

Systematic observation and recording of behavioral patterns of objects, people, or events.

What is Netnography?

Deep online engagement with online communities for research purposes.

What are some trends in marketing research

increased use or secondary data, gatekeeper technologies, globalization of research

What are the pros and cons of Internal Researchers?

Pros: Lower cost, greater company knowledge. Cons: Generalist, not specialized.

What are the pros and cons of external research?

Pros: objective, greater flexibility, specialized expertise

Cons: more expensive

What is the difference between Primary and Secondary Research?

Primary data is collected for the current study; secondary data is collected for another purpose.

What are the limitations of Secondary Data?

Relevance, accuracy, and comparability with other sources.

What are Constructs in research?

Abstract concepts that are measured, such as satisfaction.

What is Exploratory Research?

Qualitative research that clarifies problems and creates hypotheses.

What is Descriptive Research?

Quantitative research that describes characteristics or behaviors.

What is Causal Research?

Predictive research that tests cause-and-effect relationships.

What is Gatekeeper Technology?

Tools that limit researcher access, such as spam filters and cookie blockers.

What are Perceptual Maps?

Visual representations of how brands/products are perceived based on important consumer dimensions.

What is the purpose of a Literature Review?

To summarize existing research, clarify research problems, and identify variables.

What is a Conceptual Model?

Visual diagrams of variable relationships used in research.