Chap 3

What is the best definition of marketing research?

• Designing, collecting, analyzing, and reporting data related to a specific marketing situation that an organization is facing

• Collecting sales data

• Tracking website visits

• Monitoring social media

What is the main value of marketing research today?

• Generating actionable insights from rich data to inform better marketing decisions

• Storing large datasets

• Reducing data storage costs

• Automating report generation

Secondary data refers to:

• Information that already exists somewhere, such as company records or published reports

• New survey feedback

• Experimental results

• Focus group transcripts

Primary data refers to:

• Information newly collected directly for a specific research issue

• Sales forecasts

• Archived press releases

• Library research

What is the first step in the marketing research process?

• Identify the problem and research objectives to guide the entire study

• Collect secondary data

• Implement the plan

• Report the results

The research objective is designed to:

• Collect preliminary information to help identify the problem and suggest hypotheses

• Measure market share

• Test price elasticity

• Describe the demographics of consumers

The descriptive research objective aims to:

• Describe the characteristics of the market, such as potential, demographics, and attitudes

• Create new product ideas

• Outline budget allocation

• Evaluate research costs

The goal of research into causes is to:

• Test hypotheses about cause-and-effect relationships through controlled experiments

• Compile secondary sources

• Conduct online surveys

• Recruit participants for focus groups

When developing a research plan, researchers must specify:

• Existing data sources, research methods, communication methods, sampling plans, and tools for collecting new data

• Contracts with suppliers

• Office location

• Presentation format

A main advantage of secondary data is:

• Easy and cheap to collect in large quantities

• Always unbiased

• Completely up-to-date

• Adjusted for research