Chap 1 Marketing and Overview

Marketing Exam #2 Study Guide Marketing Research: is the process of planning, collecting, and analyzing data relevant to a marketing decision. Steps in a Marketing Research Project: o Identifying and formulae the problem/opportunity o Plan the research design and gather primary data o Specify the sampling procedures o Collect the data o Analyze the data o Prepare and present the report o Follow up Secondary Data (valuable for the problem/opportunity identification stage): data previously collected for any purpose other than the one at hand o Advantage: save time and money, access to high amount of information o Disadvantage: relevance, time, quality, accuracy. Planning research design: the research design specifies which research questions must be answered, how and when the data will be gathered, and how the data will be analyzed. Primary Data: information that is collected for the first time, used for solving the particular problem under investigation o Advantage: specific, timely current, data source reliability/accuracy, secrecy o Disadvantage: time, money Survey Research: most popular technique for gathering primary data, in which a researcher interacts with people to obtain facts, opinions, and attitudes. Questionnaire Design: ensure that all respondents will be asked the same series of questions. Questionnaires include three basic types of questions: o Open-ended o Closed-ended o Scaled response. Observational Research: a research method that relies on 4 types of observation o People watching people o People watching an activity o Machines watching people o Machines watching an activity Ethnographic Research: the study of human behavior in its natural context; involve observation of behavior and physical setting Experiments: a method a researcher uses to gather primary data Sampling procedure: o Sample: a subset of a larger population o Universe: the population from which a sample will be drawn Types of sample: o Probability Samples: a sample in which every...